Dear Neighbors,
On Tuesday, I was joined by Lt. Gov. Tina Smith, Bloomington Mayor Gene Winstead, Edina Mayor Jim Hovland, Transportation Commissioner Charlie Zelle, and other leaders at a press conference announcing financing for improvements at the I-494 and East Bush Lake Road interchange. This project, which will add an interchange loop ramp for westbound traffic on I-494, is set to receive $8 million in Transportation Economic Development (TED) grants toward its total cost of $23.8 million.
This will help alleviate a significant amount of daily congestion at the I-494/Highway 100 interchange. Additionally, the project is expected to bring in approximately 2,500 jobs to the area by improving access to existing businesses, which will enable them to expand, as well as encouraging new businesses to locate there. For every $1 of investment from TED funding, DEED and MnDOT estimate $3 of additional economic development are leveraged. Construction is targeted for 2017.
The amount of TED grants announced this week totals $32 million for 11 projects; five in the metro area and six in Greater Minnesota. You can see the full list of projects here. While this announcement is certainly good news, these grants come nowhere near meeting our statewide needs when it comes to adequate investment in our transportation infrastructure. Minnesotans are counting on us to come together and compromise to pass a package of transportation investments truly addressing this long-term problem. I am committed to working on this when session convenes in March.
Please stay in touch with your comments and questions.
Sincerely,
Paul