ST PAUL, Minn. – Senator Nick Frentz (DFL-North Mankato) is pleased to announce a potential funding solution for the completion of Highway 14 in Southern Minnesota. Senator Frentz recognizes the tremendous work by Governor Tim Walz, Transportation Commissioner Margaret Anderson Kelliher, Representative Jeff Brand, and other advocates in finding a solution.
Gov. Walz and Commissioner Kelliher traveled to Nicollet County today to unveil the potential funding from TIFIA (Transportation Infrastructure Finance and Innovation Act) at a press conference. Sen Frentz will introduce legislation on Monday, March 2to clarify and make technical changes to legislation passed in 2010, allowing for Minnesota Management and Budget to approve the proposed federal funding program.
“I made a promise to Southern Minnesota that I would work tirelessly to find a way to make Highway 14 safer, and I believe we found an affordable and workable solution to keep that promise,” Sen. Frentz said. “I want to thank the Minnesota Department of Transportation forresearching this funding from the TIFIA grant program.”
Specifically, MnDOT requested $36 million to fund the estimated $74 million project that is currently unfunded; MnDOT, the federal government, and local partners will finance the difference. TIFIA created the Rural Project Initiative (RPI) to improve infrastructure in rural communities. Under RPI, loans can be well below market interest rate at closing – about half of the U.S. treasury rate.