/ Financial / U.S. Department of Transportation Announces up to $200 million TIFIA Loan for the Governor Harry W. Nice Memorial/Senator Thomas “Mac” Middleton Bridge Replacement Project in Maryland

U.S. Department of Transportation Announces up to $200 million TIFIA Loan for the Governor Harry W. Nice Memorial/Senator Thomas “Mac” Middleton Bridge Replacement Project in Maryland

pdubey@v1-media.com on May 3, 2022 - in Financial, News

WASHINGTON – The U.S. Department of Transportation today announced that its Build America Bureau has provided a $200 million low-interest loan to the Maryland Transportation Authority (MDTA) for the Governor Harry W. Nice Memorial/Senator Thomas “Mac” Middleton Bridge Replacement Project. The Bureau helps communities across the country reduce the costs of infrastructure projects by providing Transportation Infrastructure Finance and Innovation Act loans, known as TIFIA loans, and other types of financing.

The $672 million project will replace the 83-year-old bridge, which carries US 301 over the Potomac River between Maryland and Virginia. This project will expand capacity by doubling the number of lanes from two to four and ensure a higher vertical clearance over the navigable waterway, allowing taller vessels to pass under the bridge.   

“The new Nice Bridge will address the four-mile-long daily backups and enhance roadway safety by creating a median barrier and wider lanes,” said Deputy Transportation Secretary Polly Trottenberg. “With 18,000 vehicles a day crossing, many of which are commuters headed to large employers like Naval Support Facility Dahlgren and Naval Support Facility Indian Head, this is a critical safety and quality of life improvement for the region.” 

“This loan helps deliver a long-awaited  new bridge that will last at least 100 years,” said Bureau Executive Director Morteza Farajian. “By financing a third of the costs, we are helping bring this project to fruition sooner and at less cost to taxpayers, improving connectivity between local communities in Maryland and Virginia.”  

The Bureau was established as a “one-stop-shop” during the Obama Administration to help states and other project sponsors carry out infrastructure projects. The Bureau offers low-interest, long-term credit programs, technical assistance, and best practices in project planning, financing, delivery, and operation. The Bipartisan Infrastructure Law, signed by President Biden in November 2021, expands project eligibility for the Bureau’s TIFIA credit program and extends maturity of the loans, giving borrowers additional flexibility.  To date, the DOT has closed more than $37.9 billion in TIFIA financings, supporting more than $130.7 billion in infrastructure investment across the country.

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