What This Story Is About
- The Tennessee Department of Transportation announced Wednesday that it has reached a commercial close with DriveTN, which is the agency’s partner for the I-24 Southeast Choice Lanes project.
Why It Matters
- TDOT said the commercial close “establishes the contractual framework for DriveTN to design, build, finance, operate, and maintain the Choice Lanes under a 50-year long-term contract.”
- Now, TDOT and DriveTN are working toward financial close in 2027, which TDOT said will be the “final procurement milestone.”
For Context
- The proposed project would add new Choice Lanes on about 26 miles of I-24 between Nashville and Murfreesboro.
Catch Up
- State board approves private partner for I-24 Choice Lanes project. Here’s what to know
- ‘Left in limbo’: Glencliff residents uncertain about their future as I-24 Choice Lanes project advances
- Lawmaker asks state comptroller to investigate I-24 toll lane deal after AG declines
- State comptroller to review I-24 Choice Lanes deal, consider audit review in Tennessee. Here’s what we know
NASHVILLE, Tenn. (WSMV) – The Tennessee Department of Transportation announced Wednesday that it has reached a commercial close with DriveTN, which is the agency’s partner for the I-24 Southeast Choice Lanes project.
TDOT said the commercial close “establishes the contractual framework for DriveTN to design, build, finance, operate, and maintain the Choice Lanes under a 50-year long-term contract.”
This comes after the Transportation Modernization Board approved TDOT’s selection of DriveTN as the partner on the project on August 19…