The Federal Highway Administration (FHWA) has given a green light to the Atlanta Transportation Improvement Plan in the state of Georgia to adopt a public-private partnership (P3) model for the completion of funding for the project.
The FHWA determined that the improvement plan, whose design-build cost is estimated to be $1.06 billion, met federal air quality regulations which effectively removed the final hurdle to move the project forward, according to Georgia Governor Nathan Deal in a statement.
To start the project, Governor Deal and the Georgia Department of Transportation (GDOT) approved the issuance of $130 million of bonds in May last year and used $81.5 million in accrued state motor fuel funds, the statement said.
The GDOT is now expected to utilise a P3 model to complete the funding of the improvement plan, it said.
The improvements include the construction of new flyover ramps, new collector-distributor lanes and other facilities to aid east-west travel along I-285 and north-south travel along Ga. 400, according to the statement.
Deal hailed the FHWA approval as “good news” for Georgia and its metro region in particular. “Now that our funding plan has been approved, we can begin construction on a project that will certainly provide important economic and quality of life benefits for many years to come,” he added in the statement.