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Tennessee transportation authority approves inducement resolution to seek private-activity bond allocation for I-24 Choice Lanes project
Summary
The Tennessee Transportation Financing Authority on May 8 adopted an inducement resolution to pursue private-activity bond allocation and other financing tools for a proposed 20-mile Choice Lanes project on I-24, estimated at $3–$4 billion; the resolution is a conduit step and does not create state debt.
The Tennessee Transportation Financing Authority on May 8 voted to adopt an inducement resolution that allows the authority to seek a private-activity bond allocation and other federal financing instruments to support a proposed Choice Lanes project on I-24.
The inducement resolution, approved by voice vote, signals the authority’s intent to move forward with a developer-led public-private partnership (P3) financing plan that project staff said could cost between $3 billion and $4 billion for roughly 20 miles of new lanes. "This the Transportation Modernization Act gave us the ability to use P3s and bring that resource to bear on our transportation needs in Tennessee," said Brian Ledford, assistant chief engineer for the Tennessee Department of Transportation, during a presentation to the board.
Why it matters: The resolution lets the authority file for an allocation of private-activity bond…
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