Feds approve loan for Cobb’s Northwest Corridor toll project

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Federal transportation officials said Thursday that Georgia will receive a Transportation Infrastructure Finance Innovation Act (TIFIA) loan of $275 million for the Northwest Corridor toll lanes project in Cobb and Cherokee counties.

The state had applied for the low-interest federal loan as part of an $840 million financial package to pay for what will be the most expensive highway project in Georgia’s history.

The project will add reversible toll lanes along I-75 and I-575 in an attempt to relieve congestion along the heavily traveled stretches of interstate.

“The new reversible lanes on I-75 and I-575 will help commuters and businesses alike by easing congestion on one of the city’s most gridlocked highways,” U.S. Transportation Secretary Anthony Foxx said.  “It’s a great example of the Obama Administration’s efforts to invest in projects that will meet the transportation challenges of our growing nation.”

The TIFIA loan is actually going to the State Road and Tollway Authority (SRTA), which is working with Georgia DOT to manage the project and will be responsible for the variable-priced tolling when the toll lanes are in operation.

“The Northwest Corridor Express public private partnership supports Governor Nathan Deal’s vision for transportation by investing strategically to tackle Georgia’s transportation challenges and expand travel options by leveraging the financial support of the private sector,” SRTA Executive Director Christopher Tomlinson said.

© 2013 by The Georgia Report

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Tags: Cobb County , DOT , Northwest Corridor , SRTA , TIFIA , toll lanes