Kentucky legislators urge finance plan progress
A finance plan for the project by the end of the year is being urged by Kentucky's House of Representatives. In a resolution sponsored by lawmakers from Jefferson County, Kentucky Gov. Steve Beshear and Louisville Mayor Jerry Abramson are urged to "utilize their best efforts" to ensure a finance plan is submitted by by Dec. 31.
To read the resolution, click here.
Project Financial Advisor Selected
A leading financial firm with deep and broad experience on major transportation projects will assist in development of the Ohio River Bridges Finance Plan. Steve Schultz, executive director of the bi-state public authority responsible for develping finance options, said the selection of KPMG LLP is a "significant milestone" for developing a "plan that will lead to the cost-effective and rapid delivery of this project.
To read the news release, click here.
Bridges supporters urge consideration of tolls
Bridges Project supporters urged officials considering a finance plan to move faster and consider high-speed all-electronic tolling as a funding option. A broad base of supporters from Kentucky and Indiana told the Authority that after decades of debate and nearly seven years since the project's approval, financing needs to be resolved so the project can be completed for job growth, public safety and congestion relief. Savings can also be realized now while financing and construction costs are relatively low.
To read more about the May 6 Authority meeting, click here.
Bridges Authority Meets Thursday, May 6
The Louisville-Southern Indiana Ohio River Bridges Authority will hold its next public meeting Thursday, May 6, at 10 a.m. at the Muhammad Ali Center, 114 N. Sixth St., Louisville.
For more information, including the agenda, visit the Bridges Authority's new web site: www.bridgesauthority.com.
Governors recommend new authority chairman; Beshear names Lexington banker to panel
Bridges Authority treasurer Charles Buddeke is the recommended new chairman of the group responsible for recommending a financial plan for the project. Kentucky Governor Steve Beshear also appointed Lexington banker Luther Deaton Jr. to the authority.
To read more, click here.
Bridges Project's National Importance
The Project's signifcance for national commerce and economic growth is a focus of a Lane Report April cover story. The story notes that the I-65 Kennedy Bridge is a chokepoint on a major commerce route stretching from Mobile, Ala., to Gary, Ind. The bridge was built for 85,000 vheciles a day but now carries closer to 140,000 vehicles - 65 percent overcapacity.
To read the story, click here.
Another bridge accident causes injury, gridlock
One car ended up on the top of another on the I-65 Kennedy Bridge Sunday, April 11, causing injury and a traffic "mess," according to media reports. The Bridges Project will correct safety problems on the aging bridge. Among other shortfalls, the bridge lacks emergency shouler lanes which were converted for traffic more than a decade ago to meet growing demand. When accidents occur, all too often, emergency response teams have trouble reaching victims and traffic can back up for miles on I-65 and connecting roads.
Building the Bridges
Business First of Louisville provides an overview of the Bridges Authority's role and bios of the 14 members and Executive Director Steve Schultz.
Click here.
Indiana legislation provides funding options
Indiana Gov. Mitch Daniels will sign legislation authorizing additional options for financing the Bridges Project. The governor told The Courier-Journal the legislation is "far-sighted" and provides "new tools and new possibilities" and Ind. State Rep. Steve Stemler, D-Jeffersonville said he believes the legislation will help accelerate the Bridges Project.
To read more, click here.
Coalition announces leadership change
C.Edward Glasscock, the Coalition's Chairman, is stepping down after nearly three years of leadership and signficant progress on the Bridges Project. David Nicklies, a Coalition executive committee member who shares Glasscock's passion for Bridges Project completition as quickly as possible, is the new chairman.
Read more.
FHWA officials pledge flexibility, support for Bridges Project Decision to toll would not require delays
U.S. Transportation Secretary Ray LaHood, in Jeffersonville, IN., said the Bridges Project could be eligible for fedreal funding opportunities and "the time is right" to make the case. He urged continued cooperation and unity in developing project solutions.
Read more
Bridges Authority begins Finance Plan development 
The Louisville-Southern Indiana Bridges Authority has agreed to immediately pursue steps for developing a financing plan for the project, including updating project cost estimates and an earlier traffic study that focused on tolling options. Assessing legislative needs and advisory services relating to financing including private options and federal programs will also be addressed
“It’s important to keep the momentum going. We don’t plan to hurry but we need to be quick,” said Authority Chairman Joe Prather at the start of the meeting on Feb. 10 which lasted nearly four hours at Louisville’s Muhammad Ali Center. The meeting was the first working session for the 14-member panel which conducted an organizational meeting the previous week.
