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Site Notification

Site Notification

Gilcrease Expressway West Project

Gilcrease
Alternate Project Name
Gilcrease Expressway West Project
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
Oklahoma Turnpike Authority (“OTA”)
Project Description

The Project is an expansion of a Tulsa, OK orbital highway. It will complete a segment of the network between I-44, just north of the US-412 at Edison Street forming part of the western loop around the Tulsa metro area.

The constructed Project will comprise a five-mile, four-lane divided tolled highway and includes 22 bridges (two of which span the Arkansas River, one in each direction) and four major interchanges (at W 51st St, W 41st St, W 21st and US-412).  
The Project also includes a 10-foot-wide multi-use trail. 
 

Project Details
TIFIA Assistance
$120.60M
Primary Revenue Pledge
Toll Revenues
Project Cost
$365.59M
Fiscal Year Closed
FY2020
Funding Sources
• PABs (Interim Financing)*: $125.0 million
• ODOT GARVEE: $51.0 million
• ODOT GARVEE Earned Interest: $0.3 million
• General Reserve Contribution (cash): $139.7 million

*The $120.6 million TIFIA loan will replace the Interim Financing after Substantial Completion: $120.6 million
Project Delivery/Contract Method
The project is being procured using a build-finance contract.
Project Participants
Pubic Sponsor: Oklahoma Turnpike Authority Construction: Project has been procured under a build-finance contracts awarded to Joint Venture between AECOM ad Duit Construction. Operator: OTA will be responsible for the operations and maintenance once
Project Advisers/Consultants
To Borrower:
• Financial Advisor: Hilltop Securities Inc.
• Legal: Hawkins, Delafield & Wood LLP

To USDOT Build America Bureau:
• TIFIA Financial Advisor: Project Finance Advisory Limited
• TIFIA Legal Advisor: White & Case LLP
Project Lender
USDOT Bondholders
Credit Assistance Detail
Direct loan: up to $120.6 million. The TIFIA loan will be repaid from gross toll revenues and ODOT Assistance Payments.
Financial Status
TIFIA Credit Agreement to be signed in February 2020
Application Details
Applicant
Oklahoma Turnpike Authority (“OTA”)
LOI Fiscal Year Received
FY2019
LOI Received Date
Application Received Fiscal Year
FY2019
Credit Agreement Executed
Initial Eligibility Review
Review Complete
Creditworthiness Review
Review Complete
Application Review
Review Complete
Estimated Project Cost
$365.60M
TIFIA Request
$120.60M
Instrument Type
Direct Loan