Feds pledge $211M to Delaware for US 301 toll road project

DOVER, Del. (AP) — Federal transportation officials say the U.S. 301 toll road in project in southern New Castle County from the Maryland-Delaware line to State Route 1 is eligible for federal funding.

State officials said Monday that the federal government has agreed to provide a low-interest, direct loan of up to $211.3 million for the project.

Delaware officials say the federal loan provides several advantages, including below-market interest rates, and deferrals of interest payments for five years and principal payments for 10 years.

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With the loan agreement, federal officials have agreed that the toll project remains financially viable despite a 2013 downward revision in projected vehicle counts.

The current estimated price tag for the project, which includes a two-lane spur road branching northward from the four-lane main toll road, is about $650 million.

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