Louisiana qualifies for $86.6 million TIFIA loan for I-49 South project
BATON ROUGE, The. – The United States Department of Transportation announced that under its Transportation Infrastructure Finance and Innovation Act (TIFIA) program, Louisiana is eligible for $86.6 million in TIFIA funding for the US 90 Ambassador exchange Caffery, a future proposed I-49 South corridor.
By using TIFIA loan funds to accelerate Act 443 projects that are ready, the state can save approximately $135 million in inflation costs.
“With the help of TIFIA funding, we are able to save on inflation by building tomorrow’s infrastructure needs today,” Governor John Bel Edwards said. “This segment of US 90 is already a major industrial corridor in Louisiana that will expand significantly as we work to bring this corridor up to interstate standards. The State expresses its gratitude to Morteza Farajian and the entire USDOT team for their efforts to develop programs that help accelerate critical infrastructure projects across the United States.
“Funding tools, such as TIFIA, are helping us take a step closer to improving infrastructure resilience across Louisiana,” said DOTD Secretary Shawn D. Wilson. “As a state that has seen its fair share of century-old storms more frequently in recent years, TIFIA offers the opportunity to build infrastructure projects that improve safety and provide seamless connections between corridors, the easing congestion 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 the construction of a grade drop interchange approximately 4,000 feet north of Corne Road and the US 90 intersection. The project will also construct frontage roads on the BNSF Railway. Construction is expected to begin in late summer/early fall 2022.
The I-49 South program is a multi-billion year construction initiative to convert approximately 160 miles of the current US 90 corridor to Interstate 49 South. When completed, I-49 will extend from the current I-10 terminus in Lafayette to the West Bank Freeway 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.