The US Department of Transportation (USDOT) has agreed to provide a $152.2m loan to the Riverside County Transportation Commission (RCTC) for the completion of Interstate 15 Express Lanes Corridor Project.
The loan will be offered through the US Department of Transportation’s Build America Bureau (Bureau) under Transportation Infrastructure Finance and Innovation Act (TIFIA).
The project will involve the construction of 14.6 miles of I-15 in Riverside County, California, between the Cajalco Road interchange near the city of Corona to just south of the State Route 60 interchange near the San Bernardino/Riverside county line.
Serving as a major north-south route, the roadway connects inland Southern California to Los Angeles and Orange counties as well as to Las Vegas.
Upon completion, the I-15 will have new managed lanes going both north and south, new retaining walls, storm water runoff treatment services, 11 bridge widening, tie-ins to the existing travel lanes, an electronic toll collection system, a customer service centre, and a traffic management system.
The project is expected to create more than 3,300 jobs during construction stage and 525 permanent jobs after completion.
Build America Bureau executive director Marty Klepper said: “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.”