Here's the newest edition of the TIFIA Times, your e-mail newsletter concerning the US Department of Transportation's credit program for large-scale surface transportation projects. We encourage you to share this newsletter with your associates throughout the transportation finance community.
On March 2, 2005, the TIFIA JPO closed a $66 million TIFIA secured loan for the 183-A Turnpike project in Austin, TX. The borrower is the Central Texas Regional Mobility Authority (CTRMA), a new public entity formed to provide local control over the planning, development and financing of toll roads and leverage limited transportation dollars to fund major transportation improvements. The interest rate on the loan is 4.69 percent.
The loan proceeds will be used to help finance the design and construction of a new 11.6-mile controlled access north-south tolled highway in the Austin area. The 183-A Turnpike is a key component of the integrated Central Texas Turnpike System that will alleviate congestion and improve safety in a region of the country that consistently ranks as one of the most congested.
The current estimated project cost (including preliminary engineering, development costs, construction and financing) for the 183-A Turnpike is $331 million. The project is being funded from a combination of tax-exempt senior lien debt, short-term Bond Anticipation Notes (BANS), the TIFIA loan, equity commitments from the Texas Department of Transportation, and local contributions for right-of- way. The TIFIA loan proceeds will be used to refinance the $66 million in BANS after substantial completion of the project. The financial close for the senior lien bonds and the BANs will be on March 2.
The mailing address for the TIFIA Credit Program is:
Federal Highway Administration (HABF-50)
400 Seventh Street, S.W.
Washington, DC 20590
Please e-mail your comments or inquiries regarding this newsletter or the TIFIA program to: Duane.Callender@fhwa.dot.gov.
TIFIA Credit Program
US Dept. of Transportation