Tennessee toll lane contractor promises to pay state nearly $148 billion
The road construction group building Tennessee's toll lanes along the I-24 southeast corridor is upping the ante, promising to pay the state nearly $148 billion over 50 years to lock in the deal, six times more than initially guaranteed. The state's Transportation Modernization Board awarded the project to DriveTN based largely on its promise to concede $24.8 billion in payments to the state over the eight-year construction phase. The consortium would try to recoup its expenses by charging motorists to use the toll lanes in the congested sector of highways over the next half-century. Under the new financial structure, Tennessee is expected to receive $7.7 billion in payments between a financial closing date slated for the third quarter of 2027 and the completion of construction in 2035, followed by payments totaling more than $140 billion over the 50-year operating period, according to…