Project Profiles

Project Sponsor / Borrower

Texas Department of Transportation (TxDOT)
NTE Mobility Partners, LLC (the Concession Company and TIFIA borrower)

Fiscal Year Approved

Fiscal Year 2009

Mode

Highway / Managed Lanes

Description

On June 23, 2009, TxDOT awarded two Comprehensive Development Agreements (CDAs - equivalent to public-private partnerships) for the North Tarrant Express project to NTE Mobility Partners. The Concession CDA for Phase 1 includes the design, development, construction, finance, maintenance, and operation of 13 miles along Interstate (IH) 820 and State Highway (SH) 121/SH 183 from IH 35W to SH 121, from north of Fort Worth to just southwest of Dallas-Fort Worth International Airport. The duration of the concession is 52 years.

The existing highway includes two general purpose lanes in each direction. Proposed improvements include three general purpose lanes in each direction with two managed lanes in each direction for a total of ten lanes with frontage roads for future traffic volumes.

The CDA for Segments 2-4 includes developing master plans for the remainder of the corridors along SH 183 from SH 121 to SH 161, IH 820 east from SH 121/SH 183 south to Randol Mill Road, and along IH 35W from IH 30 to SH 170 in Tarrant and Dallas counties, as well as other facilities for connectivity, safety, and financing.

When all phases are completed, the Project will comprise 36 miles of managed lanes.

Cost

$2,047 million

Funding Sources

Phase 1:

Private Activity Bond Proceeds - $398 million

TIFIA Loan - $650 million

Public Funds - $573 million

Equity Contribution - $426 million

Total does not include TIFIA capitalized interest of $54 million

Project Delivery / Contract Method

DBFOM (design, build, finance, operate, and maintain)

Private Partner

NTE Mobility Partners, LLC (the Concession Company)

• Cintra Concesiones de Infraestructuras de Transporte, S.A.
• Meridiam Infrastructure
• Dallas Police and Fire Pension System

• Ferrovial Agromán S.A.
• W.W. Webber, LLC
• Earth Tech, Inc.
• Maunsell Australia Proprietary Limited
• Aguirre & Fields, LP
• Ross Communications
• CSJ Engineering Assoc.

Project Advisors / Consultants

J.P. Morgan Securities, Inc. - Financial Advisor

Macquarie Capital (USA) Inc.- Financial Advisor

White & Case LLP - Counsel to the Concession Company

Bracewell & Giuliani LLP - Counsel to the Concession Company

AECOM Enterprises - Sponsor's Traffic Consultant

Hatch Mott MacDonald - Lenders' Traffic Advisor

CH2M Hill, Inc. - Independent Engineer

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) on June 23, 2009
Construction began in October 2010; expected completion in 2015

TIFIA Credit Assistance

Direct Loan: $650.0 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 was executed on December 16, 2009
Financial close occurred on December 17, 2009

A cash-funded debt service reserve will be available for the senior lien bonds and TIFIA.

Innovations

• When completed, this project will have a state-of-the-art electronic toll collection system with open architecture, ensuring a seamless, free flow operation of the managed lanes.
• Innovative financing package including PABs and TIFIA credit assistance. Only the second PABs issuance ever under the $15 billion of authority provided to DOT by SAFETEA-LU.
• The first transportation infrastructure project in the US to reach financial close with direct investment by a pension fund.

Related Links / Articles

TxDOT Project Website

NTE Mobility Partners Project Website

Contacts

Mohammad Al Hweil, P.E.
TxDOT North Tarrant Express Project Manager
Tel: (817) 370-3512

Belen Marcos
Chief Executive Officer, NTE Mobility Partners LLC
Tel: (817) 710-0503