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Project Profiles

Delaware US Route 301


Location	Northern Delaware
Project Sponsor / Borrower	Delaware Department of Transportation (DelDOT)
Program Areas
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) Design - $66.3 million ROW acquisition - $121.6 million Construction - $553.2 million
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
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	The current plan of finance minimizes the need for relying current Federal funds and the State Transportation Trust Fund through bonds backed by future Federal-aid and expected toll revenues. Initial financial projections indicate 70% of tolls will be paid by out-of-state vehicles and 40% of tolls will be paid by trucks
Related Links / Articles	DelDOT Project Website
Contacts	Mark Tudor Project Director DelDOT 800 Bay Rd. Dover, DE 19901 Tel. (302) 760-2000