The East End Crossing section of the Louisville-Southern Indiana Ohio River Bridges Project has received a $162 million loan from the U.S. Department of Transportation to assist with the protected $1.27 billion cost of the project.
The load comes from USDOT’s Transportation Infrastructure Finance and Innovation Act (TIFIA) program and goes to the Indiana Finance Agency (IFA), which will enter into an agreement with the Indiana Department of Transportation (IDOT). IDOT provides the state the rights to use the road, with payments applied to IFA, which then applies the payments to the TIFIA loan.
“This project will relieve congestion and stimulate the economy of the entire Louisville-Southern Indiana region both today and for years to come,” Transportation Secretary Anthony Foxx said in announcing the loan. “Projects like this reinforce the need for the Administration’s GROW AMERICA Act, a $478 billion bill that provides funding over six years, so states and communities will have stable funding long enough to make big infrastructure projects a reality.”
The East End Crossing project includes the East End Bridge and several roadways, with the bridge spanning the Ohio River and connecting areas near Louisville and Prospect, Ind. It is a public private partnership resulting from a USDOT private activity bond from 2013.
“The project will connect communities and businesses on both sides of the river and provide convenient access for area residents,” said Deputy Federal Highway Administrator Gregory Nadeau. “It also helps relieve congestion by allowing Louisville-area travelers to bypass downtown traffic.