FRANKFORT, Kentucky — Gov. Steve Beshear says Kentucky has been approved for a low-cost federal loan expected to save about $100 million on financing for a new Ohio River bridge between downtown Louisville and Jeffersonville, Indiana
Beshear's office said Wednesday the loan is for up to $452 million. Recipients can lock in long-term interest rates that usually are lower than for other forms of financing.
Kentucky is responsible for the downtown crossing, one of two Ohio River bridges being built as part of a $2.6 billion project in the Louisville area. Kentucky is financing its portion of the project with a combination of federal highway funds and bond sales.
Indiana has secured financing for its part, which includes a new bridge east of Louisville that will connect Utica, Indiana, and Prospect, Kentucky