photo credit: OCTA
| Location | Orange County, California |
|---|---|
| Project Sponsor / Borrower | Orange County Transportation Authority (OCTA) |
| Program Areas |
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| Value Capture Techniques | Sales Tax Districts |
| Mode | Highway / Express Lanes |
| Description | The I-405 Improvement Project in Orange County, CA will add one new general purpose lane along the right shoulder and one new express lane in the median in both directions along a 16-mile segment of I-405 between State Route 73 (SR-73) and Interstate 605. The existing high occupancy vehicle (HOV) lane will be converted to express lane operation to provide two express lanes in each direction. The I-405 Express Lanes will include single-lane direct connector ramps to/from SR-73 to the south and to/from I-605 and SR-22 to the north. The project will also widen and replace 18 bridges, improve auxiliary lanes, relocate utilities, add new sound walls, and incorporate Transportation System Management and Transportation Demand Management strategies. |
| Fiscal Year Approved | Fiscal Year 2017 |
| Cost | $1.908 billion (TIFIA eligible project costs) |
| Funding Sources | Measure M2 sales tax bonds - $891.07 million TIFIA Loan - $628.93 million Measures M2 sales tax revenues - $253.94 million State and federal grants - $135.4 million |
| Project Delivery / Contract Method | Design-build |
| Private Partner | Design-builder - OC 405 Partners. A joint venture of:
In conjunction with subcontractors:
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| Project Advisors / Consultants | To OCTA
To USDOT Build America Bureau
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| Lenders | USDOT TIFIA, Bondholders |
| Duration / Status | OCTA awarded a design-build contract on November 14, 2016, and executed it on January 31, 2017. Construction is expected to start in early 2018 and reach substantial completion by December 2023. |
| TIFIA Credit Assistance | Direct Loan - $628.93 million The TIFIA loan is secured by pledged net toll revenues (gross revenue minus annual O&M expenses). |
| Financial Status | TIFIA credit agreement was signed in July 2017, and will mature in December 2057, 35 years after substantial completion. |
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| Related Links / Articles | |
| Contacts | Andy Oftelie Kirk Avila |
