The U.S. DOT’s Build America Bureau will provide up to a $120.1 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to the Oklahoma Turnpike Authority (OTA) to help finance the Gilcrease Expressway West project in Tulsa, Oklahoma.
According to U.S. DOT, the project is a five-mile four-lane divided tollway that includes 22 bridges (two of which span the Arkansas River), four major interchanges, and a 10-ft-wide multi-use trail. It is the first project in the state of Oklahoma to ever use TIFIA credit assistance.
The project is intended to relieve congestion during peak travel periods and provide a new and more direct route to city attractions and various points of interest in the Tulsa urban core by improving connectivity between neighborhoods on opposite sides of the Arkansas River.
The primary source of repayment of the TIFIA loan is gross toll revenue and supplemental funds from the Oklahoma DOT through an Assistance Agreement.
The OTA was created by statute in 1947 as an instrumentality of the state of Oklahoma, authorized to construct, operate, and maintain turnpike projects in the state. As such, OTA will be responsible for operating and maintaining the project post-construction.
The Build America Bureau, which administers the TIFIA credit program, was established to streamline credit opportunities while also providing technical assistance and encouraging innovative best practices in project planning, financing, delivery, and operation. Since 2017, the Bureau has closed $7.9 billion in TIFIA financings, supporting more than $27.6 billion in infrastructure investment across the country.
-------
SOURCE: U.S. DOT
