TDOT says I‑24 Choice Lanes procurement on track, expects NEPA FONSI and commercial close next year

Brian Ledford, a TDOT representative, told the Transportation Modernization Board the department is in the middle of the request‑for‑proposals process for the I‑24 Choice Lanes and is working toward a series of environmental, procurement and financing milestones.

“We are very quickly approaching '26 when that RFP will be finalized,” Ledford said, adding that TDOT expects to receive environmental assessment approval (a FONSI) and then hold public hearings before proposals are due in the second quarter. TDOT is targeting commercial close in the third quarter of next year.

Ledford described the financing plan and federal engagement. The project has been designated a major project by the Federal Highway Administration because it exceeds $500,000,000 in cost, he said, and TDOT expects to reach a TIFIA term sheet with the Build America Bureau. “TIFIA is the loan program… and the TIFIA loan can be up to 49% of the total eligible project cost,” Ledford said.

On procurement, Ledford said TDOT has run multiple iterative drafts of the RFP and held more than six one‑on‑one meetings with proposing teams to vet concession and contract language. He said TDOT will release RFP draft 3 in early December and that remaining edits will be minor.

Ledford also summarized environmental and design work: TDOT has submitted an Environmental Assessment; traffic analysis under review will inform an interstate access request for interchange work; environmental technical studies are complete; and conceptual roadway and bridge plans are under technical review. He emphasized coordination with utilities and local governments and that TDOT held four NEPA public information meetings (three in person and one virtual) to gather public input.

Board members asked how dynamic pricing would affect drivers and whether the system would lock a posted price mid‑trip. Ledford replied that “the price that is posted when you pass under that gantry is locked in for your trip,” and a driver will have the opportunity at later gantries to accept a new posted price or exit the lanes.

TDOT also described ongoing creditworthiness review with the Build America Bureau and said the department will negotiate a prenegotiated term sheet that will be shared with proposers. Ledford stressed that the debt would be that of the private developer, not the state, and that performance/payment bonds and equity commitments are part of TDOT’s financial vetting.

The board did not vote on the update but proceeded to consider three action items informed by the presentation.