Toll lane operator ups cash offer for I-24 project

A private group has agreed to pay the state of Tennessee more than $140 billion for the right to operate new toll lanes on Interstate 24.

The project will build 26 miles of paid traffic lanes between Nashville and Murfreesboro. The Tennessee Department of Transportation calls these choice lanes because existing free lanes will remain in place. DriveTN, the selected contractor, originally offered to pay the state about $25 billion in concession fees. The group will also cover the $9.2 billion cost to construct the new lanes.

TDOT and DriveTN have since reached a new agreement that significantly increases the total payment. The revised deal distributes roughly $7.7 billion during the construction phase. This building period is expected to last about eight years. The state estimates the lanes will open in 2035. After that, DriveTN will pay more than $140 billion over the next 50 years, according to a TDOT release.

TDOT will hold two public meetings next month to explain the new financial terms. The first meeting takes place on November 17 at Trevecca Nazarene University from 3 p.m. to 7 p.m. The second meeting is scheduled for November 18 at the Smyrna Event Center from 3 p.m. to 7 p.m.

TDOT stated that the information presented at both sessions will be identical. The department will also post the details on the project website.