(STMW) — A proposed 47-mile corridor between Illinois and Indiana was declared eligible for a federal loan Monday, which could finance up to a third of the construction.

The Illiana Corridor would stretch from Interstate 55 to Indiana’s Interstate 65, linking Will County and Indiana’s Lake County, a statement from the Illinois Department of Transportation said.

Now that the project is eligible for a federal loan, IDOT and the Indiana Finance Authority can negotiate potential loan terms with the United States Department of Transportation, the statement said. If approved, the loan would be provided at a reduced interest rate, the statement said.

Both states’ transportation agencies plan to start construction on the corridor in spring of 2015, the statement said.

The corridor would reduce truck traffic on local roads, make roads safer and reduce travel times for people driving between I-55 and I-65, the statement said.

(Source: Sun-Times Media Wire © Chicago Sun-Times 2014. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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