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Oklahoma DOT issues GARVEE Bonds to Support an Innovative P3 Procurement

The Oklahoma Turnpike Authority is developing the $230 million, five-mile Gilcrease Expressway West Project on a public-private partnership (P3) basis. The build-finance P3 procurement requires the private partner will construct the road and provide interim financing for a portion of the capital cost. The project will complete a segment of the planned Tulsa expressway network between I-44 and US-412. The four lane divided toll highway will feature four interchanges and 22 bridges, including one in each direction over the Arkansas River. The project will also include a 10' wide concrete trail extending from W51st Street to the Katy Trail just south of US-412. Additional project financing will include $61.51 million in GARVEE bonds issued by the Oklahoma Department of Transportation on May 30, 2018.

The Oklahoma Turnpike Authority Issued a Request for Qualification on June 22, 2018 and received responses from four potential bidders on August 22. A request for proposals is expected to be issued to shortlisted bidders in the fall of 2018, with an award to follow in the first quarter of 2019. It is anticipated that the Gilcrease Expressway West will reach substantial completion by September 2021. Additional information is available on the project website.

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