A plan to add toll lanes along Georgia 400 in Fulton and Forsyth counties is getting a big boost from the federal government.
The U.S. Department of Transportation (USDOT) Tuesday announced a loan of up to $3.89 billion to help build the project. The money is being awarded through the federal Transportation Infrastructure Finance and Innovation Act (TIFIA) Congress passed in 1998, the largest loan to a single borrower in the program’s history.
The State Transportation Board approved the project last August as a public-private partnership between the Georgia Department of Transportation, the State Road and Tollway Authority, and a consortium of several road-building and engineering companies. SR400 Peach Partners submitted the winning bid at $4.6 billion.
The project will add two new toll lanes in both directions along a 16-mile stretch of Georgia 400 from the North Springs MARTA station in Fulton County to one mile north of McFarland Parkway in Forsyth County. When opened to traffic in 2031, the new lanes are expected to reduce delays by more than 19,000 hours each day, or about 15 minutes per traveler, while reducing crashes by an estimated 8%.
“We are excited to celebrate Georgia being home to the largest public-private partnership in USDOT history,” Gov. Brian Kemp said Tuesday. “Georgia’s logistics and transportation network is a major selling point to job creators, and this approved financing will make it easier for hardworking Georgians to commute.”
As with other toll-lane projects the state DOT has built, the new lanes will be optional for drivers willing to pay a toll to speed up their trip. Tolls will vary according to the level of traffic.
Under the public-private partnership model, Peach Partners will recover its investment in financing and building the project from toll revenue.
“Securing TIFIA federal credit assistance is an essential milestone for the SR400 Express Lanes project,” said Javier Gutierrez, CEO of SR400 Peach Partners. Thanks to this loan, this critical project will become a reality, improving safety and mobility in the greater Atlanta metro area for generations to come.
The project also features a transit component. Peach Partners will contribute $75 million toward improvements needed to serve about 12 miles of the Georgia 400 corridor with a bus rapid transit system to be run by MARTA.
Dave Williams | Capitol Beat News Service
Dave Williams is the Bureau Chief for Capitol Beat News Service. He is a veteran reporter who has reported on Georgia state government and politics since 1999. Before that, he covered Georgia’s congressional delegation in Washington, D.C.
