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Project Profiles

183-A Turnpike

Location

Northwest Austin, Texas

Project Sponsor / Borrower

Central Texas Regional Mobility Authority (CTRMA)

Program Areas

Project FinanceP3TIFIARevenue - Road Pricing Revenue

Fiscal Year Approved

Fiscal Year 2005

Mode

Toll Highway

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.

Cost

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

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

Private Partner

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.

Lenders

Bondholders, USDOT TIFIA

Duration / Status

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

TIFIA Credit Assistance

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 / Financial Performance

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 / Articles

CTRMA Website

183A description on CTRMA's website

Contacts

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

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