|Project Borrower / Sponsor||State Road and Tollway Authority (SRTA)/Georgia Department of Transportation (GDOT)|
|Fiscal Year Approved||Fiscal Year 2014|
|Mode||Highway / Managed Lanes|
The Northwest Corridor project, formerly known as the West by Northwest Corridor project, extends along 29.7 miles of I-75 and I-575 and includes the following components:
The proposed managed lanes will provide reliable travel times through the use of dynamic, congestion-based tolling to maintain vehicle speeds above 45 miles per hour (mph) on the Project. Registered transit vehicles, including vanpools and buses, will not be charged a toll to use the managed lanes.
The project is a collaborative effort between the Georgia Department of Transportation and the State Road and Tollway Authority. GDOT is overseeing the design and construction of the facility and will be responsible for the long-term operation and maintenance of the highway. SRTA, the TIFIA borrower, will be responsible for the tolling operations, tolling gantries and equipment, and communicating with customers about tolls as well as issuing the toll revenue bonds.
The managed lanes will be constructed under a Design-build-finance (DBF) agreement between a private developer and SRTA. In July 2013, the Northwest Express Roadbuilders - a joint venture between Archer Western Contractors, Hubbard Construction Company, and Parsons Corporation - was selected through a competitive procurement process to be the developer. The developer is required to finance a minimum of 10 percent of the design-build contract amount.
|Cost (Eligible Project Costs)||$833.7 million|
State motor fuel taxes - $232.9 million
|Project Delivery / Contract Method||Design-build-finance|
Northwest Express Roadbuilders
|Project Advisors / Consultants||
To the Borrower and Sponsor
To USDOT TIFIA JPO
|Lenders||Bondholders, USDOT TIFIA|
|Duration / Status||
GDOT and SRTA selected Northwest Express Roadbuilders as its DBF partner in July 2013.
Design began in December 2013 and construction began in October 2014. Project completion and the commencement of tolling operations are scheduled for spring/summer 2018.
|TIFIA Credit Assistance||
Direct Loan - $275.00 million
The final maturity date of the TIFIA loan is January 2053.
The TIFIA loan is secured by a gross pledge of toll revenues generated by the Project, subordinated in the cash flow to the First Lien obligations. It is expected that following substantial completion, SRTA will issue First Lien Toll Revenue Bonds in the amount of $10.0 million, which, combined with additional public funds from GDOT, will be used to complete the permanent financing for the Project and refund the $59.9 million interim Developer financing.
TIFIA credit agreement was executed on November 14, 2013.
|Related Links / Articles|
John D. Hancock, P.E.