Louisiana Qualifies for $86.6 Million in TIFIA Loan for I-49 South Project
BATON ROUGE, La. – The United States Department of Transportation announced that as part of its Transportation Infrastructure Finance and Innovation Act (TIFIA) program, Louisiana qualifies for $86.6 million in TIFIA funding to go towards the U.S. 90 Ambassador Caffery Interchange, a future I-49 South corridor project.
By using TIFIA loan funds to accelerate the Act 443 projects that are ready, the state can save approximately $135 million in inflation costs.
“With the assistance of TIFIA funding we are able to save on inflation by constructing tomorrow’s infrastructure needs today,” said Governor John Bel Edwards. “This segment of U.S. 90 is already a major industrial corridor in Louisiana that will expand significantly as we work to upgrade this corridor to interstate standards. The state extends its gratitude to Morteza Farajian and the entire team at USDOT for their efforts to develop programs that aid in expediting critical infrastructure projects across the United States.”
“Financing tools, such as TIFIA, are helping us move one step closer to improving infrastructure resiliency throughout Louisiana,” said DOTD Secretary Shawn D. Wilson. “As a state that has seen its fair share of 100-year storms more frequently in the last few years, TIFIA provides an opportunity to construct infrastructure projects that enhance safety and provide seamless links across corridors, congestion mitigation relief, and a sense of hope in Louisianans as we work to move our state forward.”
The Ambassador Caffery Interchange is a $136 million project that involves constructing a grade separated interchange approximately 4000 feet north of the Corne Road and U.S. 90 intersection. The project will also construct frontage roads over BNSF railroad. Construction is estimated to begin in late summer/early fall 2022.
The I-49 South program is a multi-billion, multi-year construction initiative to convert approximately 160 miles of the current U.S. 90 corridor to Interstate 49 South. When completed, I-49 will extend from the current terminus at I-10 in Lafayette to the West Bank Expressway in New Orleans. The I-49 South corridor will support economic growth, improve access, reduce traffic congestion, and improve connectivity throughout the state’s transportation system.