This is a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan in the amount of up to $26.9 million under the Rural Projects Initiative (RPI) for the  Louisiana Department of Transportation and Development’s (LADOTD)  construction of LA 3241: LA 36 to LA 435 project in St. Tammany Parish. It is the third of four loans approved by the Bureau in August 2021.

The new loans allow LADOTD to accelerate the delivery of the projects identified to be funded by the British Petroleum Deepwater Horizon settlement. This second segment of the LA 3241 project includes construction of an 8.2-mile section of a four-lane highway from I-12 to the LA 21 and 64-foot depressed median and two waterway bridges. The last remaining project from this infrastructure loan package, the I-49 S Ambassador Caffery/US 90 Interchange in Lafayette Parish, is scheduled to close in July of 2022 with an expected Substantial Completion date of April 2025.

The first two project loans, Union Pacific Railroad Overpass Project, Morehouse Parish and LA 3241: LA 435-LA 40 (Segment 3) in St. Tammany Parish, were closed in September 2021. Three of the initial four projects will benefit rural areas and qualified for the RPI initiative, which provides 35-year loans up to 49 percent of the project cost at half the treasury rate, as well as significant savings in loan fees.