The U.S. Department of Transportation (USDOT) today announced that its Build America Bureau has provided a low-interest loan of up to $48.2 million to the Minnesota Department of Transportation (MnDOT) and Minnesota Management and Budget (MMB) to reconstruct 12 miles of Highway 14 to a four-lane, divided highway from the City of New Ulm to the City of Nicollet, bypassing the City of Courtland, helping to improve safety on a critical rural highway.
According to the release, the Bureau helps communities across the country reduce the costs of infrastructure projects by providing Transportation Infrastructure Finance and Innovation Act (TIFIA) loans, and other types of financing. Under the Rural Projects Initiative (RPI), this loan is for half the treasury rate and for nearly half the $98.38 million project costs instead of the customary 33 percent.
The project includes a new interchange, safer intersections in the City of New Ulm, new turn lanes, replacement of three bridges, construction of two new bridges, safety improvements and modernization, including the installation of improved lighting, intelligent transportation systems, and a snow fence.
The project is expected to be complete in 2024.
“The project will enhance safety and reduce travel time, improving access to vital services for communities on the corridor. These improvements will both provide a higher quality of life for rural Minnesotans and save lives.” said Deputy Transportation Secretary Polly Trottenberg.
“I am pleased to see our partners in Minnesota have successfully closed their first loan under our TIFIA Program, which will help them deliver much-needed improvements sooner and cheaper at a very low financing cost,” said Bureau Executive Director Morteza Farajian. “The Bureau is continually looking to assist more partners to explore innovative options and offer consultation and technical assistance to deliver their projects more efficiently and effectively.”
USDOT has closed $38.6 billion in TIFIA financings, supporting more than $132.6 billion in infrastructure investment across the country.
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Source: USDOT
