USDOT Home | FHWA Home | Feedback

Skip to main content

How the IPD Office Does Business...

	About Us
	Organization
	Capacity Building
	Outreach/Awareness
	Research
	Technical Assistance

Feedback Forum

View Draft Documents

Project Profiles

IH 635 Managed Lanes


Location	Dallas-Fort Worth Metroplex, Texas
Project Sponsor / Borrower	Texas Department of Transportation (TxDOT) LBJ Infrastructure Group, LLC (the Concession Company and TIFIA borrower)
Program Areas
Fiscal Year Approved	Approved in Fiscal Year 2008. Conditional term sheet executed with the LBJ Infrastructure Group in January 2009.
Mode	Highway / Managed Lanes
Description	The IH 635 Managed Lanes Project will relieve congestion north of Dallas on 13 miles of IH 635 (LBJ Freeway) from just west of I-35E (near Luna Road) to just east of US 75 (near Greenville Ave.), and south on I-35E from I-635 to Loop 12. The project will involve: Reconstruction of the main lanes and frontage roads along IH 635 Addition of six managed lanes (mostly subsurface) along IH 635 from I-35E to US 75 and four managed lanes west and east of that stretch Addition of six elevated managed lanes along I-35E from Loop 12 to the I-35E/IH 635 interchange The project is being built under a public-private partnership (Comprehensive Development Agreement [CDA]) between TxDOT and LBJ Infrastructure Group, which will operate and maintain the facility for 52 years. Construction is expected to take five years. The managed lanes will be dynamically priced after six months of an introductory fixed-price schedule. HOV2+ users will receive a 50 percent discount during peak operating periods. Tolls will be collected by the North Texas Tollway Authority.
Cost	$2,615 million (TIFIA eligible project costs)
Funding Sources	Private Activity Bonds (PABs) - $615 million TIFIA loan - $850 million Equity contribution - $664 million Toll Revenues - $17 million Public Funds - $490 million
Project Delivery / Contract Method	DBFOM (design, build, finance, operate and maintain)
Private Partner	LBJ Infrastructure Group, LLC Cintra Concesiones de Infraestructuras de Transporte, S.A. Meridiam Infrastructure Finance Dallas Police and Fire Pension System Other Private Partners: Ferrovial Agroman, S.A. W.W. Webber, Inc. Bridgefarmer & Associates, Inc.
Project Advisors / Consultants	Macquarie Capital (USA) Inc.- Financial Advisor White & Case LLP - Counsel to the Concession Company Bracewell & Giuliani LLP - Counsel to the Concession Company Arup - Sponsor's Traffic Consultant Hatch Mott MacDonald - Lenders' Traffic Advisor To USDOT TIFIA JPO: TIFIA Legal Advisor: Hawkins Delafield & Wood, LLP TIFIA Financial Advisor: Montague DeRose and Associates, LLP/High Street Consulting Group, LLC
Lenders	Bondholders, USDOT TIFIA
Duration / Status	Commercial close (CDA execution) September 4, 2009 Construction began January 18, 2011 Expected completion in early 2016
TIFIA Credit Assistance	Direct loan: $850.0 million. The TIFIA loan will be repaid with project revenues, which include all income, tolls, revenues, rates, fees, charges, rentals, or other receipts derived by or related to the operation of the project.
Financial Status / Financial Performance	TIFIA credit agreement executed on June 21, 2010. Financial close for the PABs occurred on June 22, 2010.
Innovations	When completed, this project will have one of the most comprehensive managed HOV lane systems in the country, deploying Automatic Vehicle Identification (AVI) technology capable of reading the transponders of passing vehicles Innovative financing package includes PABs and TIFIA credit assistance
Related Links / Articles	LBJ Express Project Website TxDOT Project Website TOLLROADSnews Article (June 28, 2010)
Contacts	Gary Moonshower, P.E. Project Manager TxDOT P.O. Box 133067 Dallas, TX 75313-3067 Tel. (214) 320-4489 Andy Rittler Director of Corporate Affairs LBJ Infrastructure Group Tel. (214) 592-3144 info@lbjexpress.com