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Illiana Corridor officials yesterday announced that the U.S. Department of Transportation (U.S. DOT) has deemed the project eligible to apply for a federal loan that could finance up to one-third of the project.
If the loan is approved, it would be provided through the Transportation Infrastructure Finance and Innovation Act (TIFIA) at a reduced interest rate, which could lower project costs by up to 20 percent.
The project, a proposed 47-mile access controlled highway extending from I-55 in Illinois to I-65 in Indiana, is slated for construction in the spring of 2015.
Now that the project is eligible for the loan, the Illinois Department of Transportation (IDOT) and the Indiana Finance Authority (IFA) can negotiate with the U.S. DOT about loan terms.