The Orange County Transportation Authority (OCTA) announced Feb. 13 it has saved taxpayers $509 million on financing a construction project on what officials said to be the nation’s busiest stretch of highway.
Through a series of strategies during the pandemic, the agency was saved on borrowed money for the $2.1 billion I-405 Improvement Project. The project aims to alleviate traffic congestion on 16 miles of highway between SR 73 in Costa Mesa to I-605 in Seal Beach—by adding one extra lane in each direction and transforming the carpool lane and a regular lane into dual express lanes by Spring.
“I’m pleased to see OCTA continuing to take an innovative financing approach to maximize available funding for the I-405 Improvement Project,” OCTA Chairman Gene Hernandez, also the Mayor of Yorba Linda, said in a statement. “Thank you to our partners at the U.S. Department of Transportation for working with us throughout this process and to everyone involved in helping us achieve these immense savings.”…