
Location |
Southern Indiana / Louisville, Kentucky |
Project Borrower / Sponsor |
Indiana Finance Authority Indiana Department of Transportation |
Program Areas |
|
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 |
$980.7 million ($1,276 million YOE) |
Funding Sources |
Private Activity Bonds - $676.8 million Equity contribution - $78.1 million Milestone payments (from Indiana Finance Authority) - $392 million Interest income - $2.7 million |
Project Delivery/Contract Method |
DBFOM (design, build, finance, operate and maintain) |
Private Partner |
WVB East End Partners (Concession Company)
Construction Joint Venture (design-build members)
|
Project Advisors/Consultants |
Project design: Jacobs Engineering Oversight assistance (construction oversight, inspection, and quality control) (Section 4A)
S&ME, Inc. Technical Advisor: Granherne Inc. Financial Advisors/Underwriters:
Bond Counsel: Barnes & Thornburg LLP Special Counsel to Indiana Finance Authority: Ice Miller LLP Counsel to Concession Company:
|
Lenders |
Bondholders |
Duration/Status |
Commercial close on December 27, 2012. Construction began May 28, 2013. Substantial completion expected by October 2016. Conclusion of concession in 2052. |
Financial Status |
Financial close reached on March 28, 2013. The Indiana Finance Authority submitted in September 2012 a TIFIA Letter of Interest for a direct loan under MAP-21 FY2013 funding. |
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 $2.6 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 |
Contacts |
Kendra York |
