LOUISVILLE, KY (WAVE) – The Kentucky Public Transportation Infrastructure Authority (KPTIA) approved issuing several bonds that will require $2.1 billion in tolls from drivers to pay back over the next four decades on Thursday.
Kentucky's Transportation Secretary Mike Hancock says that they are prepared to complete financing as expeditiously as possible, making it a quick deal.
Details for financing are expected to be finalized next month and the deal will close December 20.
Both Kentucky and Indiana will evenly split the toll revenue and both states are looking to dramatically improve cross-river mobility.
Downtown Crossing is also a part of the project – half of it. $1.3 billion will cover that portion of the project which includes a new i-65 bridge and highway connections that will complete an outer loop around the greater Louisville area.
The Downtown Crossing includes a new I-65 bridge for northbound traffic, a revamped John F. Kennedy Memorial Bridge for southbound traffic and the rebuilding of the downtown interchanges on both sides of the river.
Both projects are advancing on schedule. Underway right now, bridge piers are climbing above the river's surface, interstate widening is progressing in downtown Louisville.
Tuesday, April 20 2010 11:21 PM EDT2010-04-21 03:21:00 GMT
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