Have a story idea
Have a story idea? Send it to us here.
Source : https://www.183north.com/
December 29, 2021
Author : Patty Rodriguez
The US Department of Transportation announced a 35-year, low-interest loan worth $250.29 million to the Central Texas Regional Mobility Authority (CTRMA) for construction connected to the 183N Mobility Project.
The project is in the Austin metropolitan area and will add three lanes to a nine mile stretch on US 183 from SH 45N/RM 620 to State Loop 1.
The express lanes are aimed at helping emergency response crews reach their destinations faster and allow for an increase of Capital Metro bus service.
Capital Metro recently announced that it had purchased 200 new electric buses, which is the largest ever procurement of electric vehicles in the US. They intend to use the new electric buses on the corridor.
Additionally, the mobility project will also include the building of “auxiliary lanes, shared used paths, sidewalks, and bicycle/pedestrian facilities,” according to the USDOT press release.
“The 183 North Mobility Project will help make public transportation and alternative modes better choices for Austin metro commuters,” Deputy USDOT Secretary Polly Trottenberg said. “Coupled with Capital Metro’s recent investment in an electric bus fleet, this project supports safer, cleaner, and more reliable options for travel in the Austin area.”
“The Bureau is pleased to provide low-interest, long-term financing, giving the Central Texas Regional Mobility Authority flexibility to deliver this large-scale project for Austin,” Build America Bureau Executive Director Morteza Farajian said.
The bureau handles Transportation Infrastructure Finance and Innovation Act (TIFIA) loans to aid states with financing of important infrastructure projects. Since it was created during the Obama Administration, USDOT has closed $36.6 billion in TIFIA financings to aid states in projects with a total value of $124 billion. As the USDOT press release notes, the recently-passed Bipartisan Infrastructure Law expands project eligibility for TIFIA loans, so it’s likely that this method will be used even more in the future to help finance state projects.
The $250 million TIFIA loan for the 183N Mobility Project is actually the second TIFIA loan to the Central Texas Regional Mobility Authority under President Biden. The first financed three of their projects including 183A Phase III, 183S and 290E Phase III.
Construction is already underway on the mobility projects and is expected to reach “substantial completion” by June 2025. More information about the project is available here.