Friday, December 13, 2013
Contact: Office of Public Affairs
U.S. Transportation Secretary Foxx Announces $452 Million Loan for Louisville-Southern Indiana Ohio River Bridges Project
WASHINGTON - U.S. Transportation Secretary Anthony Foxx today announced a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for $452 million to finance the Downtown Crossing section of the Louisville and Southern Indiana Ohio River Bridges Project.
"The Ohio River Bridges project will help residents and businesses get where they need to go faster and safer," said Secretary Foxx. "It's a great example of two states working together to strengthen their shared economic interests, and one the Department of Transportation was happy to invest in."
The cost of the Downtown Crossing, which Kentucky is funding, is roughly $1.3 billion, and it represents one half of the bi-state Ohio River Bridges project, which also includes the new East End Bridge, also spanning the Ohio River eight miles to the north. Indiana will finance the East End Crossing Project connecting Prospect, Ky., and Utica, Ind., which is also estimated to cost $1.3 billion.
Of the two bridges involved in the Downtown Crossing project, one bridge will be built to carry six lanes of northbound Interstate 65 traffic between Louisville and Jeffersonville, Indiana. The John F. Kennedy Memorial Bridge, which today carries all I-65 traffic, will be rehabilitated and reconfigured to carry only I-65 southbound traffic on six lanes. The Kennedy Interchange, where three major highways, I-65, I-64 and I-71, come together in downtown Louisville, will also be rebuilt to improve access and eliminate design deficiencies and safety hazards.
"The Downtown Crossing project will provide better access to employment opportunities downtown, including the trade center," Federal Highway Administrator Victor Mendez said. "It will also enhance the quality of life for area residents by improving connections to numerous area attractions."
The TIFIA credit program is designed to fill market gaps and leverage substantial non-federal investments. Each dollar of federal funding can provide up to $10 in TIFIA credit assistance and support up to $30 in transportation infrastructure investment. Since its launch, the TIFIA program has helped 38 projects turn over $13.1 billion in U.S. Department of Transportation assistance into more than $50 billion in infrastructure investment across America.
The Moving Ahead for Progress in the 21st Century Act (MAP-21) transformed TIFIA into one of the largest transportation infrastructure loan programs in history, making up to $17 billion available in credit assistance for critical infrastructure projects.
# # #