Fact Sheet: Central Texas Turnpike Project
Austin – San Antonio, TX
Approved FY 2001
Description
The Central Texas Turnpike Project, designated by TxDOT as the “2002 Project”, consists of 65 miles of contiguous turnpike facilities to improve regional mobility and increase connectivity in the Austin-San Antonio corridor, the third fastest growing area in the nation. The project consists of three distinct elements -- SH 130, SH 45 North, and Loop 1 -- each on the National Highway System. The project will support national and international commerce by relieving congestion and improving safety in the I-35 corridor, a freight route that serves most of Texas’ share of NAFTA-related truck traffic.
Project Status
The project is opening in phases with all phases expected to be open by the end of April 2008.
On November 1, 2006 approximately 25 miles of the 2002 project opened to traffic, nearly a year ahead of schedule. This early opening included the Loop 1 extension from Parmer Lane to SH 45 North, SH 45 North from Loop 1 to SH 130, and SH 130 from US 79 to US 290 (Segment 2). In December 2006, Segment 1 of SH 130 (I-35 to US 79) opened, followed by Segment 3 (US 290 to SH 71) in September 2007. Segment 4 of SH 130 (SH 71 south to US 183) is scheduled to open in April 2008. As of September 2007, 58 miles of the 2002 project were open to traffic.
The current cost estimate is $3.181 billion, $479 million less than the initial budget of $3.660 billion.
Funding Sources
Estimated funding sources, as of August 31, 2007, are as follows (dollars in millions):
- Senior bond proceeds*: $1,367.8
- BANs: 775.1
- TIFIA Loan: 124.9
- State funds: 436.5
- Local grants: 291.1
- Investment income: 185.2
- Total: $3,180.6
Note: It is anticipated that TIFIA loan proceeds will take out the BANs due to mature on June 1, 2008.
* (revenue bonds issued by Texas Transportation Commission)
TIFIA Credit Assistance
Direct loan: $916.8 million.
Date of credit agreement: July 25, 2002.
DOT has a subordinate lien on gross revenues (i.e., prior to operations and maintenance costs) and the trust estate. Revenues are defined as all income and revenues derived from the operation of the system, including all tolls, any other sources of revenues or funds derived from or attributable to the system, and interest income.
TIFIA Financial Performance
Of the approximately $2.2 billion in capital market debt, $900 million was issued as low interest Bond Anticipation Notes (BANs) maturing in 2007 and 2008. In May 2007, TxDOT requested its first draw of TIFIA loan proceeds in the amount of $124,930,000 to retire the 2007 BANs. The TIFIA funds were disbursed on May 15, 2007. TIFIA interest payments will begin in 2010 with principal payments commencing in 2025. The final maturity of the TIFIA loan is July 2042.