The U.S. Department of Transportation on April 1 announced a $209 million loan for the Portsmouth Bypass project in Ohio, the state’s largest single construction project and the first to rely on a public-private partnership.
The loan would be distributed to the Portsmouth Gateway Group to assist the private developers working with the state to complete the $429 million project. The group would manage the project for up to 35 years, as part of an agreement.
The federal loan comes as part of the Transportation Infrastructure Finance and Innovation Act, or TIFIA program.
The 16-mile project would entail building a limited access, four-lane highway designed to bypass about 26 miles of U.S. Highway 52 and U.S. Highway 23 in Portsmouth. When completed, the state’s Department of Transportation estimates travel time for trucks and other vehicles would reduce by nearly 20 minutes.
Sen. Sherrod Brown (D-Ohio) said the federal boost would “supplement state and private funding for the project, which, once completed will help travelers and commercial drivers navigate our state.”
Transportation Secretary Anthony Foxx added that the bypass would “benefit the entire community by reducing the number of trucks in the city and opening up the area for economic development.”
