DOT Moves Forward with TIFIA Loan Awards

U.S. DOT announced this week the award of a Transportation Infrastructure Finance Innovation Act (TIFIA) loan for $275 million to Georgia DOT to build 29.7-miles of new reversible lanes along I-75 and I-575. The loan will go toward the $833.7 million total cost of the project. This is the fourth TIFIA loan to be approved by DOT under the new funding provided to this program since enactment of MAP-21. This transportation authorization legislation increased TIFIA funding from $122 million in previous years to $1.75 billion for fical years 2013 and 2014. Several other loans are close to final approval. AGC testified before the Senate Environment and Public Works Committee earlier this year encouraging DOT to speed up the approval process.