Prather said the next meeting will be at 10 a.m. on March 4.
Authority Executive Director Steve Schultz said finance plan development work will begin immediately and he will consult with Kentucky and Indiana finance officials and others to gather as much information as possible before the next meeting. Schultz, who presented an overview of the authority’s role and governance structure, said he has been working closely with finance and transportation officials from both states and the project staff since he was named to his post on Feb. 2.
In opening reports to the authority, Schultz, a former general counsel to Indiana Gov. Mitch Daniels, said, “My task is to move the ball forward.”
Finance Plan Options
Potential funding sources include federal programs such as the Transportation Infrastructure Finance Innovation Act, known as TIFIA, which provides low-cost loans for up to one-third of a project’s costs. The National Infrastructure Innovation and Finance Fund (NIIFF), an Obama-administration proposal to establish a $4 billion infrastructure fund, was also cited. A federal program called “Build America Bonds,” part of the stimulus package, will cover 35 percent of taxable interest, which Howard said could provide significant savings. That program is to expire at the end of this year but an extension has been proposed that would cut the interest savings to 28 percent which Howard said would still provide significant savings.
Other options include state contributions, revenue bonds and private sector investment. The authority could also issue dedicated revenue bonds supported by toll revenues to finance a funding gap.
Other meeting highlights
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Authority member Joe Reagan presented a report on economic impacts of the project, referring to the Coalition’s economic analysis showing 56,000 new jobs during the construction phase alone and highlighting the project's importance for the region’s logistics and manufacturing industry which accounts for more than 147,000 jobs.
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A “Disadvantaged Business Enterprise” working group of authority members - Joe Reagan, Ben Richmond, David Tharp and Diane Fischer – was appointed by Prather to explore and address policies for engaging minority, women-owned and small businesses.
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During the public comment period, the authority heard from Jeffersonville Mayor Tom Galligan who urged progress as quickly as possible. “These bridges need to be built yesterday.” He described traffic congestion at peak hours on the Kennedy Bridge and the need for the project for economic development, saying “we are one economic development area.”
Governors call for action at bi-state authority meeting; executive director, officers selected
At the first meeting of the bi-state authority for the Bridges Project, Governors Steve Beshear and Mitch Daniels voiced confidence that a funding solution will be achieved and told reporters the project should be completed within 10 years.
Daniels told the authority, “This is not a drill. Decades of dreaming, scheming, hoping are over” and there are “bright prospects ahead of us.” He urged “moving at the speed of business, not the speed of government” and said the authority’s work could become a national model for funding major transportation projects.
Beshear said, “It’s time to turn the dream into a reality.” He called the meeting of the 14-member Authority that will develop the project’s long-term financing and construction plan “an unprecedented” and “historic” event.
The Authority appointed Steve Schultz of Columbus, Ind., executive director and named Joe Prather, former Kentucky Transportation Secretary, chairman of the Authority. Also appointed: Kerry Stemler, co-chairman; Charles Buddeke, treasurer; and Pat Byrne, secretary. The Authority will hold its next meeting on Feb. 10.
To read a new release from the governors about the meeting, click here.
Beshear's Two-Year budget includes $100 million for Bridges Project
Funding is in addition $231 million already authorized
Kentucky Gov. Steve Beshar announced that his two-year budget proposal “dedicates an additional $50 million in federal highway funds each year for the Louisville bridges project. This is on top of the $231 million in GARVEE bonds already authorized.” He closed his budget address by mentioning several accomplishments, including legislation for bridges adopted last summer. Of the state’s challenges, he added, “I’m confident that – together – we can get the job done once again.” To read the govenor's complete budget address, click here.
East End Bridge approach in Indiana features innovative, cost-saving design
A new interchange concept at IN-265 and IN-62 known as the "diverging diamond" is part of the design plan for the East End Bridge approach in Clark County, Indiana. The design will save $66 million while improving safety and traffic flow compared to a traditional cloverleaf interchange. Only one diverging diamond interchange has been built in the United States, but several are planned. To learn more about the interchange and access a video showing traffic navigation, click here
Kentucky steps up land purchasing for project
With proceeds from $100 million in bonds, Kentucky is contacting property owners to purchase land downtown and in the East End for the Bridges Project. A total of 300 parcels in Kentucky and Indiana will be purchased and both states already have ownership of some of the properties. For details about right-of-way plans and maps, click here.