The Michigan Department of Transportation (MDOT) has announced the reaching of commercial close with the Oakland Corridor Partners team to design, build, finance and maintain the final segment of the I-75 modernization project. This involves rebuilding more than 8km of roadway, modernizing the freeway, and improving 28 bridges in Oakland County, Michigan, located in the Midwestern region of the USA.
The final total cost of the project over its 30-year term, which is subject to adjustment prior to financial close, is estimated at US$1.4 billion. Oakland Corridor Partners plans to issue approximately US$600 million in tax-exempt private activity bonds through the Michigan Strategic Fund. The bonds are currently expected to price the week beginning 12 November, with financial close following by the end of the month.
Oakland Corridor Partners was announced as the preferred bidder for the project last month. The team includes John Laing Investment Limited; AECOM Capital, Inc.; Jay Dee Contractors, Inc.; Ajax Paving Industries, Inc.; and Dan's Excavating, Inc.