Rep. Takano Applauds Department of Transportation Finalizing Loan to Improve SR-91

Washington DC – Earlier today, the United States Department of Transportation closed a $422 million Transportation Infrastructure Finance Innovation Act (TIFIA) loan to the Riverside County Transportation Commission (RCTC) to improve SR-91. The project will extend two tolled Express Lanes and add an additional general purpose lane on an eight-mile segment stretching from Orange County to Riverside County.

 

Rep. Mark Takano (D-Riverside) applauded the closing of the loan saying, “This loan from the Department of Transportation could not have come at a better time as the transportation infrastructure in the Inland Empire has been neglected for decades. This neglect has caused the problem to become worse and worse over time as the SR-91 currently features some of the worst traffic congestion in the nation. Relief is finally coming to residents in the Inland Empire.”

 

United States Secretary of Transportation Anthony Foxx said, “President Obama called on us to ‘Fix it First’ by investing in the roads and bridges that need work now. This project is a job creator that will improve mobility in the region and better connect Orange and Riverside counties.”

 

The total estimated cost for the project is $1.3 billion. More than 280,000 vehicles use SR-91 every day, and traffic volume is expected to increase by 50 percent by 2035. 

 

The TIFIA credit program is designed to fill market gaps and leverage substantial non-federal investments. Each dollar of federal funding can provide up to $10 in TIFIA credit assistance and support up to $30 in transportation infrastructure investment. Since its launch, the TIFIA program has helped 33 projects turn $11.6 billion in DOT assistance into $44 billion in infrastructure investment across America. The recently enacted transportation bill, Moving Ahead for Progress in the 21st Century (MAP-21), transforms TIFIA into one of the largest transportation infrastructure loan program in history, making available up to $17 billion in credit assistance for critical infrastructure projects.