Project on Short List for Competitive Federal Credit Program
WASHINGTON – U.S. Transportation Secretary Ray LaHood today announced that the Interstate 35W project in Tarrant County has been invited to apply for a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to improve the North Tarrant Express Segments 3a and 3b. The goal of the project is to provide economic benefits to the region and make it easier to connect residents in the area to jobs near the project.
“President Obama called for ‘an America built to last,’ and the TIFIA program can help us achieve that,” said Secretary LaHood. “A little TIFIA goes a long way for communities that use these loans to leverage additional funding so they can tackle the big picture transportation projects this country needs.”
As the second phase of a larger corridor strategy to build a network of managed lanes, the improvements include four new managed toll roads and upgrades to the existing general purpose lanes and frontage roads. The addition of new managed lanes is expected to support new investment, expansion and private sector growth in Fort Worth.
One of Five Selected
The Texas project was one of five selected to submit a loan application, which the Department of Transportation will review. If approved, the loan would go toward financing part of the estimated total project cost of $1.5 billion.
“TIFIA can help move projects forward, which will create jobs and strengthen the economy,” Federal Highway Administrator Victor Mendez said. “Given current fiscal constraints, the program provides an invaluable opportunity for states and localities to leverage limited resources.”
About the Program
The TIFIA program provides federal credit assistance to nationally or regionally significant surface transportation projects, including highway, transit and rail. The program is designed to fill market gaps and leverage substantial private co-investment by providing projects with supplemental debt.
National demand for TIFIA infrastructure credit assistance has been overwhelming. In response to the fiscal year 2012 Notice of Funding Availability, the U.S. Department of Transportation received 26 letters of interest exceeding $13 billion in total requests. Since its inception, TIFIA has accelerated delivery of critical infrastructure investments by providing almost $9.1billion in credit assistance to 26 projects.