The Oklahoma Department of Transportation got approval Monday to issue bonds for its contribution to funding to finish the Gilcrease Expressway.
ODOT may issue up to $70 million in bonds for the project in anticipation of federal grants to INCOG. The bonds will be issued in the spring of 2018, making funding for the project available before the federal grants are available.
"And that's to be in conjunction with the beginning of construction at a later period. We need to issue those bonds within a certain time of when construction starts so we don't receive any penalties from that," said ODOT Deputy Director Rich Hulin.
INCOG will pay $6 million a year on the debt service for 15 years.
There’s a long history of federal involvement in the Gilcrease Expressway completion project that's now moving forward.
"In 2000, the first environmental assessment was done and approved by [the Federal Highway Administration]. The department, throughout the years, has spent money on acquiring right of way and doing some engineering work, and, therefore, it's a federalized project from the start," Hulin said.
With the Oklahoma Turnpike Authority committing around $100 million for the 5 mile stretch of highway, funding for the roughly $300 million project is falling into place. A call for private investors will go out soon.
The Gilcrease Expressway will end up connecting I-44 and Highway 412 via a four-lane toll road.
