The U.S. Department of Transportation (DOT) announced Monday that the Build America Bureau had provided nearly $465 million in loans for the Central 70 Project in Colorado.
The Transportation Infrastructure Finance and Innovation Act (TIFIA) loan of $464.96 million would be provided to Kiewit Meridiam Partners LLS (KWP) to replace the TIFIA loan for the Project awarded in December 2017. The new loan would provide nearly $50 million more in principal for the project due to a reduced interest rate.
In addition to the loan, the project is funded through the proceeds of both a tax-exempt private activity bond and taxable bond issuances, contributions from the Colorado DOT, the Colorado Bridge and Tunnel Enterprise, the High Performance Transportation Enterprise, and other local and state entities, as well as through contributions from project sponsors Kiewit and Meridiam.
The Central 70 Project is scheduled for completion in early 2023 and would reconstruct a 10-mile stretch of I-70. The project includes three general purpose lanes and one managed lane in each direction, as well as the removal of a 57-year-old viaduct, and the building of a 4-acre park over a portion of the interstate that will be lowered between Brighton and Colorado boulevards.
Officials said the Project will provide numerous benefits including reduced travel time and improved safety standards. The Project will also reconnect the minority neighborhoods of Elyria and Swansea that were divided when the viaduct was built in 1960.
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