Location |
Raleigh-Durham, North Carolina |
Project Sponsor / Borrower |
North Carolina Turnpike Authority (NCTA) |
Program Areas |
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Fiscal Year Approved |
Fiscal Year 2009 |
Mode |
Toll Highway |
Description |
The 18.8-mile Triangle Expressway provides congestion relief on existing north-south routes serving the Research Triangle Park (RTP) region (including I-40) between Raleigh and Durham, as well as improves commuter mobility, accessibility and connectivity to the RTP employment center. The tolled highway comprises three sections:
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Cost |
$1,134.8 million |
Funding Sources |
Toll revenue bonds - $270.1 million Federal Funds - $86.3 million State-backed bonds - $352 million TIFIA loan - $386.7 million State Funds - $108 million |
Project Delivery / Contract Method |
Design-Build |
Private Partner |
Design-builder (Phases 2 and 3): Raleigh-Durham Roadbuilders (joint venture of Archer Western Contractors, Granite Construction Company)
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Project Advisors / Consultants |
NCDOT Alternative Delivery Unit HNTB - GEC PBS&J - Toll technology PFM Group/Davenport & Company - Financial advisors Womble Carlyle - Bond counsel Wilbur Smith Associates - Traffic & Revenue Wells Fargo - Bond trustee Merrill Lynch - Bond underwriters To USDOT TIFIA JPO:
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Lenders |
Bondholders, USDOT TIFIA |
Duration / Status |
Substantial completion was achieved on January 2, 2013. |
TIFIA Credit Assistance |
Direct loan: $386.7 million The TIFIA loan has been issued on a subordinate basis to the senior lien toll revenue bonds. |
Financial Status / Financial Performance |
TIFIA credit agreement signed on July 10, 2009 Financial close on July 29, 2009 The TIFIA loan has been issued on a subordinate basis to the senior lien toll revenue bonds with an interest rate of 4.25 percent. The first interest payment is scheduled for January 2015. Partial principal repayments are scheduled to begin in January 2016. Loan amortization begins in January 2025. The final maturity of the TIFIA loan is June 2043. There will be debt service reserve funds in place for both the senior bonds and the TIFIA loan. |
Innovations |
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Related Links / Articles |
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Contacts |
Jason Peterson, P.E. |