The U.S. Department of Transportation’s Build America Bureau recently issued Grand Parkway Transportation Corp. a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for up to $605.33 million.
Funding is for the Grand Parkway Segments H and I in the Greater Houston area. The 184-mile outer ring tollway construction project began in the 1960s.
Segments D-G were completed and began operating in 2014 through 2016. A $840.6 million TIFIA loan financed the project that included 43.6 miles of new highway, toll installation, and toll equipment upgrades along the existing 8.7-mile four-lane corridor of the toll lane facility.
Segments H and I began construction in 2018. It is expected to be completed before April and, as of May 29, was 80 percent complete.
The Texas Department of Transportation sponsors the project. It hired GPTC, a public non-profit surface transportation corporation, to develop, finance, refinance, design, construct, expand, operate, and maintain the system.
The Build America Bureau was established to streamline credit opportunities and provide technical assistance. It also has been tasked with encouraging innovative best practices in project planning, financing, delivery, and operation.
A total of $34.5 billion in TIFIA loans have closed, supporting more than $120 billion in infrastructure investments.