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183-A Turnpike

183-A Turnpike
Project Type: 
Roadways and Bridges
Sponsor / Borrower: 
Central Texas Regional Mobility Authority (CTRMA)
Credit Agreement Status: 
Retired/Sold
TIFIA Assistance: 
$66 million
Primary Revenue Pledge: 
User Charges
Project Cost Details: 

Total: $304.7 million

  • Preconstruction - $12.7 million
  • Construction - $205.4 million
  • Right of Way (ROW) - $18.6 million
  • Senior Debt Service Reserve Fund - $12.6 million
  • Other - $55.1 million

Not included in total project cost is capitalized interest of $32.3 million

Duration / Status: 

Opened to traffic on March 3, 2007; revenue operation on May 1, 2007

Fiscal Year Closed: 
FY2005
Project 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.

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

Project Participants: 
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:

  • TIFIA Legal Advisor: Ballard Spahr Andrews & Ingersoll, LLP
  • TIFIA Financial Advisor: Montague DeRose and Associates, LLC/TransTech Management, Inc.
Project Lender(s): 
Bondholders, USDOT TIFIA
TIFIA Credit Assistance Detail: 

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: 
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: 
  • First toll road developed by a Texas Regional Mobility Authority
  • Recipient of The Bond Buyer "Deal of the Year" award in 2005
Related Links: 
CTRMA Website
183A description on CTRMA's website
Project Contacts: 

William Chapman, CFO 
CTRMA 
301 Congress Ave., Suite 650 
Austin, TX 78701 
Tel: (512) 996-9778

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