- Briefing Room
Fulton and DeKalb Counties, Georgia
|Project Sponsor / Borrower||
Georgia Department of Transportation / State Road and Tollway Authority
|Value Capture Techniques||Community Improvement Districts|
The I-285/SR 400 Interchange Reconstruction project involves the construction of direct connector ramps and collector-distributor lanes between I-285 and SR 400 to reduce congestion at a major metropolitan Atlanta interchange carrying over 400,000 vehicles per day. The project has been one of the top transportation priorities in Georgia for years, but was delayed due to a lack of funding. In 2012, the project was included in a group of projects that would have been funded by the Transportation Special Purpose Local-Option Sales Tax (TSPLOST) measure, but Georgians voted overwhelmingly against the initiative. In 2014, the Georgia Department of Transportation (GDOT) opted to procure the project as a design-build-finance (DBF) P3 arrangement. GDOT selected North Perimeter Contractors to design, construct and partially finance the $803 million project in December 2015.
The project will be financed through a mix of sources, including an upfront payment of approximately $231 million by the State Road and Tollway Authority (SRTA) to North Perimeter Contractors before construction begins. This payment will be made using funds from the Perimeter Community Improvement District, state issued bonds, and state motor fuel tax revenue. North Perimeter Contractors will finance the construction of the project with a $458 million tax-exempt loan issued by Bank of America that will mature in 2022. Following the completion of construction, SRTA will make payments to North Perimeter Contractors, with federal funds and state motor fuel tax revenues.
$803 million (total project cost inclusive of planning, preliminary design, environmental approval, right-of-way acquisition, oversight roles, final design, construction, finance charges, utility relocations, construction engineering and inspection, and bonding and insurance)
Post-Construction Payments to North Perimeter Partners
|Project Delivery / Contract Method||
North Perimeter Contractors
|Project Advisors / Consultants||
HNTB - General Engineering Consultant
Ballard Spahr - Legal Advisor
Ernst & Young Infrastructure Advisors - Financial Advisor
Bank of America, Bondholders
|Duration / Status||
Construction is anticipated to begin in late 2016
Construction expected to be complete in mid-2020
Closed. The tax-exempt bank loan was secured on April 14, 2016
|Related Links / Articles||North Perimeter Contractors' Proposal|
Albert "Butch" Welch, P.E.