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Project Profiles

Triangle Parkway

Location

Raleigh-Durham, North Carolina

Project Sponsor / Borrower

North Carolina Turnpike Authority (NCTA)

Program Areas

Project DeliveryProject FinanceP3TIFIARevenue - Road Pricing Revenue

Fiscal Year Approved

Fiscal Year 2009

Mode

Toll Highway

Description

The proposed 18.8-mile Triangle Parkway will provide near-term congestion relief on existing north-south routes serving the Research Triangle Park (RTP) region (including I-40) between Raleigh and Durham, as well as improve commuter mobility, accessibility and connectivity to the RTP employment center. The proposed tolled highway is comprised of three sections:

  • Triangle Parkway will extend from NC 147 at I-40 south 3.4 miles, terminating at the interchange with the Outer Wake Expressway.
  • Northern Wake Expressway (NC 540) is the portion of the Outer Wake Expressway that extends from NC 54 to NC 55. This 2.8-mile-long segment, which recently opened to traffic and was constructed by North Carolina DOT with STIP funds, is being transferred to NCTA in support of the project. This section will enable Triangle Parkway and Western Wake Freeway to function as a contiguous toll facility.
  • Western Wake Freeway connects with Northern Wake Expressway and will extend from a northern junction with NC 55 near Research Triangle Park to a southern junction with NC 55 Bypass near Holly Springs, covering a distance of 12.6 miles.

Cost

$1,171.7 million

Funding Sources

Toll revenue bonds - $266.1 million

State-backed bonds - $343.3 million

TIFIA loan - $386.7 million

State Funds - $175.6 million

Project Delivery / Contract Method

Design-Build

Private Partner

None

Project Advisors / Consultants

NCDOT Alternative Delivery Unit

HNTB - GEC

PBS&J - Toll technology

PFM Group/Davenport & Company - Financial advisors

Womble Carlyle - Bond counsel

Wilbur Smith Associates - Traffic & Revenue

Wells Fargo - Bond trustee

Merrill Lynch - Bond underwriters

To USDOT TIFIA JPO:

  • TIFIA Legal Advisor: Nixon Peabody
  • TIFIA Financial Advisor: Infrastructure Management Group

Lenders

Bondholders, USDOT TIFIA

Duration / Status

Northern Wake Expressway opened July 2007

Construction began summer 2009; expected completion late 2011 (Triangle Parkway), late 2012 (Western Wake Freeway)

TIFIA Credit Assistance

Direct loan: $386.7 million

The requested TIFIA loan will be issued on a subordinate basis to the senior lien toll revenue bonds.

Financial Status / Financial Performance

TIFIA credit agreement signed July 10, 2009

Overall financial close July 29, 2009

The requested TIFIA loan will be issued on a subordinate basis to the senior lien toll revenue bonds with an interest rate of 4.25 percent. The first interest payment is scheduled for January 2015. Partial principal repayments are scheduled to begin in January 2016. Loan amortization begins January 2025. The final maturity of the TIFIA loan is June 2043. There will be debt service reserve funds in place for both the senior bonds and the TIFIA loan.

Innovations

  • Most expensive public works project in North Carolina history \
  • All-electronic, cashless/video tolling

Related Links / Articles

NCTA Project Website

NCDOT Alternative Delivery Unit Website

Engineering Report (Mar. 20, 2009)

TOLLROADSnews Article (Aug. 14, 2009)

Contacts

Pat Puryear
North Carolina Turnpike Authority
1578 Mail Service Center
Raleigh, NC 27699-1578
Project Hotline: (919) 836-4800
triangleparkway@ncturnpike.org

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