IE Business Daily Business news for the Inland Empire.
The U.S. Department of Transportation has completed a $225 million loan for the Interstate 10 Corridor Project, one of the most anticipated regional transportation projects in Southern California.
The four-year project, which will include the construction of express lanes between Interstate 15 and Los Angeles County, is expected to start in early 2020, according to a statement.
The loan, which closed April 26, is being provided by the department’s Build America Bureau. It represents approximately one-fourth of the project’s anticipated cost – $929 million – with additional funding expected to come from local, state and federal sources.
“The I-10 Corridor Project is an important step toward reducing vehicle congestion and improving air quality throughout the Inland Empire and Southern California,” said Rep. Norma Torres, D-Ontario, in the statement. “This funding will help ensure that the project is completed on time and with maximum benefit to our region.”
When completed in 2023, dual express lanes will run for about 10 mile in each direction. Drivers will be able to reach those lanes with or without a transponder and will pay a fee based on traffic conditions.
Vehicles with three or more riders will be able to use the lanes for free if they have a transponder.
The San Bernardino County Transportation Authority approved the corridor plan in 2017, following a lengthy study regarding how to relieve traffic on the heavily congested thoroughfare. The express lane project is important for the Inland Empire because the two-county region’s population is expected to grow from 4.5 million to seven million in the next 30 years, according to the statement.
