BATON ROUGE – Today, Commissioner Kristy Nichols announced the availability of nearly $113 million in funds which will be used to finance both the I-49 North and I-49 South extensions. These dollars became available yesterday through the sale of tax-exempt bonds supported by the Unclaimed Property Leverage Fund. The all-in total interest cost for this sale was around 4 percent, which is considered a very competitive rate.
“To be able to secure funding for this project is paramount. The importance of the I-49 corridor cannot be understated, and the economic impact of this project will continue to aid growth in this state for a very long time,” said Commissioner Nichols. “I’m thrilled to be able to move forward with these projects.”
The dollars raised by the sale of these bonds will be divided between I-49’s Northern and Southern expansion projects, as was determined by Act 413 of the 2011 session. $89.5 million will be devoted to the Northern expansion of the interstate, from I-220 in Shreveport to the Louisiana/Arkansas state border. In addition, nearly $20 million will be dedicated to the Southern expansion which starts at I-10 in Lafayette and continues south to the West Bank Expressway in New Orleans.