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Opportunities and Challenges Series

Project Profiles

Triangle Parkway


Location	Raleigh-Durham, North Carolina
Project Sponsor / Borrower	North Carolina Turnpike Authority (NCTA)
Program Areas
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: Triangle Parkway will extend from NC 147 at I-40 south 3.4 miles, terminating at the interchange with the Outer Wake Expressway. Northern Wake Expressway (NC 540) is the portion of the Outer Wake Expressway that extends from NC 54 to NC 55. This 2.8-mile-long segment, which recently opened to traffic and was constructed by North Carolina DOT with STIP funds, is being transferred to NCTA in support of the project. This section will enable Triangle Parkway and Western Wake Freeway to function as a contiguous toll facility. Western Wake Freeway connects with Northern Wake Expressway and will extend from a northern junction with NC 55 near Research Triangle Park to a southern junction with NC 55 Bypass near Holly Springs, covering a distance of 12.6 miles.
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: TIFIA Legal Advisor: Nixon Peabody TIFIA Financial Advisor: Infrastructure Management Group
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	Most expensive public works project in North Carolina history \ All-electronic, cashless/video tolling
Related Links / Articles	NCTA Project Website NCDOT Alternative Delivery Unit Website Engineering Report (Mar. 20, 2009) TOLLROADSnews Article (Aug. 14, 2009)
Contacts	Pat Puryear North Carolina Turnpike Authority 1578 Mail Service Center Raleigh, NC 27699-1578 Project Hotline: (919) 836-4800 triangleparkway@ncturnpike.org