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Location |
Raleigh-Durham, North Carolina |
Project Sponsor / Borrower |
North Carolina Turnpike Authority (NCTA) |
Program Areas |
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Fiscal Year Approved |
Fiscal Year 2009 |
Mode |
Toll Highway |
Description |
The proposed 18.8-mile Triangle Parkway will provide near-term congestion relief on existing north-south routes serving the Research Triangle Park (RTP) region (including I-40) between Raleigh and Durham, as well as improve commuter mobility, accessibility and connectivity to the RTP employment center. The proposed tolled highway is comprised of three sections:
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Cost |
$1,171.7 million |
Funding Sources |
Toll revenue bonds - $266.1 million State-backed bonds - $343.3 million TIFIA loan - $386.7 million State Funds - $175.6 million |
Project Delivery / Contract Method |
Design-Build |
Private Partner |
None |
Project Advisors / Consultants |
NCDOT Alternative Delivery Unit HNTB - GEC PBS&J - Toll technology PFM Group/Davenport & Company - Financial advisors Womble Carlyle - Bond counsel Wilbur Smith Associates - Traffic & Revenue Wells Fargo - Bond trustee Merrill Lynch - Bond underwriters To USDOT TIFIA JPO:
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Lenders |
Bondholders, USDOT TIFIA |
Duration / Status |
Northern Wake Expressway opened July 2007 Construction began summer 2009; expected completion late 2011 (Triangle Parkway), late 2012 (Western Wake Freeway) |
TIFIA Credit Assistance |
Direct loan: $386.7 million The requested TIFIA loan will be issued on a subordinate basis to the senior lien toll revenue bonds. |
Financial Status / Financial Performance |
TIFIA credit agreement signed July 10, 2009 Overall financial close July 29, 2009 The requested TIFIA loan will be issued on a subordinate basis to the senior lien toll revenue bonds with an interest rate of 4.25 percent. The first interest payment is scheduled for January 2015. Partial principal repayments are scheduled to begin in January 2016. Loan amortization begins January 2025. The final maturity of the TIFIA loan is June 2043. There will be debt service reserve funds in place for both the senior bonds and the TIFIA loan. |
Innovations |
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Related Links / Articles |
NCDOT Alternative Delivery Unit Website |
Contacts |
Pat Puryear |