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Location |
Northwest Austin, Texas |
Project Sponsor / Borrower |
Central Texas Regional Mobility Authority (CTRMA) |
Program Areas |
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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
Not included in total project cost is capitalized interest of $32.3 million |
Funding Sources |
Senior lien revenue bond proceeds - $177.8 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 To USDOT TIFIA JPO:
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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 |
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Related Links / Articles |
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Contacts |
William Chapman, CFO |