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 |
Austin, Texas |
Project Sponsor / Borrower |
Central Texas Regional Mobility Authority (CTRMA) |
Program Areas |
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Mode |
Highway / Express Toll Lanes |
Description |
The US 183 South / Bergstrom Expressway project will be an 8-mile highway and express toll facility in Austin, Texas, connecting US 290 and SH 71. The project will expand the capacity of existing US 183, a north-south arterial serving more than 60,000 vehicles per day as an alternative to the heavily congested I-35 to the west. US 183 provides a route for commuters from several cities to Downtown Austin and is one of three highways providing access to Austin-Bergstrom International Airport. In its current configuration, with numerous at-grade intersections, US 183's mobility and operational benefits are limited and could be maximized by a more complete roadway network. The project consists of six tolled main lanes in the median of US 183, four to six upgraded general purpose lanes, five grade-separated interchanges, four new bridges, two new tolled direct connect flyover ramps at SH 71, and the installation of intelligent traffic management systems. The project also includes bike lanes, pedestrian sidewalks, and shared-use paths. The project will constructed in two phases. Phase 1 between US 290 and Bolm Road is expected to be completed in late 2019, and Phase 2 continuing from Bolm Road to SH 71 about one year later. |
Cost |
Total project cost: $859.6 million (design-build contract - $581.5 million) |
Funding Sources |
Senior toll revenue bonds - $366.8 million TxDOT grant funds - $147.8 million TxDOT SIB loan - $30 million TxDOT toll equity loan - $30 million TIFIA loan - $282.2 million Interest earnings - $2.8 million |
Project Delivery / Contract Method |
Design-build |
Private Partner |
Colorado River Constructors
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Project Advisors / Consultants |
To USDOT TIFIA JPO:
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Lenders |
Bondholders, TxDOT, USDOT TIFIA |
Duration / Status |
Commercial close reached on November 18, 2015. Construction expected to begin in April 2016. Construction expected to be complete in late 2019 (Phase 1) and late 2020 (Phase 2). |
| TIFIA Credit Assistance | Direct loan: $282.221 million The TIFIA loan will be repaid through Pledged System Revenues. |
Financial Status |
The TIFIA credit agreement was signed on November 18, 2015. TIFIA loan repayments begin in July 2024 (interest only) and July 2025 (interest and principal commences) with final repayments expected in July 2049. |
Innovations |
Not available |
Related Links / Articles |
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Contacts |
Bill Chapman |
