ATLANTA - Gov. Nathan Deal and Atlanta Mayor Kasim Reed say a public-private toll road project will go out to bid, with the help of a federal low-interest loan of up to $270 million.

Deal and the Georgia Department of Transportation had delayed the bidding while they waited to see if Georgia won the loan, which was announced Tuesday under the federal Transportation Infrastructure Finance and Innovation Act.

The project involves building toll lanes along Interstate highways 75 and 575 in Cobb and Cherokee counties. It has an estimated cost of $968 and is expected to create more than 9,700 jobs.

Conditions of the loan allow for it to be repaid with toll revenues. It's the first step in the Georgia DOT's plan to build a managed lane network for metro Atlanta.