Dear Investors of the Pennsylvania Highway Infrastructure Project:
Please find below the latest spending report from the Pennsylvania Turnpike Commission showing the actual Pennsylvania Highway Infrastructure Project expenditures. As of the end of December 2019, $777.5 million (44% of total project cost) has been spent on construction. According to the project economic impact study, this expenditure approximately translates into 10,990 permanent job creation.
In addition, we are proud to inform you that Tranche 4 loan of $36.5 million was delivered to Pennsylvania Turnpike Commission (PTC) for the construction of Pennsylvania Turnpike on Wednesday, January 22, 2020.
As of January 28, 2020, we have raised $183.5 million of which we have lent $183.5 million to the PTC for PTC II project. Also, as of January 28, 2020, 107 PTCII investors' I-526 petitions have been approved.
We will keep you posted on the future project developments and DVRC is always open to your concerns and questions.