Financing for Calcasieu River Bridge moves ahead

LAKE CHARLES, La. (KPLC) - A new I-10 Calcasieu River Bridge breezed through its last financial hurdle before the State Bond Commission, including a bond sale of up to two billion dollars to finance the mega-project.

If the project stays on track, there should be a new I-10 bridge in about seven years, according to State Sen. Mark Abraham (R).

Abraham says a redesign will cost an additional $140 million to move railroad tracks, but he says most of that will be borne by the private partners.

“By redesigning the main bridge it’s going to cost $140 million more, but the Louisiana Department of Transportation said they were not going to pay more than $85 million of that $140 million. They said, ‘No that’s going to be the responsibility of the private partnership to pay the balance,” Abraham.

Abraham said the cost to Louisiana is expected to run about $40 million for the redesign. According to him, that is far lower than the cost of building a new railroad bridge.

Abraham said once the bonds are funded people will begin to see work.

“They will start construction and overlay of roads that lead up to the bridge. That will probably take a year or two. They’ll start this year. Then about two years from now they’ll probably start the construction on the bridge which is expected to be finished in about seven years,” Abraham said.

The state will eventually get part of the profits from a toll for its contributions to the funding, according to Abraham.

The twelve minutes of the bond commission meeting about the bridge can be viewed below. (Note: The audio drops out of the recording of the meeting at 0:32 for about six seconds.)

The bridge item on the agenda, #14, was as follows:

S23­051A ­ Louisiana Public Facilities Authority (I­10 Calcasieu River Bridge Public­Private Partnership Project) Not exceeding $2,000,000,000 Senior Lien Revenue Bonds, not exceeding 8.5% taxable and/or 7% tax­exempt rates, maturing no later than December 1, 2073, (1) designing, constructing, financing, operating and maintaining the new I­10 Calcasieu River Bridge to be located in Lake Charles and (2) funding capitalized interest. Costs of Issuance Reporting