The U.S. Department of Transportation (U.S. DOT) yesterday announced that the Build America Bureau will provide a $152.2 million TIFIA loan to the Riverside County Transportation Commission (RCTC), at 2.84% with a term of 35 years after substantial completion for the I-15 Express Lanes Corridor project.
The project will be built along a 14.6-mile corridor of I-15 in Riverside County, Calif., between the Cajalco Road interchange near the city of Corona to just south of the S.R. 60 interchange near the San Bernardino/Riverside county line. I-15 is a major north-south truck/passenger route that links inland Southern California to Los Angeles and Orange counties, as well as to Las Vegas.
Once complete, I-15 will have new managed lanes going both north and south, new retaining walls, storm water runoff treatment services, 11 bridge widenings, tie-ins to the existing travel lanes, an electronic toll collection system, a customer service center, and a traffic management system. RCTC estimates that the project will not only address current and future congestion issues, but also improves efficiency and reliability of goods movement from the country’s largest port complex, provides more transportation options, and will create more than 3,300 jobs during construction and 525 permanent jobs after completion.
RCTC is seeking TIFIA funds to ensure accelerated delivery of the project through use of the design-build model. Without the TIFIA loan, RCTC believes it is likely that the project would be delayed for at least two to three years, if not longer, until additional funding could be identified.
Source: U.S. DOT