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Project Profile: I-269 Corridor

I-269 Corridor

photo credit: Mississippi Department of Transportation

Location

DeSoto and Marshall Counties, Mississippi (Memphis, Tennessee Metropolitan Region)

Project Sponsor / Borrower

Mississippi Department of Transportation

Program Areas

Project Finance

Mode

Highway

Description

I-269 in DeSoto and Marshall Counties, Mississippi is the 25-mile, Mississippi portion of a partial circumferential highway around the Memphis, Tennessee metropolitan region. It is part of the federally mandated I-69 ultimately connecting Mexico and Canada. The project consists of the upgrade/construction of a four-lane Interstate between the I-55/I-69 junction in Hernando to US 78 at the DeSoto/Marshall County Line west of Byhalia, and from there, through Marshall County, northeast to SR 302 and north to the Tennessee State Line at the intersection of US 51 and SR 385 in Millington, Tennessee.

The I-269 loop is intended to relieve traffic on the I-55/I-69 north-south corridor through Memphis and help spur economic growth and access among growing communities in Northern Mississippi.

Cost

$663.5 million (December 2013 Financial Plan Update)

  • Construction - $528.6 million
  • Right-of-way - $116.2 million
  • PE/Design - $18.3 million
  • Environmental - $0.5 million
Funding Sources

Special Obligation Bonds (Highway Enhancement through Local Partnership [HELP]) - $601.4 million; issued by local entities and akin GARVEEs; includes:

  • Series 2007 DeSoto County bonds - $31 million
  • Series 2010 DeSoto County bonds - $161.1 million
  • Series 2014 DeSoto County bonds - $82.9 million

SAFETEA-LU Earmarks - $53.2 million
Federal-aid Construction Funds - $1.2 million
State Construction Funds - $7.7 million

Project Delivery / Contract Method

Design-bid-build / Design-build

Private Partner

None

Project Advisors / Consultants

Not available

Lenders

Bondholders

Duration / Status

Construction began in 2011.

The portion of the project from SR 302 to the Tennessee State Line opened in October 2015.

The remainder of the project is expected to by late 2018.

Financial Status / Financial Performance

Closed

Innovations
  • The project is largely funded through HELP bonds, which are bonds issued by a local entity for which the Mississippi Department of Transportation pays the debt service through a combination state and federal funds. The bonds are considered direct due to the fact that they are secured by specific Federal-aid apportionment and the proceeds are allocated to specific projects. They are effectively GARVEE bonds.
  • The project is using Advance Construction as a Federal-aid leveraging mechanism.
Related Links / Articles

Memphis Urban Area MPO I-269 Tennessee Regional Vision Study

Contacts

Not available

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