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WASHINGTON-Today, First District Congressman Henry Brown, Fifth District Congressman John Spratt, and Sixth District Congressman and House Majority Whip James E. Clyburn announced that the Department of Transportation has awarded South Carolina $10 million in federal support to fund construction on I-73. The grant provides the state the option to use the $10 million to support a loan covering up to one third of the project cost or $100 million.
“This has been a long time coming. I have worked my entire Congressional career towards making I-73 a reality and this grant is another important step in that direction. I have enjoyed working with my colleagues Jim Clyburn and John Spratt and I appreciate their continued support of this important project,” said Congressman Brown. “Myrtle Beach is currently the busiest resort destination in the nation without an interstate connection, leaving them with a competitive disadvantage against other destinations. Not only will this grant help alleviate this disadvantage, but it will create jobs during a time when South Carolinians are really struggling to find work.”
In December, Congressman Brown, Congressman Spratt and Congressman Clyburn met with Department of Transportation Secretary Ray LaHood to discuss the need for federal funding for I-73. Completion of I-73 will link Myrtle Beach to I-95, traveling through Horry, Marion, Dillion, and Marlboro Counties, add more than $1 billion to the local economy, create thousands of construction jobs and cut hurricane evacuation times from the Grand Strand by 11 to 15 hours.
"This is a great step toward getting this project underway, and opens the opportunity for more funding through the TIFIA (USDOT Transportation Infrastructure Finance and Innovation Act credit assistance program," Congressman Clyburn said. "I am pleased the delegation is working together to build our important tourism industry and create economic development opportunities by making Myrtle Beach accessible via a major interstate. We will continue our efforts to make I-73 a reality."
The Recovery Act provided funding to support projects through the Transportation Infrastructure Finance and Innovation Act (TIFIA) which provides Federal credit assistance through direct loans, loan guarantees, and standby lines of credit to projects of national and regional significance such as I-73.
“This additional funding will be a boost in making I-73 a reality. While there is still a ways to go for full funding, this award through the Recovery Act is a good beginning and will be used to leverage state issued bonds, which results in each dollar of Federal funding providing up to ten times more in credit assistance,” said Congressman Spratt. "This is an example of what’s possible when we work together across the aisle on issues of importance to South Carolina.”
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