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Project Profiles

183-A Turnpike

Location

Northwest Austin, Texas

Project Sponsor / Borrower

Central Texas Regional Mobility Authority (CTRMA)

Program Areas

Project FinanceP3TIFIARevenue - Road Pricing Revenue

Fiscal Year Approved

Fiscal Year 2005

Mode

Toll Highway

Description

The 183-A Turnpike is an 11.6-mile north-south toll highway through Cedar Park and Leander in Williamson County northwest of Austin, Texas. It was constructed as a four-lane facility with the ability to expand to six lanes. It connects to SH 45 North and existing U.S. 183 at its southern end and extends north to Whitestone Boulevard.

183-A was developed by the state's first Regional Mobility Authority - CTRMA - which was legislatively authorized in 2001 to form at the county level if a regional toll authority did not already exist to construct, operate, and maintain toll roads. Their powers were expanded in 2003 to include the issuance of toll revenue bonds.

183-A opened to traffic in March 2007 and exceeded expectations in its first year of operation. CTRMA is currently developing a 5-mile extension of the toll road to the north. The $105 million project is under construction and scheduled to open in 2012.

Cost

Total: $304.7 million

  • Preconstruction - $12.7 million
  • Construction - $205.4 million
  • Right of Way (ROW) - $18.6 million
  • Senior Debt Service Reserve Fund - $12.6 million
  • Other - $55.1 million

Not included in total project cost is capitalized interest of $32.3 million

Funding Sources

Senior lien revenue bond proceeds - $177.8 million
TIFIA loan - $66 million (used to retire Bond Anticipation Notes [BANs] in 2008)
State funding grant - $64.7 million
Local ROW contribution - $18.6 million

Investment earnings and accrued interest - $9.5 million

Project Delivery / Contract Method

Design-Build

Private Partner

Hill Country Constructors (joint venture of Granite Construction Company and J.D. Abrams, LP)

Project Advisors / Consultants

HNTB - GEC
Vollmer Associates - Traffic & Revenue
Locke Liddell & Sapp, LLP - General counsel
Vinson & Elkins, LLP - Bond counsel
First Southwest Company - Financial advisor
D. Ladd Pattillo & Associates - Financial advisor
JPMorgan Chase Bank - Trustee

To USDOT TIFIA JPO:

  • TIFIA Legal Advisor: Ballard Spahr Andrews & Ingersoll, LLP
  • TIFIA Financial Advisor: Montague DeRose and Associates, LLC/TransTech Management, Inc.

Lenders

Bondholders, USDOT TIFIA

Duration / Status

Opened to traffic March 3, 2007; revenue operation May 1, 2007

TIFIA Credit Assistance

Direct Loan: $66 million

Net toll revenues on the full 11.6-mile system secure the loan. The Federal Government has a subordinate lien on these revenues with respect to debt service due on senior lien bonds.

Financial Status / Financial Performance

TIFIA credit agreement signed March 2, 2005

Along with the senior bonds issued at the time of financial closing, CTRMA issued $66 million of low interest BANs with maturity in January 2008. CTRMA had the option of retiring the BANs with draws on the TIFIA loan, additional bonds, or any other funds available; CTRMA chose to draw the full amount of the TIFIA loan to retire the BANs.

Mandatory interest as well as scheduled interest and principal payments begin in January 2012. The final maturity of the TIFIA loan is January 2042.

Innovations
  • First toll road developed by a Texas Regional Mobility Authority
  • Recipient of The Bond Buyer "Deal of the Year" award in 2005

Related Links / Articles

CTRMA Website

183A description on CTRMA's website

183A Extension

Contacts

William Chapman, CFO
CTRMA
13640 Briarwick Dr., Suite 200
Austin, TX 78729
Tel: (512) 996-9778
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