Study: tolls and more needed for $1.4 billion I-69 bridge

A study released by the Kentucky Transportation Cabinet found that the cost of the proposed I-69 bridge project in Henderson has grown by $750 million over the last five years, and more than tolling will be needed to cover its $1.4 billion cost.

“While the study doesn’t provide a direct path for financing this important transportation and economic link, it does provide us with a starting point for discussions on how to best finance the project,” said Chief District Engineer Ted Merryman with the Kentucky Transportation Cabinet in a statement.

Keith Todd, spokesman for the Cabinet’s Madisonville office, said having a working estimate of the project’s cost, and what different funding mechanisms such as tolling can deliver, provides the Cabinet with a basis for its decision on how to proceed.

“Our staff in Frankfort are still analyzing it and looking at the options,” Todd said. “This does at least give us a starting point now to start those discussions on how we get there.”

The study, conducted by URS Corp., looked at different scenarios for the project including not using toll revenue, establishing tolls just on the new bridge and putting tolls on the new bridge and the U.S. 41 bridges.

A $2 toll on both bridges would generate about $48 million in revenue annually beginning in 2020, but that would not be enough to completely cover the debt service on the bridge, the study found.

Mark Brown, a Cabinet spokesman in Frankfort, emphasized that the study is just a tool Cabinet officials will use to determine how to pay for the project.

Like the other mega projects around the state – including Ohio River bridges in Louisville and northern Kentucky – the I-69 project that will extend the highway from Henderson to Fulton in southwestern Kentucky won’t be able to rely as heavily on federal funds as large projects have in years past.

Several proposals to set up one or several infrastructure authorities failed during this spring’s legislative session, and the issue appears headed for more debate when lawmakers return to Frankfort in January.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: