USDoT offers $152.2m loan to RCTC for I-15 Express Lanes project
The US Department of Transportation's (USDoT) Build America Bureau will provide a loan of $152.2m to the Riverside County Transportation Commission (RCTC) for completing the Interstate 15 (I-15) Express Lanes Corridor project.
The loan will be offered under the Transportation Infrastructure Finance and Innovation Act (TIFIA) at 2.84% with a term of 35 years after completion of the project.
The project will be built along the 14.6-mile corridor of I-15 in Riverside County, California, between the Cajalco Road interchange near the city of Corona to south of the State Route 60 interchange near the San Bernardino-Riverside county line.
I-15 is considered to be a key route in the north-south region that connects inland southern California to Los Angeles and Orange counties, as well as with Las Vegas, Nevada.
RCTC intends the project to deal with current and future congestion issue, as well as improve the movement of goods from the port complex in the region.
The transport authority expects more than 3,300 jobs to be created during the construction period and 525 permanent positions after project completion.
For completing the project, RCTC will be adopting the design-build model and will use TIFIA funds to accelerate the project works.
The project could have been further delayed in the absence of TIFIA Loan from the Bureau.
Build America Bureau executive director Marty Klepper said: "By leveraging a loan from the bureau, more projects like the I-15 Express Lanes Project can become viable.
"We have an open door policy for any transportation project sponsor to meet with our team to discuss bureau loan programmes that could move projects forward."
Upon completion of the project, the I-15 corridor will feature new lanes traversing from north and south.
The improved I-15 route will also feature new retaining walls being built, stormwater runoff treatment services, 11 bridge widenings, tie-ins to the existing travel lanes, an electronic toll collection, and traffic management system.