Location |
Austin, Texas Metropolitan Area |
Project Sponsor / Borrower |
Texas Department of Transportation (TxDOT) |
Program Area |
|
Fiscal Year Approved |
Fiscal Year 2001 |
Mode |
Toll Highways |
Description |
The Central Texas Turnpike System (CTTS) consists of three contiguous toll highways serving the Austin metropolitan region and the Austin-San Antonio corridor:
SH 130 (Segments 1-4) was procured through Texas' first application of its Exclusive Development Agreement (later Comprehensive Development Agreement) provision, contractual arrangements equivalent to public-private partnerships. In this case, a design-build contract was used to accelerate completion. All three components are open. In November 2006, Loop 1 and portions of SH 45 and SH 130 opened to traffic. The remainder of SH 45 opened in April 2007. All of SH 130 (Segments 1-4) was open by April 2008. When fully completed, SH 130 will be about 90 miles in length extending further south and west to I-10. Segments 5 and 6 are currently under construction under a separate DBFOM (design, build, finance, operate, and maintain) procurement and are scheduled to open in mid-2012. Further information is available here. |
Cost |
Total: $3.250 billion
|
Funding Sources |
Total: $3.250 billion
|
Project Delivery / Contract Method |
SH 45 North: Design-Bid-Build Loop 1: Design-Bid-Build SH 130 (Segments 1-4): Design-Build |
Private Partner |
Lone Star Infrastructure (joint venture of Fluor Corporation, Balfour Beatty Construction and T.J. Lambrecht Co) - SH 130 (Segments 1-4) |
Project Advisors / Consultants |
HDR - Program management To USDOT TIFIA JPO:
|
Lenders |
Bondholders, USDOT TIFIA |
Duration / Status |
All CTTS elements opened between November 2006 and April 2008 |
TIFIA Credit Assistance |
Direct Loan: $917 million approved; however TxDOT has only requested $900 million The 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. |
Financial Status / Financial Performance |
TIFIA credit agreement signed July 25, 2002 Of the approximately $2.2 billion in capital market debt, $900 million was issued as low interest BANs maturing in 2007 and 2008. In June 2007, TxDOT used its first draw of TIFIA loan proceeds in the amount of $124,930,000 to retire the 2007 BANs, and subsequently retired $775,070,000 in 2008 BANs with a second draw of TIFIA loan proceeds in June 2008. TIFIA interest payments began in February 2010; principal payments will commence in 2025. The final maturity of the TIFIA loan is July 2042. |
Innovations |
|
Related Links / Articles |
TxDOT CTTS Website Detailed financial statements and progress reports |
Contacts |
Jose Hernandez |