The US Department of Transportation’s Build America Bureau will provide a loan of $500 million to the Port of Long Beach. This is part of a project to reduce traffic congestion and enable the port to handle large container ships to support economic growth in the region.
This $500 million federal investment, under the Transportation Infrastructure Finance and Innovation Act (TIFIA), will help finance construction of the Gerald Desmond Bridge Replacement Project.
This is the primary link between the ports of Long Beach and Los Angeles, the two largest container ports in the US, and the warehouses and rail yards north of the ports.
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The purpose of the project is to replace the outdated structure of 1968 with a cable-stayed bridge, that will accommodate increased vehicular traffic, provide emergency lanes in both directions and reduce delays. Its 205-foot vertical clearance will enable accommodation of larger cargo vessels.
Completion of the project is expected in July of 2020, after which the existing structure will be demolished.
The TIFIA loan will be repaid through revenues by the Port’s operations.
