This article sets forth some sobering numbers for the completion of I-49 in Arkansas - $2.8 billion to complete I-49, with only $4 billion currently available for overall needs in Arkansas over the next ten years
This TV video report is primarily about the I-49 unveiling in Missouri, but it includes Federal Highway Administrator Victor Mendez making the following comment:
Many say I-49 will connect Missouri to the rest of the country and the world.
"If you look at the stretch of I-49 from Louisiana up to Canada, it's an amazing opportunity here that, as a nation, we cannot miss," said Mendez.
If Mendez truly means what he says, and federal funding could be at play, then
MAP-21 might provide a 95% federal funding opportunity for significant sections of I-49 in Arkansas (page 70/599 of pdf; page 70 of document):
SEC. 1116. PRIORITIZATION OF PROJECTS TO IMPROVE FREIGHT MOVEMENT.
(a) IN GENERAL.—Notwithstanding section 120 of title 23, United States Code, the Secretary may increase the Federal share payable for any project to 95 percent for projects on the Interstate System and 90 percent for any other project if the Secretary certifies that the project meets the requirements of this section.
(b) INCREASED FUNDING.—To be eligible for the increased Federal funding share under this section, a project shall—
(1) demonstrate the improvement made by the project to the efficient movement of freight, including making progress towards meeting performance targets for freight movement established under section 150(d) of title 23, United States Code; and (2) be identified in a State freight plan developed pursuant to section 1118.
(c) ELIGIBLE PROJECTS.—Eligible projects to improve the movement of freight under this section may include, but are not limited to—
(1) construction, reconstruction, rehabilitation, and operational improvements directly relating to improving freight
movement ...
IF AHTD were to be aggressive in pursuing this funding, then they might have a receptive ear in Mendez to navigate the technical requirements of eligibility for the funding. Even a 90% share as "any other project" would be significant.
I admittedly have not read all of the technical requirements for the funding, so maybe I am simply engaging in wishful thinking ... At the very least, AHTD should investigate the possibility.