Location |
Northern Delaware |
Project Sponsor / Borrower |
Delaware Department of Transportation (DelDOT) |
Program Areas |
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Mode |
Toll Highway |
Description |
This project in Northern Delaware consists of new alignment for U.S. Route 301 and a new Spur Road. U.S. 301 is designed to be a four-lane, limited access toll roadway on new location, extending from the Maryland/Delaware state line to SR-1 south of the C&D Canal/Roth Bridge, a distance of approximately 12.5 miles. The Spur Road will be a two-lane, limited access roadway on new location, extending from U.S. 301 to the Summit Bridge over the C&D Canal (SR-15/SR-896), a distance of approximately 4.5 miles. The purpose of the project is to improve safety and relieve congestion problems in the corridor. The fatality rate on existing U.S. 301 is 60% higher than the statewide average and 70% higher than the national average. Its existing capacity also cannot meet the needs of the region's current and projected future traffic volumes, including a significant number of trucks. The project is being designed and will be constructed in four sections. Final design and ROW acquisition is nearing completion, supported through the sale of GARVEE bonds. DelDOT intends on preparing an investment grade traffic and revenue study and updated project cost estimate in order to make a recommendation to the Governor and General Assembly regarding construction timing, tolling structure, and funding sources. |
Cost |
$741 million (YOE $, according to Initial Financial Plan submitted to FHWA June 2010)
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Funding Sources |
Federal highway funds - $59.8 million GARVEE bonds - $125.95 million Toll revenue bonds - $553 million State Transportation Trust Fund - $3 million |
Project Delivery / Contract Method |
Not available |
Private Partner |
None |
Project Advisors / Consultants |
Public Financial Management, Inc. - Financial Advisor Saul Ewing, LLP - Bond Counsel Cozen O'Connor - Disclosure Counsel |
Lenders |
Bondholders |
Duration / Status |
ROD issued April 2008 Final design (mainline section) to be completed 2011; ROW acquisition (mainline section) to be completed 2012 Anticipated construction start 2012-2013
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Financial Status |
A draft financial plan (Investment grade T&R Study) is planned for completion in late 2011 and will determine toll revenue bond capacity |
Innovations |
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Related Links / Articles |
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Contacts |
Mark Tudor |