BRADENTON, Fla. — Georgia plans to issue $152.7 million in bonds for transportation projects, with most of the funding for reconstruction of a critical intersection at Interstate 285 and Georgia 400.
The State Transportation Board approved the bonds May 15, with $130 million of proceeds for work on the interchange. The board also approved using $81.5 million in accrued state motor fuel funds to accelerate the project.
"This interchange is one of the most congested intersections in the United States, and the time has come to bring much needed relief to commuters and area businesses," said Gov. Nathan Deal, who announced a commitment to fully fund the project.
Another $22.7 million of bonds will go toward transportation facilities, equipment, vehicles, rail, and bridge projects.
The bonds are expected to be sold in June.
Deal said the bonds will provide a stopgap funding measure allowing the state to continue working on projects through the summer and into the fall while waiting for the federal transportation bill to be reauthorized. The current transportation authorization expires Sept. 30 but federal funding is expected to run out before then.
"We are currently utilizing all the tools that the state has available — accrued motor fuel revenues, authorized bonds, Georgia's AAA bond rating, and an improving schedule of debt payments — to facilitate major transportation projects," Deal said. "When federal funds start flowing to the state again, this plan will allow Georgia to advance the 285/400 project while minimizing the impact on the existing statewide transportation plan."
The interchange project still needs federal environmental approval, which is anticipated next year.
Construction on the interchange is estimated to cost $386.8 million, plus $93.6 million to buy right of way and perform utility work, according to Georgia Department of Transportation records.
GDOT said it expects to complete the funding of the interchange and related projects using a public-private partnership to spread payments over several years.
I-285 is a bypass loop around Atlanta, and is also referred to as the Perimeter. In May 2013, Atlanta-area businesses agreed to tax themselves to secure $10 million in bond financing to help reconstruct the interchange.
The interchange is part of a 12-mile congestion-relief project in the northern portion of I-285 from I-75 on the west to I-85 on the east.
