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Tuesday, July 14th, 2020
Home » Development » Port of Long Beach bags $500M loan for bridge replacement project

Port of Long Beach bags $500M loan for bridge replacement project

PHOTO: Courtesy of the Port of Long Beach.

PortandTerminal.com, May 6, 2020

LONG BEACH, CA – The City of Long Beach, Calif., acting through its Board of Harbor Commissioners, has secured a $500 million Department of Transportation (DOT) loan for construction of the Gerald Desmond Bridge Replacement Project.

Transportation Secretary Elaine L. Chao said the DOT’s Build America Bureau would provide the funds under the Transportation Infrastructure Finance and Innovation Act (TIFIA). The Gerald Desmond Bridge is the primary link between the ports of Long Beach and Los Angeles, the two largest container ports in the United States, as well as the warehouses and rail yards north of the ports.

Asian lady wearing dark suit. Microphone
Transportation Secretary Elaine L. Chao

“This $500 million federal investment reflects the President’s continued emphasis on infrastructure that will reduce traffic congestion while enhancing the Port of Long Beach’s ability to handle large container ships to support economic growth in the region and the country,” 

Transportation Secretary Elaine L. Chao

Upon completion, the new cable-stayed bridge would be able to accommodate increased vehicular traffic; provide emergency lanes in both directions; improve safety; and reduce delays. Its 205-foot vertical clearance would accommodate larger cargo vessels.

Officials described the Port of Long Beach as a landlord port generating revenues primarily through long-term property and rental agreements. The TIFIA loan will be repaid through revenues generated by the Port’s operations.

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