KYTC, INDOT Request Extension For Update of Bridges Project Financial Plan
Louisville, Ky. - (October 30, 2008) - In a joint request, the Kentucky Transportation Cabinet (KYTC) and the Indiana Department of Transportation (INDOT) have asked the Federal Highway Administration (FHWA) to extend the submission deadline for the first annual update of the Ohio River Bridges Project's multi-billion-dollar Financial Plan. The request must still be approved by the FHWA.
"We are actively engaged and working closely with project consultants, the Bi-State Management Team and FHWA representatives to update the Financial Plan," said KYTC Project Manager, Gary Valentine. "We anticipate a smooth process."
The project's Initial Financial Plan, approved January 2, 2008, outlines project costs, schedule and funding sources. According to the Initial Financial Plan, the cost estimate for the project in year-of-expenditure dollars is $4.1 billion. Kentucky's share is $2.9 billion, and Indiana's share is $1.15 billion.
A Financial Plan is required by the FHWA for all projects costing more than $100 million and must consider the effect of inflation on project costs. The plan is a living document and is to be updated and submitted to the FHWA on an annual basis.
The Ohio River Bridges Project, the third-largest federally funded transportation project in the country, calls for building two bridges and the highways leading to them, including a reconfiguration of the Kennedy Interchange (a.k.a. Spaghetti Junction).
The Bridges Project is currently in the design phase with construction scheduled to be complete by 2024.