The US Department of Transportation (USDOT) is set to provide a loan of up to $120.1m to finance the Gilcrease Expressway West Project in Oklahoma.

The Transportation Infrastructure Finance and Innovation Act (TIFIA) loan was provided through the department’s Build America Bureau to the Oklahoma Turnpike Authority (OTA).

US Transportation Secretary Elaine L Chao said: “This $120.1m federal investment in the Gilcrease Expressway reflects the president’s continued emphasis on infrastructure and will promote economic growth by reducing congestion for residents and travellers in the Tulsa, Oklahoma region.”

The Gilcrease Expressway West Project is expected to mitigate traffic congestion during peak hours and facilitate connectivity to several city attractions and various points of interest in Tulsa’s urban centre.

Covid-19 Report — Updated twice a week Understanding the Covid-19 outbreak, the economic impact and implications for specific sectors

Covid-19 executive briefing report cover
GlobalData

Our parent business intelligence company

Overall, the five-mile-long project will feature four-lane divided tollways with 22 bridges (two of which span the Arkansas River), four major interchanges, and a ten-foot-wide multi-use trail.

It is the first project in Oklahoma to utilise a TIFIA loan. This loan will be repaid through toll revenue and supplemental funds from the Oklahoma Department of Transportation through an assistance agreement.

Build America Bureau was established to expedite transportation infrastructure development projects in the US. It provides access to credit opportunities, as well as delivering technical expertise for project planning, delivery and monitoring.

During Secretary Chao’s tenure at DOT, the Bureau closed $7.9bn in TIFIA financings.

In January, USDOT approved more than $900m for transport infrastructure improvement projects across the country.