U.S. Transportation Secretary Anthony Foxx and representatives from the Georgia Department of Transportation (GDOT) yesterday announced a Transportation Infrastructure Finance Innovation Act (TIFIA) a $275 million loan for the Northwest Corridor toll lanes project.
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.
The project was awarded as a Design Build Finance (DBF) contract in July 2013 to Northwest Express Roadbuilders, a consortium composed of Archer Western Contractors LLC, Hubbard Construction Co. and Parsons Transportation Group Inc. as lead engineering firm.
The State Transportation Board of Georgia accepted a bid of $599 million from Northwest Express Roadbuilders. The other $235 million of the total price includes right of way acquisition, administrative expenses and the portion of the project to be done by the State Road and Tollway Authority.
The corridor has long been recognized as one of the Atlanta region's most congested travel corridors with over 400,000 residents in the area. The Northwest Corridor Project extends northwest along I-75 from Akers Mill Road to Hickory Grove Road and along I-575 from the I-75/I-575 interchange to Sixes Road.
The TIFIA credit program is designed to fill market gaps and leverage substantial non-federal investments. Each dollar of federal funding can provide up to $10 in TIFIA credit assistance and support up to $30 in transportation infrastructure investment. Since its launch, the TIFIA program has helped 37 projects turn over $12.7 billion in U.S. Department of Transportation assistance into more than $49 billion in infrastructure investment across America.