The U.S. Department of Transportation’s Build America Bureau (the Bureau) has announced US$464.96 million in new Transportation Infrastructure Finance and Innovation Act (TIFIA) Credit Assistance to the Colorado Interstate 70 East (Central 70) PPP project in the USA.

The new loan replaces a US$416 million (plus capitalized interest) TIFIA loan that the Bureau provided to the project in December 2017. The new loan at a reduced interest rate allows for an additional loan principal increase of around US$50 million to facilitate project completion. The Central 70 project is being funded also by proceeds of tax-exempt private activity bond and taxable bond issuances, contributions from Colorado DOT, the Colorado Bridge and Tunnel Enterprise, the High Performance Transportation Enterprise and other local and state entities, as well as equity contributions from Kiewit and Meridiam.  

The road PPP project is owned by the Special Purpose Vehicle, Kiewit Meridiam Partners, formed by Kiewit and Meridiam. Once completed, the Central 70 project will include three general-purpose lanes and one managed lane in each direction, reducing travel time and improving safety standards. In addition, the construction of a four-acre section of park above the highway will reconnect the Elyria and Swansea neighborhoods. The project is expected to be operational in early 2023.