On Wednesday, the U.S. Department of Transportation announced its Build America Bureau would provide a loan of up to $250.29 million to the Central Texas Regional Mobility Authority (CTRMA) for the 183N Mobility Project in Austin.
The loan would be for 35-years at an undisclosed low-interest rate. The Bureau provides Transportation Infrastructure Finance and Innovation Act (TIFIA) loans and other infrastructure financing to reduce the costs of infrastructure projects.
“The Bureau is pleased to provide low-interest, long-term financing, giving the Central Texas Regional Mobility Authority flexibility to deliver this large-scale project for Austin,” Bureau Executive Director Morteza Farajian said.
The 183N Mobility Project consists of construction of two express lanes along US 183 from SH 45N/RM 620 to State Loop 1 (MoPac), about nine miles in both directions. An additional fourth general purpose lane will be built in areas where there is currently not one. The project will also include construction of auxiliary lanes, shared use paths, sidewalks and bicycle/pedestrian facilities.
Officials said the project will allow Capital Metro to increase bus service during peak periods. Capital Metro recently purchased almost 200 new electric buses to be used in the corridor. The project will also provide better access for emergency response vehicles, officials said.
“The 183 North Mobility Project will help make public transportation and alternative modes better choices for Austin metro commuters,” Deputy Transportation Secretary Polly Trottenberg said. “Coupled with Capital Metro’s recent investment in an electric bus fleet, this project supports safer, cleaner, and more reliable options for travel in the Austin area.”