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Project Profile: SR 91 Corridor Improvement Project

SR 91 Corridor Improvement Project

photo credit: Riverside County Transportation Commission


Riverside County, California

Project Borrower / Sponsor

Riverside County Transportation Commission (RCTC)

Program Areas

Alternative Project DeliveryProject Finance Tolling and PricingValue CaptureTIFIA

Value Capture Techniques Sales Tax Districts

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)

Funding Sources

TIFIA loan - $421.1 million

Local Funds

  • Senior toll revenue bonds - $174.2 million
  • Measure A sales tax bonds - $500.5 million
  • Measure A sales tax revenues - $208.1 million
  • Other - $2.0 million
  • Investment Earnings - $5.8 million
Project Delivery / Contract Method Design-build
Private Partner

Design-builder - Atkinson Contractors/Walsh Construction Company joint venture

  • Lead designer - URS
  • Design-build Project Manager and Right-of-Way Acquisition - Parsons Transportation Group
  • Operations and Maintenance - Cofiroute USA LLP
Project Advisors / Consultants

WSP | Parsons Brinckerhoff - NEPA/Technical Advisor

To the Borrower

  • Financial Advisor - Fieldman Rolapp & Associates
  • Underwriter - Goldman Sachs
  • Underwriter - Bank of America Merrill Lynch
  • Bond Counsel - Orrick, Herrington & Sutcliffe LLP
  • Legal Advisor - Nossaman LLP
  • Legal Advisor - Best Best & Krieger LLP
  • Traffic and Revenue - Stantec Consulting Services


  • TIFIA Legal Advisor - Nixon Peabody LLP
  • TIFIA Financial Advisor - Infrastructure Management Group, Inc.
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 million

The 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.
  • Significant RCTC "equity contribution" through its Measure A local sales tax program to support the financial planning and affordability of the Project.
Related Links / Articles SR 91 Project Website

Theresia Trevino, Chief Financial Officer
Riverside County Transportation Commission
Tel: (951) 787-7141

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