How the Center for Innovative Finance Support Office Does Business...
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About Us |
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Capacity Building |
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Outreach/Awareness |
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Research |
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Technical Assistance |
Location |
Portsmouth to Lucasville, Scioto County, Ohio |
Project Borrower / Sponsor |
Ohio Department of Transportation (ODOT) Portsmouth Gateway Group |
Program Areas |
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| Fiscal Year Approved | Fiscal Year 2015 |
Mode |
Highway |
Description |
The Southern Ohio Veterans Memorial Highway is a $634 million, 16-mile, four-lane, limited-access highway around the City of Portsmouth in Scioto County in South Central Ohio. Designated as State Route 823, the project will improve travel and regional mobility allowing motorists to avoid traffic signals and intersections on the current 26-mile route using US 52 and US 23. The Portsmouth Bypass will have five interchanges and is expected to provide travel time savings of up to 16 minutes per trip compared to the current route. The project will also provide a largely access-controlled alternative to I-77 and I-75 for motorists making trips between southern Ohio and the Columbus region, saving over 70 miles on some trips. The project is being delivered as an availability payment design-build-finance-operate-maintain (DBFOM) concession. The term of the concession will extend for 35 years. |
Cost |
$634 million |
Funding Sources |
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Project Delivery / Contract Method |
DBFOM (design, build, finance, operate, and maintain) |
Private Partner |
Portsmouth Gateway Group
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Project Advisors / Consultants |
To the Sponsor:
To the Borrower:
To USDOT TIFIA JPO:
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Lenders |
Bondholders, USDOT TIFIA |
Duration / Status |
Construction is expected to begin in 2015. Substantial completion is scheduled to occur in late 2018. |
| TIFIA Credit Assistance | Direct Loan: $209.304 million |
Financial Status |
TIFIA credit agreement was signed on March 31, 2015. |
Innovations |
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Related Links / Articles |
Portsmouth Gateway Group |
Contacts |
Adam Sheets |
