The third phase of the Manor Expressway Project in Austin, Texas, will benefit from a $46.94 million loan from the U.S. Department of Transportation (USDOT) announced this week.
The loan will be given to the Central Texas Regional Mobility Authority (CTRMA) through the Transportation Infrastructure Finance and Innovation Act (TIFIA). CTRMA will, in turn, repay that loan through toll revenues from this and four other area projects.
“This $46 million investment will help reduce congestion at a major intersection along US 290 Expressway, and will also improve reliability on this hurricane evacuation route,” U.S. Secretary of Transportation Elaine Chao said.
The project covers the intersection of US 290 and state highway 130 in Travis County, Texas. When finished, it will add three direct connectors to area infrastructure.