- Briefing Room
|Project Sponsor / Borrower||
Delaware Department of Transportation (DelDOT)
This project in Northern Delaware consists of new alignment for US Route 301, a four-lane, limited access toll roadway on new location, extending from existing US 301 at the Maryland/Delaware state line northeast to SR-1 south of the C&D Canal/Roth Bridge, a distance of approximately 12.5 miles. A future Spur Road is planned as a two-lane, limited access roadway on new location, extending from US 301 to the Summit Bridge over the C&D Canal (SR-15/SR-896), a distance of approximately 4.5 miles.
The purpose of the project is to improve safety and relieve congestion in the corridor. The fatality rate on existing US 301 is 60% higher than the statewide average and 70% higher than the national average. Its existing capacity also cannot meet the needs of the region's current and projected future traffic volumes, including a significant number of trucks.
The purpose of the project is to improve safety and relieve congestion in the corridor. The fatality rate on existing US 301 is 60% higher than the statewide average and 70% higher than the national average. Its existing capacity also cannot meet the needs of the region's current and projected future traffic volumes, including a significant number of trucks. The project will serve the northeast corridor of the United States as an alternative to I-95 between the Northern Virginia and Washington, DC area and I-95, I-295, and I-495 south of Wilmington, Delaware. Locally, the project will serve New Castle County, Delaware and Queen Anne's, Kent, and Cecil Counties in Maryland.
DelDOT is constructing the project under seven concurrent contracts over three years.
Toll revenue bonds - $234.3
GARVEE bonds - $125 million
TIFIA loan - $211.2 million
Cash on hand - $11.8 million
|Project Delivery / Contract Method||Design-bid-build|
|Project Advisors / Consultants||
To the Borrower
To USDOT TIFIA JPO
Bondholders, USDOT TIFIA
|Duration / Status||
The TIFIA loan closed on December 3, 2015. Commercial close was reached on December 16, 2015. Construction began February 2016 and is expected to be complete in December 2018.
|TIFIA Credit Assistance||
Direct Loan - $211.235 million
The TIFIA loan will be repaid through US 301 toll revenues and pledged State Transportation Trust Fund revenues.
The TIFIA credit agreement was signed on December 3, 2015. Interest payments on the loan will commence in June 2028 with final maturity occurring no later than December 2053.
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