Skip to main content

How the Center for Innovative Finance Support Office Does Business...

Project Profiles

Intercounty Connector


Montgomery and Prince George's County, Maryland

Project Sponsor / Borrower

Maryland State Highway Administration (SHA)

Maryland Transportation Authority (MdTA)

Program Areas

Project DeliveryProject FinanceP3TIFIARevenue - Road Pricing Revenue

Fiscal Year Approved

Fiscal Year 2009


Toll Highway


The Intercounty Connector (ICC) is a toll highway under construction in Maryland. The road will link existing and proposed development areas between the I-270/I-370 and I-95/US 1 corridors within central and eastern Montgomery County and northwestern Prince George's County.

The finished highway will be approximately 18 miles in length, and have six lanes in total. The ICC was initially planned as a spur off of the region's proposed second Beltway. The ICC project has been the focus of various studies and debates since the 1950s and finally started construction in 2007. The finished highway will have a variable tolling structure based on peak and off-peak travel times. Toll collection will be fully electronic, allowing toll collection without significant traffic delays. The road is also expected to stimulate new transit growth through the creation of additional express bus routes along the corridor.


$2,399.1 million (current cost to complete per the 2011 financial plan)

Funding Sources

Federal funds:

  • GARVEE bonds - $750.0 million (backed by future Federal aid receipts)
  • Special Federal funds - $19.3 million (National Corridor Planning and Border Infrastructure Program funding, SAFETEA-LU National Corridor Improvement Program and high priority project funding)

State funds:

  • MdTA Toll Revenue bonds and cash - $668.9 million (backed by future MdTA system toll revenue)
  • TIFIA loan - $516.0 million (backed by future MdTA system toll revenue)
  • State of Maryland Transportation Trust Fund - $180.0 million (motor fuel tax receipts, motor vehicle excise taxes, motor vehicle fees, corporate income taxes, operating revenues)
  • State of Maryland General Fund and General Obligation Bonds - $264.9 million

Project Delivery / Contract Method


Private Partner


Project Advisors / Consultants


  • Intercounty Constructors - A Joint Venture of Granite Construction Company, Corman Construction, Inc., and G.A. & F.C. Wagman, Inc.
  • MD200 Constructors - A Joint Venture of Kiewit Southern Co., Corman Construction, and G.A. & F.C. Wagman Inc.
  • IC3 - A Joint Venture of Shirley Contracting Company, LLC; Clark Construction Group, LLC; Guy F. Atkinson Construction, LLC; Facchina Construction Company, Inc. and Trumbull Corporation


  • TIFIA Legal Advisors: Katten Muchin Rosenman
  • TIFIA Financial Advisors: Scully Capital


Bondholders, USDOT TIFIA

Duration / Status

The Final Environmental Impact Statement was approved in January 2006 and Record of Decision was issued in May, 2006. Construction began in mid-2007. A seven-mile initial section opened in February 2011 (Contract A). The remaining mainline road (Contracts B & C) opened to traffic in November 2011. Contracts D & E were combined and modified and opened in November 2014.

TIFIA Credit Assistance

Direct loan: $516.0 million

The TIFIA loan will be repaid using net toll revenues from the Maryland Transportation Authority.

Financial Status / Financial Performance

Committed funding has been secured for 100 percent of the total project cost.

The TIFIA loan agreement signed on December 19, 2008.

TIFIA interest payments began in 2013 and principal payments are scheduled to begin in 2018 with final repayment in 2046.


  • Debt will be secured by revenues from tolls on the ICC and the seven other existing toll facilities operated by MdTA
  • Successful issuance of $750 million in GARVEE bonds to support the construction of the project

Related Links / Articles

Project Website


ICC Project Team Contact Information
Tel: (866) 462-0020

Federal Highway Administration | 1200 New Jersey Avenue, SE | Washington, DC 20590 | 202-366-4000
To view PDF files download the Adobe Acrobat Reader®