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Opportunities and Challenges Series

Project Profiles

North Tarrant Express


Location	Dallas-Fort Worth Metroplex
Project Sponsor / Borrower	Texas Department of Transportation (TxDOT) NTE Mobility Partners, LLC (the Concession Company and TIFIA borrower)
Program Areas
Fiscal Year Approved	Fiscal Year 2009
Mode	Highway / Managed Lanes
Description	On June 23, 2009, TxDOT awarded two Comprehensive Development Agreements (CDAs - equivalent to public-private partnerships) for the North Tarrant Express project to NTE Mobility Partners. The Concession CDA for Phase 1 includes the design, development, construction, finance, maintenance, and operation of 13 miles along Interstate (IH) 820 and State Highway (SH) 121/SH 183 from IH 35W to SH 121, from north of Fort Worth to just southwest of Dallas-Fort Worth International Airport. The duration of the concession is 52 years. The existing highway includes two general purpose lanes in each direction. Proposed improvements include three general purpose lanes in each direction with two managed lanes in each direction for a total of ten lanes with frontage roads for future traffic volumes. The CDA for Segments 2-4 includes developing master plans for the remainder of the corridors along SH 183 from SH 121 to SH 161, IH 820 east from SH 121/SH 183 south to Randol Mill Road, and along IH 35W from IH 30 to SH 170 in Tarrant and Dallas counties, as well as other facilities for connectivity, safety, and financing. When all phases are completed, the Project will comprise 36 miles of managed lanes.
Cost	$2,047 million
Funding Sources	Phase 1: Private Activity Bond Proceeds - $398 million TIFIA Loan - $650 million Public Funds - $573 million Equity Contribution - $426 million Total does not include TIFIA capitalized interest of $54 million
Project Delivery / Contract Method	DBFOM (design, build, finance, operate, and maintain)
Private Partner	NTE Mobility Partners, LLC (the Concession Company) Cintra Concesiones de Infraestructuras de Transporte, S.A. Meridiam Infrastructure Dallas Police and Fire Pension System Other Private Partners Ferrovial Agromán S.A. W.W. Webber, LLC Earth Tech, Inc. Maunsell Australia Proprietary Limited Aguirre & Fields, LP Ross Communications CSJ Engineering Assoc.
Project Advisors / Consultants	J.P. Morgan Securities, Inc. - Financial Advisor Macquarie Capital (USA) Inc.- Financial Advisor White & Case LLP - Counsel to the Concession Company Bracewell & Giuliani LLP - Counsel to the Concession Company AECOM Enterprises - Sponsor's Traffic Consultant Hatch Mott MacDonald - Lenders' Traffic Advisor CH2M Hill, Inc. - Independent Engineer To USDOT TIFIA JPO TIFIA Legal Advisor: Hawkins Delafield & Wood, LLP TIFIA Financial Advisor: Montague DeRose and Associates, LLP/High Street Consulting Group, LLC
Lenders	Bondholders, USDOT TIFIA
Duration / Status	Commercial close (CDA execution) June 23, 2009 Construction began November 2010; expected completion in 2015
TIFIA Credit Assistance	Direct Loan: $650.0 million The TIFIA loan will be repaid with project revenues, which include all income, tolls, revenues, rates, fees, charges, rentals, or other receipts derived by or related to the operation of the Project.
Financial Status / Financial Performance	TIFIA credit agreement executed on December 16, 2009 Financial close occurred on December 17, 2009
Innovations	When completed, this project will have a state-of-the-art electronic toll collection system with open architecture, ensuring a seamless, free flow operation of the managed lanes. Innovative financing package including PABs and TIFIA credit assistance. Only the second PABs issuance ever under the $15 billion of authority provided to DOT by SAFETEA-LU. The first transportation infrastructure project in the US to reach financial close with direct investment by a pension fund.
Related Links / Articles	TxDOT Project Website NTE Mobility Partners Project Website
Contacts	Mohammad Al Hweil, P.E. TxDOT North Tarrant Express Project Manager Tel: (817) 370-3512 Belen Marcos Chief Executive Officer, NTE Mobility Partners LLC Tel: (817) 710-0503