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U.S. Department of Transportation Approves $501 Million Loan for I-25 Express Lane Expansion in Colorado

U.S. Department of Transportation Approves $501 Million Loan for I-25 Express Lane Expansion in Colorado
Biden-Harris Administration Announces Second Year of SMART Grants Funding Innovations in Transportation Data and Technology Systems

New 52 Miles of Express Toll lanes will Ease Congestion between Denver and Fort Collins WASHINGTON – The U.S. Department of Transportation (DOT) today announced that its Build America Bureau has provided a $501 million low-interest loan to the Colorado Transportation Investment Office (CTIO) on behalf of the Colorado Department of Transportation (CDOT) to improve […]

The post U.S. Department of Transportation Approves $501 Million Loan for I-25 Express Lane Expansion in Colorado first appeared on Reliable News.

New 52 Miles of Express Toll lanes will Ease Congestion between Denver and Fort Collins

WASHINGTON – The U.S. Department of Transportation (DOT) today announced that its Build America Bureau has provided a $501 million low-interest loan to the Colorado Transportation Investment Office (CTIO) on behalf of the Colorado Department of Transportation (CDOT) to improve a 61-mile corridor of I-25, including adding 52 miles of express toll lanes between Denver and Fort Collins, Colorado. By providing Transportation Infrastructure Finance and Innovation Act (TIFIA) loans and other financing, the Bureau helps communities expedite infrastructure projects and reduce project costs.  

The benefits of the $1.6 billion project include improved travel times; construction of new mobility hubs that encourage a modal shift to transit, carpooling, and bicycle/pedestrian travel; capacity for future travel demand; rehabilitation of older critical rail crossings and structures; and connecting users to a 100-mile regional trail network, while also maintaining safe crossings for wildlife throughout the corridor. Transit users and carpoolers (HOV 3, a driver and at least two passengers) travel free in the express lanes.   

“This $1.6 billion project relieves traffic on neighborhood streets and provides mobility hubs, carpool and bus rapid transit facilities, park and ride lots with EV charging and pedestrian and bicycle access,” said Under Secretary of Transportation for Policy Carlos Monje Jr. “The bus rapid transit improvements are expected to reduce travel time by 10-15 minutes, greatly enhancing benefits of transit trips.”  

The project includes: 52 miles of express lanes, park and ride and mobility hubs at the Kendal Parkway and Colorado 56 interchange, and reconstruction of 13 bridges, six interchanges and rail crossings. 

The I-25 North Corridor is a top priority for the state, with $4.6 billion of investments to be implemented through 2060. The $501 million TIFIA loan will help accelerate the delivery of key segments and phases of the overall project by 2028. 

“The current TIFIA-funded projects will benefit the economy, environment and quality of life for all northern Coloradans,” said Heather Paddock, Region 4 director for the Colorado Department of Transportation. “Specifically, the loan funding will support expansion of the existing Express Lanes network, improve transit travel times by building center-loaded mobility hubs, correct geometric deficiencies, improve safety and replace aging infrastructure.” 

The CTIO estimates that the ability to leverage $501 million through the TIFIA program will accelerate construction by nearly a decade and avert more than $250 million in project delay costs.

“This loan offers the project sponsors a cost-efficient option to build the improvements and realize benefits now using existing and future toll revenue,” said Bureau Executive Director Morteza Farajian. “The entire region is growing and innovative solutions such as the one used on this project will help ease today’s congestion and prepare the region for future growth and associated economic development.”

The Build America Bureau advances investment in transportation infrastructure by lending Federal funds to qualified borrowers; clearing roadblocks for credit worthy projects; and encouraging best practices in project planning, financing, delivery, and operations. The Bureau draws on expertise across DOT to serve as the point of coordination for states, municipalities, private partners, and other project sponsors seeking Federal financing.

To date, the DOT has closed more than $39.5 billion in TIFIA financings, supporting more than $135.4 billion in infrastructure investment across the country. 

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Official news published at https://www.transportation.gov/briefing-room/us-department-transportation-approves-501-million-loan-i-25-express-lane-expansion

The post U.S. Department of Transportation Approves $501 Million Loan for I-25 Express Lane Expansion in Colorado first appeared on Reliable News.