The U.S. Department of Transportation (USDOT) announced Wednesday that it will provide the Oklahoma Turnpike Authority (OTA) with up to $120.1 million in loan money to finance the Gilcrease Expressway West Project in Tulsa.
According to Transportation Secretary Elaine Chao, the money is part of the USDOT’s Build America Bureau and is a loan through the Transportation Infrastructure Finance and Innovation Act (TIFIA).
“This $120.1 million 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 travelers in the Tulsa, Oklahoma region,” said U.S. Transportation Secretary Elaine L. Chao.
A five-mile four-lane divided tollway with 22 bridges, four major interchanges, and a 10-foot-wide multi-use trail, the Gilcrease project is the first in that state ever to use TIFIA funds. Authorities said it is intended to provide a more direct route to Tulsa attractions and points of interest while relieving congestion during peak travel periods. The project will also improve connectivity between neighborhoods on opposite sides of the Arkansas River.
The state would repay the loan primarily through toll revenue and funding from the Oklahoma Department of Transportation. Created in 1947, the OTA is a body corporate and politic authorized to construct, operate, and maintain Oklahoma’s turnpike projects. OTA will be responsible for operating and maintaining the turnpike after construction is complete.