The United States Department of Transportation says it will provide a loan of up to $ 3.89 billion in the public-private collaboration behind the Lanes Express Lanes Route 400 Route 400 Route 400 in Georgia. Dot officials say that the approval of the financing marks the amount of the loan of financing and innovation of the largest transport infrastructure (Tifia) for a single borrower.
The project is focused on a 16 miles section of the 400 State Route in the north of Atlanta between the Marta de North Springs station in Fulton County, and a mile area north of the McFarland Parkway, in Forsyth County. The plan calls for new express lanes to be built in each direction, which would use a dynamic toll system. The scope of the project also includes some bridge reforms and will help facilitate a fast bus traffic line from Marta North Springs to the Windward Parkway Park Park and a walk in order to provide a connection to Marta’s red line trains.
Last year, Georgia’s Department of Transport and State Road and Tollway Authority selected Mr. 400 Partners as a private partner to design, build and operate the project. The dealership is an ACS infrastructure consortium, Meridia, Acciona Concesiones, Acciona Construction, Dragados and Parsons. As part of the agreement, Sr 400 Peach Partners will pay a $ 3.8 million concession fee to Gdot and then keep and operate the toll rails for 50 years.
“Ensuring Tifia’s federal credit assistance is an essential milestone for Mr. 400 Express Lanes,” said Javier Gutierrez, CEO of Mr. 400 Partners, in a statement.
The Tifia de Dot program provides financial assistance in the form of low interest loans, guarantees of loans and credit lines for important transport projects. Last month, Dot announced that he updated his Tifia program policy to finance up to 49% of the eligible costs of the project, up to 33% in most cases. Congress modified the program to increase the lid to 49% in 2012, but Dot generally reserved the highest level of funding for projects that achieve goals around rural or traffic development.
“Through the Improved Tifia program and innovative collaborations such as the SR 400 project, we reduce taxpayer waste, accelerate construction deadlines and help people to get where they want to go more secure,” said United States Transportation Secretary Sean Duffy in a statement.
Combined with up to $ 3.4 billion in private dot bonds for the project, the agency supports it with investments for more than $ 7 billion. Although design and construction is estimated to total $ 4.6 billion per GDOT, federal officials say that the total cost of the project eligible for the loan through Tifia is totaling more than $ 11 billion. Dot did not immediately answer the ENR tracking questions, but a GDOT representative said by email that $ 11 million includes financing costs, reservations funding, interest during construction and the concession rate that Mr. 400 Peach Partners will pay GDOT, as well as construction costs.
The eligible costs within the Tifia program include development and construction costs, as well as “capitalized interest needed to meet market requirements, reasonably required reserve funds, capital issuing costs and other loading costs during construction.”
Gdot hopes that the construction of the project will begin later this year. Substantial completion is scheduled for 2031.
