The cost of the project will be split between local and federal funds. Local funds, which must be obligated by the City, amount to 20% of the project costs. The remaining balance is funded through the Federal Highway Administration of which the Tennessee Department of Transportation is the prime agency for disbursement of funding.
The anticipated project cost for construction of New Canada Road is $25,000,000. The Environmental, Preliminary Design and Right-of-Way phases are complete. The project is currently in the Utility Coordination phase.
Construction funds have been approved in the 2020-2023 Transportation Improvement Plan (TIP) through the Memphis Metropolitan Planning Organization (MPO). Construction is expected to begin Spring 2021.