US DOT sanctions $47m loan for Manor Expressway project in Austin

The US Department of Transportation (US DOT) has sanctioned a loan of $46.94m to the Central Texas Regional Mobility Authority (CTRMA) for the 290E Manor Expressway Phase III Project.

The loan will be provided by the US DOT’s Build America Bureau under the Transportation Infrastructure Finance and Innovation Act (TIFIA).

The project is situated in the City of Austin within Travis County at the intersection of US 290 and state highway (SH) 130.

Funding will be used to help reduce congestion and improve reliability along the hurricane evacuation route.

US Transportation Secretary Elaine Chao said: “This $46m investment will help reduce congestion at a major intersection along US 290 Expressway, and will also improve reliability on this hurricane evacuation route.”

Under the project, three direct connectors will be added to support the single existing direct connector at the SH 130 interchange, which is presently owned and managed by Texas Department of Transportation (TxDOT).

US 290 is an important east-west commuter and freight route, as well as a hurricane evacuation route, while SH 130 is a north-south commuter route and bypass to I-35.

According to the US DOT, the TIFIA loan will be repaid by toll revenues from the project, as well as from other four other projects developed by CTRMA, including 183A (Phase I and II), 290E (Phase I and II), SH71, and 183S.

The first three of these projects are operational and the fourth project (183S) is expected to begin operating by the middle of next year.

The Build America Bureau manages the TIFIA credit programme. It was set up as a “one-stop shop” to streamline credit opportunities.

During Secretary Chao’s term at DOT, the department has provided $5.4bn in TIFIA financings that supported $18.8bn in infrastructure projects across the US.