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Project Profiles

Delaware US Route 301

Location

Northern Delaware

Project Sponsor / Borrower

Delaware Department of Transportation (DelDOT)

Program Areas

Project FinanceRevenue - Road Pricing Revenue

Mode

Toll Highway

Description

This project in Northern Delaware consists of new alignment for U.S. Route 301 and a new Spur Road. U.S. 301 is designed to be a four-lane, limited access toll roadway on new location, extending from the Maryland/Delaware state line to SR-1 south of the C&D Canal/Roth Bridge, a distance of approximately 12.5 miles. The Spur Road will be a two-lane, limited access roadway on new location, extending from U.S. 301 to the Summit Bridge over the C&D Canal (SR-15/SR-896), a distance of approximately 4.5 miles.

The purpose of the project is to improve safety and relieve congestion problems in the corridor. The fatality rate on existing U.S. 301 is 60% higher than the statewide average and 70% higher than the national average. Its existing capacity also cannot meet the needs of the region's current and projected future traffic volumes, including a significant number of trucks.

The project is being designed and will be constructed in four sections. Final design and ROW acquisition is nearing completion, supported through the sale of GARVEE bonds. DelDOT released an investment grade traffic and revenue study in June 2012 in advance of making a recommendation to the Governor and General Assembly regarding a detailed plan for financing, tolling structure, and construction timing.

Cost

$741 million (YOE $, according to Initial Financial Plan submitted to FHWA June 2010)

  • Design - $66.3 million
  • ROW acquisition - $121.6 million
  • Construction - $553.2 million

Funding Sources

Federal highway funds - $59.8 million

GARVEE bonds - $125.95 million

Toll revenue bonds - $553 million

State Transportation Trust Fund - $3 million

Project Delivery / Contract Method

Not available

Private Partner

None

Project Advisors / Consultants

Public Financial Management, Inc. - Financial Advisor

Saul Ewing, LLP - Bond Counsel

Cozen O'Connor - Disclosure Counsel

Lenders

Bondholders

Duration / Status

ROD issued April 2008

Final design (mainline section) and ROW acquisition nearing completion as of fall 2011

Anticipated construction start 2013

Financial Status

A final financial plan (Investment grade T&R Study) was released in June 2012 and will determine toll revenue bond capacity

Innovations

  • The current plan of finance minimizes the need for relying current Federal funds and the State Transportation Trust Fund through bonds backed by future Federal-aid and expected toll revenues.
  • Initial financial projections indicate 70% of tolls will be paid by out-of-state vehicles and 40% of tolls will be paid by trucks

Related Links / Articles

DelDOT Project Website

Contacts

Mark Tudor
Project Director
DelDOT
800 Bay Rd.
Dover, DE 19901
Tel. (302) 760-2000

Federal Highway Administration | 1200 New Jersey Avenue, SE | Washington, DC 20590 | 202-366-4000
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