Project Profile: I-15 Express Lanes Project

I-15 Express Lanes Project

photo credit: RCTC

Location

Riverside County, California

Project Sponsor / Borrower

Riverside County Transportation Commission (RCTC)

Program Areas

Alternative Project DeliveryProject FinanceTolling and PricingValue CaptureTIFIA

Fiscal Year Approved Fiscal Year 2017
Mode

Highway / Express Lanes

Description

The I-15 Express Lanes project will add two tolled express lanes in each direction on a 14.6-mile section of Interstate 15 in Riverside County, California between the Cajalco Road interchange near the City of Corona to just south of the SR 60 interchange near the San Bernardino/Riverside county line. I-15 is a major north-south truck/passenger route that linking Los Angeles and Orange Counties in Southern California and providing onward connections to Las Vegas and points beyond. I-15 also provides access to major east-west limited access highways including SR-91, SR-60, I-10, and SR-74.

The project will add the new express lanes in the median of I-15 and will install retaining walls, storm water runoff treatment services, 11 bridge widenings, tie-ins to the existing travel lanes, an electronic toll collection system, a customer service center and a traffic management system. The project is designed to improve congestion levels and travel times in the I-15 corridor and expand travel choices. It will also provide direct access to the 91 Express Lanes extension in Riverside County, the first intersection of two major express lane corridors in Southern California. By reducing congestion on I-15, the project will also minimize traffic diversions to local roadways and manage projected growth in traffic.

Cost

$461.3 million (TIFIA eligible project costs)

Funding Sources

TIFIA Loan - $152.2 million

Measure A sales tax bonds - $114.2 million

CMAQ Contribution - $110.0 million

Measure A sales tax revenues - $93.8 million

Interest income - $0.8 million

Project Delivery / Contract Method

Design-build

Private Partner

Design-builder - Skanska-Ames joint venture

  • Skanska USA Civil West California District, Inc.
  • Ames Construction, Inc.
  • AZTEC - Lead designer
Project Advisors / Consultants

To RCTC

  • Legal Advisor - Best, Best & Krieger LLP
  • Bond Counsel - Orrick, Herrington & Sutcliffe LLP
  • Financial Advisor - Fieldman, Rolapp & Associates
  • Traffic and Revenue Advisor - Stantec Consulting Services Inc.
  • Independent Engineer - Parsons Transportation Group Inc.

To USDOT Build America Bureau

  • Financial Advisor - IMG Rebel
  • Traffic and Revenue Advisor - IMG Rebel
  • Legal Advisor - Skadden, Arps, Slate, Meagher & Flom LLP
Lenders

USDOT TIFIA, Bondholders

Duration / Status

RCTC awarded the design-build contract on April 12, 2017. Construction is expected to begin in 2018, with substantial completion estimated by mid-2020.

TIFIA Credit Assistance

Direct Loan - $152.2 million

The TIFIA loan will be repaid through a pledge of the project's gross toll revenues.

Financial Status

TIFIA credit agreement was signed on July 20, 2017, and will mature no later than June 1, 2056 or 35 years after substantial completion.

Innovations
  • The Measure A ½-cent local option sales tax raised $1 billion in transportation improvement funding for Riverside County between 1989 and 2009. The measure was renewed in 2002, extending its collection through 2039.
Related Links / Articles

RCTC Project Website

Skanska-Ames Project Website
Contacts

John Standiford
Deputy Executive Director
RCTC
Tel: (951) 787-7141
jstandiford@rctc.org

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