FULTON COUNTY, Ga. — The U.S. Department of Transportation announced a $3.89 billion loan Tuesday to support the Georgia 400 Express Lanes Project in Georgia.
Secretary Sean P. Duffy said it’s the largest loan approved to a single borrower under the Transportation Infrastructure Finance and Innovation Act (TIFIA).
The loan will finance a public-private partnership between the Georgia Department of Transportation, the State Road and Tollway Authority and SR 400 Peach Partners, LLC.
Channel 2 Action News has been reporting for months on the plan to expand the Georgia 400 express lanes.
This project aims to add express lanes along a 16-mile section of GA 400 from the MARTA North Springs Station to north of McFarland Parkway, enhancing transportation infrastructure and reducing congestion in the Atlanta metro area.
“This loan is another investment in getting America building again,” Duffy said. “Through the improved TIFIA program and innovative partnerships like the SR 400 project, we’re reducing taxpayer waste, accelerating construction timelines, and helping people get where they want to go safer.”
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The State Route 400 Express Lanes Project will facilitate current MARTA and XPress bus connections, with Peach Partners committing $75 million for future bus rapid transit improvements. MARTA will operate the future BRT system, which is expected to share the express lanes for approximately 12 miles.
Build America Bureau Executive Director Dr. Morteza Farajian highlighted the project’s benefits.
“Georgia’s innovative approach has allowed them to leverage our low-interest financing with the developer’s investments to provide more benefits for the Atlanta community through this project and other projects that will be funded because of this project.”
Peach Partners will provide a $3.8 billion concession fee to GDOT, which can help fund other roadway projects. This agreement includes designing, building, financing, operating, and maintaining the express lanes.
The project is expected to reduce delays by over 19,000 hours each day, or about 15 minutes per traveler, due to less idling and traffic congestion. It will also enhance public safety through the construction of new bridges and other safety improvements, reducing traffic incidents by an estimated eight percent.
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