Fact Sheet: South Bay Expressway (Formerly State Route 125 South)
San Diego County, CA
Approved FY 1999
Borrower
http://southbayexpressway.com/
The South Bay Expressway (SBX), Ltd. (formerly San Diego Expressway, Ltd. Partnership), a California limited partnership. California Transportation Ventures (CTV), formed in 1990, is developing, financing, and operating the Project. CTV is the sole General Partner of SBX. Macquarie Infrastructure Group (MIG), through its U.S. subsidiary Macquarie 125 Holdings, Inc., owns CTV and SBX.
Description
The South Bay Expressway is a 9.2-mile toll road advanced as a public-private partnership between the California Department of Transportation and SBX. In addition to the tolled road, two other road facilities (the GAP and the Connector) were constructed at the northern end of the Project in order to connect the Project to the existing San Diego highway network.
The South Bay Expressway completes a missing link in the San Diego freeway network and provides access to the Otay Mesa international border crossing, a key port of entry between the U.S. and Mexico.
The project is opening as a four-lane facility with provisions for an ultimate facility of eight mixed-flow lanes and a median wide enough to accommodate two high occupancy vehicle (HOV) lanes.Project Status
The South Bay Expressway opened to traffic on November 19, 2007. Cash tolls began on December 3, 2007. Full ETC tolling was implemented on January 14, 2008. While the majority of the civil works was completed prior to the opening of the toll road, landscaping and noise wall work is still ongoing.
Funding Sources
Anticipated funding sources are as follows (dollars in millions):
- Senior bank loans: $340.0
- TIFIA loan: 140.0
- Equity contribution: 132.2
- Donated right of way: 47.8
- Total: $660.0
TIFIA Credit Assistance
Direct loan: $140 million.
Date of credit agreement: May 22, 2003.
The TIFIA loan is secured by a second priority security interest, subordinate to the lien of the Senior Loans, in the “Project Revenues” which means: (a) all income, tolls, revenues, rates, fees, charges, rentals, or other receipts derived by or related to the operation or ownership of the Project including all amounts from joint development or leasing of air space lease rights, (b) any revenues assigned to the Borrower and proceeds of the sale or other disposition of all or any part of the Project and (c) all income derived from Permitted Investments.TIFIA Financial Performance
The TIFIA proceeds of $140 million have been fully disbursed. Scheduled TIFIA interest repayments begin in 2010 with the first mandatory interest payment in 2011. The first principal payment is scheduled in 2018. The final maturity of the TIFIA loan is scheduled for 2041.