Riverside County, California
|Project Borrower / Sponsor||
Riverside County Transportation Commission (RCTC)
Highway / Managed Lanes
SR 91 is a heavily traveled east-west corridor through Riverside and Orange Counties, California. Currently, SR 91 includes two tolled express lanes in each direction in Orange County from the Riverside County line 10 miles west to Anaheim. They are managed by the Orange County Transportation Authority. The SR 91 Corridor Improvement Project will extend the tolled express lanes east into Riverside County from the Orange County line to I-15, a distance of approximately eight miles, replacing the existing HOV lanes. The project will also add one general purpose in each direction and make improvements to bridges and interchanges, including the addition of auxiliary or merge lanes for improved access. Direct connectors to/from the express lanes to I-15 south of SR 91 are also included.
The new SR 91 express lanes will use the same all electronic tolling system, toll operator, and congestion pricing scheme as the existing SR 91 express lanes in Orange County. Vehicles with three or more passengers will be able to use the express lanes for free or at a discount depending on the time and day of use. Pricing will be adjusted quarterly based on express lane toll volume. The project will ease congestion and improve long-term efficiency, cost, and reliability of goods movement in the region.
$1,311.7 million (TIFIA eligible costs are $1,279.1 million)
TIFIA loan - $421.1 million
|Project Delivery / Contract Method||Design-build|
Design-builder - Atkinson Contractors/Walsh Construction Company joint venture
|Project Advisors / Consultants||
WSP | Parsons Brinckerhoff - NEPA/Technical Advisor
To the Borrower
To USDOT TIFIA JPO
|Duration / Status||RCTC executed the design-build contract on May 8, 2013. Construction commenced in early 2014, and the new lanes are expected to open in January 2017.|
|TIFIA Credit Assistance||
Direct Loan - $417.9 millionThe loan period is 35 years from substantial completion at 3.47% interest. Toll revenues, net of operating and maintenance expenses, have been pledged to repay the toll-backed debt, including the senior debt and the TIFIA loan. Under the Master Indenture, RCTC will be required to set toll rates and charges at levels that will generate net revenues sufficient to cover debt service on the Senior Toll Revenue Bonds by 1.50x and debt service on all toll revenue bonds, including the TIFIA loan at 1.30x. A reserve fund of $20 million will be dedicated solely to payment of the TIFIA loan from the proceeds of the sale of excess right-of-way property. The loan covers 32.9 percent of the eligible project costs.
|Financial Status||TIFIA credit agreement executed on July 2, 2013.|
|Related Links / Articles||SR 91 Project Website|
Theresia Trevino, Chief Financial Officer