Orange County, California
|Project Sponsor / Borrower||
Orange County Transportation Authority (OCTA)
|Fiscal Year Approved||Fiscal Year 2017|
Highway / Express Lanes
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.
$1.908 billion (TIFIA eligible project costs)
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-builder - OC 405 Partners. A joint venture of:
In conjunction with subcontractors:
|Project Advisors / Consultants||
To USDOT Build America Bureau
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).
TIFIA credit agreement was signed in July 2017, and will mature in December 2057, 35 years after substantial completion.
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