How the Center for Innovative Finance Support Office Does Business...
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About Us |
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Capacity Building |
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Outreach/Awareness |
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Research |
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Technical Assistance |
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 to date toll revenues are exceeding expectations. On April 6, 2012, the 5-mile, 183-A Northern Extension opened to traffic. |
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 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:
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Lenders |
Bondholders, USDOT TIFIA |
Duration / Status |
Opened to traffic on March 3, 2007; revenue operation on May 1, 2007 |
TIFIA Credit Assistance |
Direct Loan: $66 million The TIFIA Loan is secured by a subordinate lien on net toll revenues on the CTRMA Turnpike System, which is currently comprises the 183-A toll road and the recently added Manor Expressway. |
Financial Status / Financial Performance |
TIFIA credit agreement signed on 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 began in January 2012. The final maturity of the TIFIA loan was January 2042. The loan agreement was retired early when the project prepaid the loan on June 5, 2013. |
Innovations |
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Related Links / Articles |
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Contacts |
William Chapman, CFO |
