Austin’s Manor Expressway Project Lands $47M Loan
- Mar 27, 2019
Austin’s magnetism lures people and businesses from in and out of state, accelerating the local economy, but also burdening its infrastructure. In an effort to relieve traffic congestion in parts of Travis County, U.S. Transportation Secretary Elaine Chao announced that the U.S. Department of Transportation’s Build America Bureau will provide a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to the Central Texas Regional Mobility Authority (CTRMA). The loan, in value of nearly $47 million, is for the 290 Manor Expressway Phase III Project.
The project is located in south Austin, at the intersection of U.S. Route 290 and state highway 130, within Travis County. Plans call for three direct connectors in addition to the single existing direct connector, currently owned and operated by the Texas Department of Transportation. U.S. 290 is an east-west commuter, freight route and hurricane evacuation route located entirely within the Lone Star State; SH 130 serves as a north-south commuter route and bypass to Interstate 35.
The TIFIA loan will be repaid through toll revenues from the upcoming project, as well as from four other projects developed by CTRMA: 183A (phase I and II), 290E (phase I and II), SH71 and 183S. The first three projects on this list are already operational, while 183S is expected to begin revenue service around mid-2020.