$19.2M Loan Granted For Cameron Parish Ferry Project – American Press
$19.2 million loan granted for Cameron Parish Ferry project
Published 12:30 p.m. Tuesday, November 15, 2022
The US Department of Transportation announced today that its Build America Bureau has provided the Louisiana State Bond Commission with soft loans totaling $40.9 million to benefit the Louisiana Department of Transportation and Development for a ferry project and bridge improvement program. The bureau helps communities across the country reduce the cost of infrastructure projects by providing loans to fund transportation infrastructure and the Innovation Act, known as TIFIA loans, and other types of funding.
The two projects that will benefit from TIFIA funding are:
- A $19.2 million loan is available for the Cameron Parish Ferry Project Providing ferry service between the Calcasieu Ship Canal on LA 27 between Cameron and Holly Beach in Cameron Parish. The scope of the project includes the design and construction of two vehicle/passenger ferries, each capable of carrying a minimum of 35 cars and six articulated lorries and 500 passengers.
- A $21.7 million loan is available for the Nationwide bridge program which consists of six projects, including the replacement of 11 structurally deficient rural bridges in six different communities in central and east Louisiana.
Projects qualify for TIFIA’s Rural Project Initiative, which offers loans for up to 49 percent of the project’s eligible costs and fixed interest rates equal to half the US Treasury rate.
“USDOT’s support for these ferry and bridge projects will help Louisiana move people, goods and services across the state,” he said Deputy Minister for Transport Polly Trottenberg. “We are excited to support Louisiana’s efforts to improve infrastructure, connectivity and security for rural communities.”
USDOT’s Build America Bureau was established during the Obama administration as a “one-stop shop” to help states and other project sponsors complete infrastructure projects. The Bureau offers low-interest, long-term loan programs, technical assistance, and best practices in project design, financing, delivery, and operations. The bipartisan infrastructure bill signed by President Biden in November 2021 expands the eligibility of projects for the Bureau’s TIFIA loan program and extends the life of the loans, giving borrowers additional flexibility.