photo credit: Portsmouth Gateway Group
| Location | Portsmouth to Lucasville, Scioto County, Ohio |
|---|---|
| Project Borrower / Sponsor | Ohio Department of Transportation (ODOT) Portsmouth Gateway Group |
| Program Areas |
|
| Mode | Highway |
| Description | The Southern Ohio Veterans Memorial Highway is a $646 million, 16-mile, four-lane, limited-access highway around the City of Portsmouth in Scioto County in South Central Ohio. Designated as State Route 823, the project will improve travel and regional mobility allowing motorists to avoid traffic signals and intersections on the current 26-mile route using US 52 and US 23. The Portsmouth Bypass will have five interchanges and is expected to provide travel time savings of up to 16 minutes per trip compared to the current route. The project will also provide a largely access-controlled alternative to I-77 and I-75 for motorists making trips between southern Ohio and the Columbus region, saving over 70 miles on some trips. The project is being delivered as an availability payment design-build-finance-operate-maintain (DBFOM) concession. ODOT will use traditional funding from federal and state taxes on motor vehicle fuels to cover the cost of the availability payments. The term of the concession will extend for 35 years once the highway is open. |
| Cost | $646.3 million (total cost including preconstruction activities, design, construction, and financing) |
| Funding Sources | Portsmouth Gateway Group Funding - $556.8 million (design, construction, financing)
ODOT Funding - $89.5 million (preconstruction activities including environmental analysis, preliminary engineering, right-of-way acquisition) + $44 million (milestone payments)
|
| Project Delivery / Contract Method | Design-build-finance-operate-maintain Availability Payment Concession (39 years) |
| Private Partner | Portsmouth Gateway Group (concession company)
Design-build partners
|
| Project Advisors / Consultants | To the Sponsor
To the Borrower
To USDOT TIFIA JPO
|
| Lenders | Bondholders, USDOT TIFIA |
| Duration / Status | Construction began in June 2015. Substantial completion is scheduled to occur in late 2018. |
| TIFIA Credit Assistance | Direct Loan - $209.304 million The Project has a TIFIA interest rate is 1.27% because as a rural infrastructure project it is eligible for a 50% discount on the prevailing TIFIA interest rate. |
| Financial Status | TIFIA credit agreement was signed on March 31, 2015. |
| Innovations |
|
| Related Links / Articles | |
| Contacts | Julie Gwinn |
