|Project Sponsor / Borrower||
Louisiana Department of Transportation and Development (LADOTD)
Louisiana Transportation Authority (LTA)
Phase I of the LA 1 Improvements project includes the development and construction of a 9-mile, fully-access controlled, elevated toll highway on a new location. This toll-financed project located in the State of Louisiana, consists of a two-lane bridge over Bayou Lafourche with interchanges and connection roads immediately north and south of Leeville and includes a two-lane bridge from Leeville South to Port Fourchon on a location that parallels Louisiana Highway 1. The existing LA 1 required replacement because of subsidence, erosion, and frequent storm damage. In the event of hurricanes, LA 1 is the only highway evacuation route for Port Fourchon and Grande Isle, both of which suffered extensive damage from Hurricanes Katrina and Rita in 2005.
The project was constructed in phases:
Phase 2, currently undergoing preliminary engineering and right-of-way purchase, will extend the highway another 9 miles from Leeville to Golden Meadow (LA 3235).
Phase 1 - $371.6 million
|Original Funding Sources||
Total Phase 1 cost is $371.6 million
|Project Delivery / Contract Method||
Phase 1 - One design contract and four design-bid-build-construction contracts.
|Project Advisors / Consultants||
To USDOT TIFIA JPO
Bondholders, USDOT TIFIA
|Duration / Status||
Phase 1 construction began in March 2006 and was completed in December 2011.
|TIFIA Credit Assistance||
Original Direct Loan - $66 million
All project debt will be repaid from toll revenues. The financial plan shows TIFIA principal and interest payments beginning in 2013 with final payment in 2040.
Refinanced Direct Loan - $122 million
All project debt will be repaid from State appropriations subject to the terms of Cooperative Endeavor Agreement between LTA and the State of Louisiana. The financial plan shows TIFIA principal and interest payments beginning in 2014 with final payment in 2046.
|Financial Status / Financial Performance||
Original TIFIA credit agreement signed in May 2005
Refinancing - TIFIA credit agreement signed on November 6, 2013. LTA also issued $51.53 million in public bonds at the time of the TIFIA Loan closing, which with the TFIA loan was used to redeem the original outstanding debt.
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