The Alabama Toll Road, Bridge and Tunnel Authority has completed the bond and federal loan financing necessary to fully fund the $3.2 billion phase one construction of the Mobile River Bridge and …
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The Alabama Toll Road, Bridge and Tunnel Authority has completed the bond and federal loan financing necessary to fully fund the $3.2 billion phase one construction of the Mobile River Bridge and Bayway Project, clearing one of the final major milestones before full construction begins.
The financing includes a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan of $2.52 billion through the U.S. Department of Transportation’s Build America Bureau, along with bonds marketed to investors this month.
The financing fully funds the agreed-upon $3.2 billion phase one construction cost, which includes a new six-lane cable-stayed bridge across the Mobile River and six lanes of capacity across the existing Bayway.
The financial closing follows years of work by the State of Alabama, ALDOT, the Authority and federal partners to develop a financially viable project. Federal participation includes the TIFIA f...