The project, which began in the 1960s, is the outer ring tollway construction project in the Greater Houston area, developing the next sections of a proposed 184-mile circumferential tollway known as the Grand Parkway (the System). The project’s sponsor is the Texas Department of Transportation, which initiated the TIFIA loan in 2015. The Texas Department of Transportation vested GPTC, a public nonprofit surface transportation corporation, with the task of developing, financing, refinancing, designing, constructing, expanding, tolling, operating, and maintaining the System.
The first five Segments of the System, Segments D-G, were completed in stages and commenced tolling operations between February 2014 and April 2016. The Initial System was financed by a $840.6-million TIFIA loan that closed on February 6, 2014 (since repaid in full). The project will include: 43.6 miles of new highway construction, toll installation and configuration, and toll equipment upgrades along the existing 8.7-mile four-lane corridor of the toll lane facility. The lower interest rate will generate savings of approximately $194 million in interest cost over the life of the loan.
Construction for the project commenced in July 2018. The project was 80 percent complete as of May 29, 2021 and is on schedule to reach completion by April 2022.
The U.S. Department of Transportation has closed $34.5 billion in TIFIA financings, supporting more than $120 billion in infrastructure investment across the country.
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