WASHINGTON – U.S. Transportation Secretary Anthony Foxx joined representatives from the Georgia Department of Transportation in Atlanta today to announce a Transportation Infrastructure Finance Innovation Act (TIFIA) loan for $275 million to build new reversible lanes along I-75 and I-575. The 29.7-mile-long project will relieve congestion along the heavily trafficked corridor during morning and evening peak periods. The loan will go toward the $833.7 million total cost of the project.
New lanes, safety improvements coming to I-35W in Tarrant County
During his public swearing-in, U.S. Transportation Secretary Anthony Foxx said, "We're living in an era in which we have to work harder than we ever have to stretch our transportation dollars even further. The American people are counting on us to be good stewards of their tax dollars—while still maintaining and building the infrastructure they need."
Last week, DOT took another step forward in that mission when the Federal Highway Administration announced a TIFIA loan for I-35W in Tarrant County, Texas. The North Tarrant Express project will relieve one of the Lone Star State’s most congested corridors and improve safety by upgrading the expressway and adding two new lanes in each direction.
When we talk in Washington, DC, about the challenge of financing the transportation maintenance and improvements needed in every state in America, members of the National Conference of State Legislators (NCSL) know exactly what we mean.
After all, our state legislators are the ones who have to figure out how to stretch a budget so their state can modernize a key airport. They're the ones who have to cast the difficult votes that mean their state can fix one road but not another...
Yesterday, I made my first Congressional appearance as Secretary where I discussed DOT's TIFIA loan program with the Senate Committee on the Environment and Public Works. Because our Transportation Infrastructure Finance and Innovation Act program (TIFIA) is so effective, it's a subject I'm happy to talk about.
TIFIA loans help projects secure far more funding than just what DOT extends, and this helps American taxpayers get way more bang for their buck. It is exactly the kind of program I was talking about last week when I blogged here about improving efficiency and maximizing the impact of every dollar entrusted to us.
In cities and towns across the country, rail investments lead to more jobs, increased private sector buy-in, and better infrastructure for everyone. It’s a true win-win-win situation. And to fully realize the potential for rail in America, we must continue investing federal resources and leveraging them with our public and private sector partners.
That's the essence of what I said at a House Committee on Transportation and Infrastructure hearing on Innovative Rail Financing earlier this week. Funding the passenger rail investments America needs is an important challenge; fortunately DOT has a lot to build on.
U.S. Transportation Secretary Ray LaHood has approved a $545.9 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan that will enable the Los Angeles County Metropolitan Transportation Authority (LACMTA) to advance construction of a new light rail transit line along the Crenshaw corridor that will enhance access to existing transit service throughout Los Angeles.
The U.S. Department of Transportation (DOT) currently has two innovative approaches to transportation investment to support highway and transit projects. DOT administers two credit programs that provide credit assistance for surface transportation investments.