ALDOT, which once backed the Interstate 10 Mobile River Bridge and Bayway project as a public-private venture only to see that proposal overturned by Baldwin County officials in 2019, vowed to move forward with the $2.7 billion project.
“ALDOT and the nationally recognized financial experts working on the project agree that this project is financially viable, regardless of the result of our outstanding applications for Mega Grant and Bridge Investment Program funding,” Austin wrote, referring to applications ALDOT sent out forPressing ahead
Austin said that recent changes in federal law and regulatory guidelines could potentially allow the project to qualify for a higher loan through the Transportation Infrastructure Financing and Innovation Act . “Today’s announcement is a clear signal that the State of Alabama is serious about building this bridge,” Stimpson said. “Ultimately, we are further along in this process than at any point before and have a clear path toward solving the worst bottleneck on the I-10 corridor.”
The entire project, without receiving additional grants, relies heavily on financing that includes $1.2 billion through bonding and another $1.1 billion through federal loans under the TIFIA program. The loans would be repaid through revenues generated by tolling. An ALDOT spokesman said the overall project is being structured as two projects built concurrently. The structure, alongside ALDOT’s design-build process will allow for a lower project cost, a faster construction timeline, and additional participating by smaller or minority-owned contracting firms, according to ALDOT.
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