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Project Profiles

Northwest Corridor Project
Location Atlanta, Georgia
Project Borrower / Sponsor State Roadway and Toll Authority (SRTA)/Georgia Department of Transportation (GDOT)
Program Areas Project DeliveryProject FinancePublic Private Partnerships
TIFIARevenue - Road Pricing Revenue
Fiscal Year Approved Fiscal Year 2014
Mode Highway / Managed Lanes
Description

The Northwest Corridor project, formerly known as the West by Northwest Corridor project, extends along 29.7 miles of I-75 and I-575 and includes the following components:

  • The extension of managed lanes from the current end of the high occupancy vehicle (HOV) lanes along I-75 at Akers Mill Road south of I-285
  • Two reversible tolled managed lanes to the west of the existing general purpose lanes along I-75 between I-285 north and I-575
  • One reversible tolled managed lane in the median along I-75 between I-575 and Hickory Grove Road and along I-575 to Sixes Road

The proposed managed lanes will provide reliable travel times through the use of dynamic, congestion-based tolling to maintain vehicle speeds above 45 miles per hour (mph) on the Project. Registered transit vehicles, including vanpools and buses, will not be charged a toll to use the managed lanes.

The project is a collaborative effort between the Georgia Department of Transportation and the State Road and Tollway Authority.  GDOT is overseeing the design and construction of the facility and will be responsible for the long-term operation and maintenance of the highway. SRTA, the TIFIA borrower, will be responsible for the tolling operations, tolling gantries and equipment, and communicating with customers about tolls as well as issuing  the toll revenue bonds.

The managed lanes will be constructed under a Design-Build-Finance (DBF) agreement between a private developer and SRTA. In July 2013, the Northwest Express Roadbuilders – a joint venture between Archer Western Contractors, Hubbard Construction Company, and Parsons Corporation - was selected through a competitive procurement process to be the developer.  The developer is required to finance a minimum of 10 percent of the design-build contract amount.

Cost (Eligible Project Costs) $833.7 million
Funding Sources

State motor fuel taxes - $232.9 million
TIFIA loan - $275.0 million
GDOT  program funds (Federal and State) - $265.9 million

Developer Financing  - $59.9 million (to be repaid by the state with $10.0 million in toll revenue bonds and motor fuel tax revenues)
Project Delivery/Contract Method Design-Build-Finance
Private Partner

Northwest Express Roadbuilders

  • Archer Western Contractors
  • The Hubbard Group
  • Parsons Corporation
Project Advisors/Consultants

To the Borrower and Sponsor:

  • Financial Advisors: Public Resources Advisory Group (PRAG) and Ernst & Young Infrastructure Advisors
  • Legal Advisors: Greenberg Taurig  LLP and Sutherland Asbill & Brennan LLP
  • Technical Advisor: HNTB
  • Traffic & Revenue Advisor: Stantec

 
To USDOT TIFIA JPO:

  • TIFIA Legal Advisor: Squire Sanders LLP
  • TIFIA Financial Advisor: Taylor-DeJongh
Lenders Bondholders, USDOT TIFIA
Duration/Status

GDOT and SRTA selected Northwest Express Roadbuilders as its DBF partner in July 2013.

Design and construction are expected to start in December 2013.  Project completion and the commencement of tolling operations are scheduled for April 2018.

TIFIA Credit Assistance

Direct loan: $275.00 million

The final maturity date of the TIFIA loan is January 2053. 

The TIFIA loan will be secured by a gross pledge of toll revenues generated by the Project, subordinated in the cash flow to the First Lien obligations. It is expected that following substantial completion, SRTA will issue First Lien Toll Revenue Bonds in the amount of $10.0 million, which, combined with additional public funds from GDOT, will be used to complete the permanent financing for the Project and refund the $59.9 million interim Developer financing.

Financial Status

TIFIA credit agreement was executed on November 14, 2013.

Innovations
  • Design-build-finance method of delivery
  • Incorporation of life-cycle cost reduction into the design and construction of the project, which will lead to delivery of a higher quality transportation project that has lower life-cycle costs.
Related Links/Articles GDOT Northwest Corridor Website
Contacts John D. Hancock, P.E.
Assistant State Innovative Program Delivery Engineer
GDOT Office of Innovative Program Delivery
(404) 631-1315
georgiaP3nwc@dot.ga.gov