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Project Profiles

Intercounty Connector


Location	Montgomery and Prince George's County, Maryland
Project Sponsor / Borrower	Maryland State Highway Administration (SHA) Maryland Transportation Authority (MdTA)
Program Areas
Fiscal Year Approved	Fiscal Year 2009
Mode	Toll Highway
Description	The Intercounty Connector (ICC) is a toll highway under construction in Maryland. The road will link existing and proposed development areas between the I-270/I-370 and I-95/US 1 corridors within central and eastern Montgomery County and northwestern Prince George's County. The finished highway will be approximately 18 miles in length, and have six lanes in total. The ICC was initially planned as a spur off of the region's proposed second Beltway. The ICC project has been the focus of various studies and debates since the 1950s and finally started construction in 2007. The finished highway will have a variable tolling structure based on peak and off-peak travel times. Toll collection will be fully electronic, allowing toll collection without significant traffic delays. The road is also expected to stimulate new transit growth through the creation of additional express bus routes along the corridor.
Cost	$2,425 million (current cost to complete per the 2011 financial plan)
Funding Sources	Federal funds: GARVEE bonds - $750.0 million (backed by future Federal aid receipts) Special Federal funds - $19.3 million (National Corridor Planning and Border Infrastructure Program funding, SAFETEA-LU National Corridor Improvement Program and high priority project funding) State funds: MdTA Toll Revenue bonds and cash - $694.9 million (backed by future MdTA system toll revenue) TIFIA loan - $516.0 million (backed by future MdTA system toll revenue) State of Maryland Transportation Trust Fund - $180.0 million (motor fuel tax receipts, motor vehicle excise taxes, motor vehicle fees, corporate income taxes, operating revenues) State of Maryland General Fund and General Obligation Bonds - $264.9 million
Project Delivery / Contract Method	Design-Build
Private Partner	None
Project Advisors / Consultants	Design-Builders Intercounty Constructors - A Joint Venture of Granite Construction Company, Corman Construction, Inc., and G.A. & F.C. Wagman, Inc. MD200 Constructors - A Joint Venture of Kiewit Southern Co., Corman Construction, and G.A. & F.C. Wagman Inc. IC3 - A Joint Venture of Shirley Contracting Company, LLC; Clark Construction Group, LLC; Guy F. Atkinson Construction, LLC; Facchina Construction Company, Inc. and Trumbull Corporation To USDOT TIFIA JPO: TIFIA Legal Advisors: Katten Muchin Rosenman TIFIA Financial Advisors: Scully Capital Services, Inc.
Lenders	Bondholders, USDOT TIFIA
Duration / Status	The Final Environmental Impact Statement was approved in January 2006 and Record of Decision was issued in May, 2006. Construction began in mid-2007. A seven-mile initial section opened in February 2011 (Contract A). The remaining mainline road (Contracts B & C) opened to traffic in November 2011. Contracts D & E were combined and modified and are expected to open in early 2014.
TIFIA Credit Assistance	Direct loan: $516.0 million. The TIFIA loan will be repaid using net toll revenues from the Maryland Transportation Authority.
Financial Status / Financial Performance	Committed funding has been secured for 100 percent of the total project cost. The TIFIA loan agreement was signed December 19, 2008. TIFIA interest payments are scheduled to begin in 2013 and principal payments will begin in 2018 with final repayment in 2046.
Innovations	Debt will be secured by revenues from tolls on the ICC and the seven other existing toll facilities operated by MdTA Successful issuance of $750 million in GARVEE bonds to support the construction of the project
Related Links / Articles	Project Website ICC Purpose and Need Statement ICC Financial Plans
Contacts	ICC Project Team Contact Information Tel: (866) 462-0020 Email: iccproject@sha.state.md.us