Three months after receiving a $550 million federal grant, the state department of transportation provides an update to the most expensive infrastructure project in Alabama history.
Federal Highway Administrator Shailen Bhatt, left, speaks after Mobile Mayor Sandy Stimpson, right, gives him a key to the city of Mobile on Mon., July 29, 2024. Bhatt was on hand to celebrate a $550 million grant to the project to build a new Interstate 10 Mobile River Bridge and Bayway. The grant is a major step in funding the project, which is expected to cost $3.5 billion. $550 million for the Interstate 10 Mobile River Bridge and Bayway project.
A major loan application process with the federal government is underway. The state hopes to utilize the federal Transportation Infrastructure Finance and Innovation Act , which offers low-interest loans to pay for the project. The state plans to finance 49% of the entire project through TIFIA loans, which would amount to around $1.75 billion under the current estimates.
That framework establishes a $2.50 toll for a one-way trip over the new infrastructure only, or a $40 monthly pass for unlimited trips via an ALGO pass. Both organizations also want the project completed at once -- and not piecemealed over a lengthy period of time. They also want the project to be publicly owned, and not open to a private ownership scenario., recently provided an update on the project, as well as answering some lingering questions.
Has there been conversations about building the bridge first, and then examining whether the rest of the project is needed?
@Contributor I-10 Mobile River Bridge And Bayway Project
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