updated: 10/30/2012 7:21:43 AM
The Louisville and Southern Indiana Bridges Authority has accepted a plan for the construction, financing and management of the Ohio River Bridges Project. The vote marks the final formal approval needed for the bi-state agreement.
October 29, 2012
Louisville, KY -- The Louisville and Southern Indiana Bridges Authority voted today on a Bi-State Development Agreement that will govern the construction, financing and long-term management of the Ohio River Bridges Project.
Today’s action was the last formal vote required for the Development Agreement. Earlier this month, the agreement was approved by the Indiana Finance Authority (IFA) and the Kentucky Public Transportation Infrastructure Authority (KPTIA).
The Bridges Authority, an independent, bi-state body whose members all are volunteers, was created to develop a financing plan for the long-awaited project. The authority’s fact finding work and ultimate financial plan provided the basis for a Memorandum of Understanding between Kentucky and Indiana that led to the preparation of the Development Agreement.
With the Development Agreement in place, the Bridges Authority will delegate its remaining powers to the two states as necessary to deliver the project. However, the Development Agreement tasks the Bridges Authority with certain reporting requirements, including an annual audit, in which it will be assisted by the Bi-State Management Team for the project.
The Ohio River Bridges Project will add two new river crossings in Louisville and rebuild downtown interchanges on both sides. Kentucky is responsible for the Downtown Crossing, which calls for building a new I-65 bridge for northbound traffic, reconstructing the Kennedy Interchange or Spaghetti Junction, and replacing the deck of the Kennedy Bridge and configuring it for southbound-only traffic. Indiana is responsible for the East End Crossing, which calls for building a new bridge near Prospect, Ky., and Utica, Ind., as well as highways that connect 265 in both states.
The Bi-State Development Agreement and a related interlocal agreement create a Joint Board that will have long-term oversight and management responsibility for the Bridges Project.
The four-member Joint Board will consist of the leaders of the two states’ transportation agencies, the Secretary of the Kentucky Transportation Cabinet and the Commissioner of the Indiana Department of Transportation, and the leaders of the two agencies overseeing project financing, the Chairman of the Kentucky Public Transportation Infrastructure Authority and the Public Finance Director of the Indiana Finance Authority.
Members of the Joint Board, together with one additional representative each from KPTIA and IFA, also will function as a Tolling Body that will develop and implement tolling policy. The intent of the additional members is to allow local representation.
Source: Louisville and Southern Indiana Bridges Authority