An updated Ohio River Bridges Project economic impact report shows estimated job growth and the negative impact of tolling are both greater than initially projected in 2012. The study suggests the project will create more than 15,000 jobs over 30 years, but One Southern Indiana Chief Executive Officer Wendy Dant Chesser says some trucking companies in the area have expressed concern over increased expenses. The project is expected to be complete in 2016. You can view the full study by clicking here.
The Indiana Finance Authority has planned two meetings to take public input on the report:
JEFFERSONVILLE, MARCH 25th, 5:00 p.m. -Public comments on the Economic Impact Study will be accepted by the IFA on March 25, 2014, at 5:00 p.m. (local time) at the Sheraton Riverside Hotel, Riverside Ballroom, 700 West Riverside Dr., Jeffersonville, IN 47130.
LOUISVILLE, MARCH 25, 5:00 p.m. – Public comments on the Economic Impact Study will also be accepted by the IFA on March 25, 2014, at 5:00 p.m. (local time) via video feed at the University of Louisville, Shelby Campus, Founders Union Building, Room 218, 9001 Shelbyville Road, Louisville, KY 40292.
The authority says it will also take written comments emailed to sperez@ifa.IN.gov until March 25 at 10:00 p.m.
March 20, 2014
JEFFERSONVILLE, Ind. – The Louisville-Southern Indiana Ohio River Bridges Project will generate nearly $87 billion in economic impact and create more than 15,000 jobs over a 30-year period, the latest economic-impact study shows.
The study was prepared for the Indiana Finance Authority to analyze the project's potential economic impact on existing commercial and industrial development, employment, future development near the project area, potential fiscal impacts on local government revenues and potential demands on government services.
Leaders from both states have authorized Indiana to lead the procurement of electronic tolling equipment, such as transponders, and a toll system operator for the Bridges Project.
“The study shows that over 30 years, we will see definitive economic benefit for workers and local governments,” said Kendra York, Indiana Public Finance Director. In addition to billions of dollars in economic output and the creation of thousands of jobs, the bridges project will contribute an additional $29.5 billion in personal income into the local economy by way of wages, and deliver more than $7 billion in local tax dollars.
The study says that the enhanced transportation efficiencies the project will deliver will increase productivity, and reduce costs. “The region also will benefit from improved access to surrounding markets, expanding the market for regional businesses and the range of goods and services available in the region,” York said, referring to the findings.
Project benefits far outweigh the tolling impact
The report, prepared by the Economic Development Research Group Inc., in Boston, takes into account the adverse impact of tolling and increased spending by local governments to provide services to a growing population. However, the report concludes that the project's benefits far outweigh those costs. The study can be found at www.in.gov/ifa/2331.htm.
The IFA encourages residents in the region to read the impact study and provide any comments by the end of the comment period, which closes at 10 p.m., March 25. The public may send their comments to sperez@ifa.IN.gov.
A public meeting also will be held on March 25, to take public comments on the economic-impact study. The public meeting will be held at 5 p.m local time in the Sheraton Riverside Hotel, Riverside Ballroom, located at 700 West Riverside Drive in Jeffersonville, Ind. and, via video feed at Founders Union Building, Room 218 at the University of Louisville, Shelby Campus. Founders Union Building is located at 9001 Shelbyville Road in Louisville.
About the Bridges Project
Kentucky and Indiana jointly are building the Bridges Project to dramatically improve cross-river mobility between Louisville and Southern Indiana. The project, due to be completed by the end of 2016, has two parts.
The East End Crossing will build a new bridge and approaches, eight miles upriver, to connect the Gene Snyder Freeway in Kentucky with the Lee Hamilton Highway in Southern Indiana. Indiana is responsible for securing design, financing and construction.
The Downtown Crossing involves construction of a new bridge for northbound Interstate 65, renovation and reconfiguration of the John F. Kennedy Memorial Bridge to carry southbound I-65 and rebuilding of downtown interchanges in Louisville and Jeffersonville, Ind. Kentucky is in charge.
Source: The Indiana Department of Transportation