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Investors - MAY 22, 2020

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USDOT loans $120m for Oklahoma expressway project

by Kali Persall

An expressway project in Oklahoma has garnered the support of the U.S. Department of Transportation (USDOT), in the form of a $120 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan.

The loan will go to the Oklahoma Turnpike Authority (OTA) to help finance the Gilcrease Expressway West Project in Oklahoma.

The Gilcrease project consists of a five-mile, four-lane divided tollway that includes 22 bridges, four major interchanges and a 10-foot-wide multi-use trail. It is intended to ease congestion and provide a more direct route to city attractions and various points of interest in the Tulsa urban core.

According to USDOT, it will be the first project in the state of Oklahoma to use TIFIA credit assistance.

The OTA, which was created to construct, operate and maintain turnpike projects in Oklahoma, will be responsible for operating and maintaining the project after construction is completed.

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