Full construction can begin on Alabama’s Mobile River Bridge and Bayway Project, one of the largest infrastructure projects in the state’s history, now that the financing is complete, state officials said.
The Alabama Toll Road, Bridge and Tunnel Authority said the bond and federal loan financing necessary to fully fund the $3.2 billion Phase One of the project had been closed on, allowing full construction on the project to proceed on Oct. 1.
Financing for the project includes a $2.52 billion Transportation Infrastructure Finance and Innovation Act (TIFIA) loan from the U.S. Department of Transportation as part of the Infrastructure Investment and Jobs Act’s Build America Bureau, as well as bonds made available to investors this month…