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Project Profile: I-49 S. Ambassador Caffery/US 90 Interchange near Broussard in Lafayette Parish, Louisiana

Workers with the state Louisiana Department of Transportation and Development perform work near an interchange with Interstate 49.

Workers with the state Louisiana Department of Transportation and Development perform work near an interchange with Interstate 49.
Source: Credit to Louisiana Department of Transportation and Development (DOTD)

Project Name

I-49 S. Ambassador Caffery/US 90 Interchange near Broussard in Lafayette Parish
Location

City of Broussard, Louisiana, in Lafayette Parish, Louisiana
Project Sponsor / Borrower

Louisiana State Bond Commission for the benefit of the Louisiana Department of Transportation and Development (LADOTD)
Program Areas

Alternative Project DeliveryTIFIA
Value Capture Techniques

N/A
Mode

Roads and Bridges
Description

This project is a corridor improvement to US 90, LA 182, and associated frontage roads in Lafayette Parish. The northern construction Project limit is 500 feet north of the US 90/Celebrity Drive intersection. The southerly corridor construction project limit as measured along US 90 is approximately 1,100 feet north of the US 90 / Ambassador Caffery intersection. The project, approximately 2.4 miles in length, includes new two-lane frontage roads and construction of mainline interchange structures at the intersection of US 90 and Ambassador Caffery Blvd and US 90 and Albertson Parkway. Bridges will be built to carry the mainline and service roads over a railroad line.

This is the last of four projects from a transportation project financing package approved by the Bureau in August 2021 and funded through a British Petroleum Deepwater Horizon settlement.
Cost

$ 262.8 million
Funding Sources
  • $86.6 million direct TIFIA loan (Louisiana State Bond Commission will be the borrower on behalf of the State. LADOTD will be responsible for the project construction)
  • The project is being funded through a settlement with British Petroleum following the 2010 Deepwater Horizon oil spill
Project Delivery / Contract Method

Design-build
Private Partner

N/A
Project Advisors / Consultants

To Borrower:
Financial Advisor: Lamont Financial Services Corp. and
Ernst & Young Infrastructure Advisors
Legal Advisor: Foley & Jubell, LLP

To USDOT Build America Bureau:
Financial Advisor: PFM Financial Advisors
Legal Advisor: White & Case LLP
Lenders

USDOT Build America Bureau (TIFIA)
Duration / Status

Under construction since February 2014. Construction of the Albertson Parkway section of the project was completed in October 2019
Financial Status / Financial Performance
  • TIFIA Credit Agreement Executed: July 27, 2022
Innovations
  • Packaged four projects as a single TIFIA loan application. The Bureau was able to review and approve the projects as a bundle, speeding up the process for each individual loan. 
  • Achieved low-interest rate loans. Three of the four projects qualified for reduced interest rates (half the Treasury rate) through the Build America Bureau’s Rural Projects Initiative.
  • Will enhance safety, improve evacuations during life-threatening weather events, and contribute to an overall improvement plan that supports job creation for the region
  • Will create an opportunity for local businesses to grow and will encourage further investment in the Louisiana economy by providing better mobility throughout the Acadiana area and fast-tracking travel from Lafayette to New Orleans
Related Links / Articles
Contacts

Deidra Druilhet
Public Information Officer
deidra.druilhet@la.gov
(337) 262-6133