The Riverside County Transportation Commission will receive a $152.2 million federal loan to assist with the completion of its Interstate 15 express lanes corridor project, the U.S. Department of Transportation announced July 20.
The project, a 14.6-mile corridor along I-15, would consist of managed lanes north- and southbound, retaining walls, storm water runoff treatment services, bridge widenings, an electronic toll system and a customer service center. Managers estimate the project will create more than 3,300 jobs during construction and 525 permanent jobs afterward.
The interstate is a prominent route for trucks and cars linking Southern California to Las Vegas.
The Transportation Infrastructure Finance and Innovation Act loan was approved by DOT’s Build America Bureau.
“By leveraging a loan from the bureau, more projects like the I-15 express lanes project can become viable. We have an open-door policy for any transportation project sponsor to meet with our team to discuss bureau loan programs that could move projects forward,” said Marty Klepper, the bureau’s executive director.
The TIFIA program has backed nearly $101 billion in rail, highway and transit projects nationwide, according to DOT.
