Approximately 43.6 miles of the Grand Parkway Transportation Corporation’s (GPTC’s) 184-mile tollway project in Houston, Texas will be paid for in part by a $605 million loan from the U.S. Department of Transportation.
The money will be given under a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan and slated for the H and I segments of the Grand Parkway project. Supporting the greater Houston area, the project’s initial segments were completed and began tolling between February 2014 and April 2016. Construction on the new segments has already begun, with much of the project slated for completion in May 2022.
“This government investment of $605 million will help regional and local agencies develop the infrastructure that best meets the needs of their communities, increase connectivity, alleviate congestion, and enhance safety,” U.S. Secretary of Transportation Elaine Chao said.
The project is being overseen by the GPTC, an instrumentality of the Texas Transportation Commission. It has borrowed significantly to finance previous parts of this project, so this latest loan is on par. The TIFIA loan comes to them at a 3.03 percent interest rate and a term of 30 years following substantial completion.