Skip to main content

Project Profiles

95 Express

Location

Southern Indiana / Louisville, Kentucky

Project Borrower / Sponsor

Indiana Finance Authority

Indiana Department of Transportation

Program Areas

Project DeliveryProject FinanceP3TIFIARevenue - Road Pricing Revenue

Mode

Bridge/Tunnel/Highway

Description

The East End Crossing project includes a new bridge facility across the Ohio River, and associated roadway, tunnel, and facilities, connecting Clark County, Indiana and Jefferson County, Kentucky, approximately eight miles east of Louisville. The project is one half of the bi-state Ohio River Bridges project, which also includes the new Downtown River Bridge that expands the capacity of I-65 across the Ohio River into downtown Louisville and the reconstruction of the Kennedy Interchange between I-65, I-64, and I-71. The State of Indiana is leading the East End Crossing project, and the Commonwealth of Kentucky is leading the Downtown Crossing project.

The East End Bridge will be an approximately 2,500-foot-long cable-stayed bridge featuring two convex diamond towers, two lanes in each direction, expandable to three, and a 13-foot-wide pedestrian and bicycle path. The Kentucky approach will be an extension of I-265 (Gene Snyder Freeway) from U.S. 42 to the new bridge, 3.3 miles long and two lanes in each direction, including a 1,680-foot tunnel under U.S. 42 and a redesigned interchange at U.S. 42 to allow traffic to enter and exit KY 841. The Indiana approach will be a 4.1-mile extension of I-265/SR 265 (Lee Hamilton Highway) from IN 62 to the new bridge. The extension will be two lanes in each direction and include the addition of a new full interchange at Old Salem Road and reconstruction of the I-265/IN 62 interchange. The East End Crossing project will complete the I-265/KY 841/SR 265 corridor in the eastern part of the Louisville metropolitan area.

The East End Crossing project is being delivered as an availability-pay design-build-finance-operate-maintain concession with a four-year construction and a 35-year operation term. The concessionaire will be responsible for the operations and maintenance of the project with the exception of the Kentucky approach's tunnel, which will be maintained by the Commonwealth of Kentucky. The East End Bridge (and Downtown River Bridge) will be tolled, with operations and toll collection managed by the State of Indiana. The concessionaire will be compensated with milestone payments during construction and availability payments during operation of the facility supported by tolls and traditional state revenues.

Cost

$1,318.8 million (YOE, including financing costs)

Funding Sources

Indiana

  • State and federal funding (milestone payments) - $392 million (includes $162 million TIFIA loan)
  • Other state and federal funding - $201.7 million
  • Milestone Private Activity Bonds (Series A) - $488.9 million
  • Long-term Private Activity Bonds (Series B) - $18.9 million

Kentucky

  • State and federal funding - $94.2 million

Equity contribution - $78.1 million

Relief Events Reserve Account - $45 million

Project Delivery/Contract Method

DBFOM (design, build, finance, operate and maintain)

Private Partner

WVB East End Partners (Concession Company)

  • Walsh Infrastructure, LLC
  • VINCI Highways SAS
  • Bilfinger Project Investments International Holding GmbH

Construction Joint Venture (design-build members)

  • Walsh Construction Company
  • VINCI Construction Grands Projects

Project Advisors/Consultants

Project design: Jacobs Engineering

Oversight assistance (construction oversight, inspection, and quality control) (Section 4A)

  • HDR, Inc.
  • Greenman-Pedersen, Inc.
  • FIGG Bridge Inspection, Inc.
  • S&ME, Inc.

Technical Advisor: Granherne Inc.

Private Activity Bonds

Financial Advisors/Underwriters:

  • Bank of America Merrill Lynch
  • J.P. Morgan
  • Goldman Sachs
  • RBC Capital Markets

Bond Counsel: Barnes & Thornburg LLP

Special Counsel to Indiana Finance Authority: Ice Miller LLP

Counsel to Concession Company:

  • Mayer Brown LLP
  • Bingham Greenebaum Doll LLP

TIFIA

Financial Advisor: KPMG

Counsel to Indiana Finance Authority: Ice Miller LLP

To USDOT TIFIA:

  • TIFIA Legal Advisor: Nixon Peabody LLP
  • TIFIA Financial Advisor: Deloitte Financial Advisory Services LLP

Lenders

Bondholders, USDOT TIFIA

Duration/Status

Commercial close on December 27, 2012.

Construction began May 28, 2013.

Substantial completion expected by October 2016.

Conclusion of concession in 2052.

TIFIA Credit Assistance Direct Loan: $162 million

Financial Status

Initial financial close reached on March 28, 2013. TIFIA credit agreement signed on April 15, 2015.

Innovations

The East End Crossing is part of the Ohio River Bridges project, which also includes the Downtown Crossing in Louisville. Together, the Louisville and Southern Indiana Bridges Authority, a bi-state agency, has been responsible for the financing of the $2.3 billion Ohio River Bridges. Indiana has chosen to finance the East End Crossing through an availability-pay P3, while Kentucky is delivering the Downtown Crossing through a more traditional design-build contract. These innovative delivery approaches have combined significant cost savings.

Related Links/Articles

Ohio River Bridges Project Website

Indiana Finance Authority Project Website

Financial Plan - 2014 Annual Update

Contacts

Dan Huge
Interim Public Finance Director
Indiana Finance Authority
dhuge@ifa.in.gov

Federal Highway Administration | 1200 New Jersey Avenue, SE | Washington, DC 20590 | 202-366-4000
To view PDF files download the Adobe Acrobat Reader®