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Project Profiles

LA 1 Improvements

Location

Leeville, Louisiana

Project Sponsor / Borrower

Louisiana Department of Transportation and Development (LADOTD)

Louisiana Transportation Authority (LTA)

Program Areas

Project FinanceTIFIARevenue - Road Pricing Revenue

Fiscal Year Approved

Fiscal Year 2005 , Refinanced Fiscal Year 2014

Mode

Toll Highway

Description

Phase I of the LA 1 Improvements project includes the development and construction of a fully-access controlled, elevated toll highway on a new location.  This toll-financed project located in the State of Louisiana, consists of a two-lane bridge over Bayou Lafourche with interchanges and connection roads immediately north and south of Leeville and includes a two-lane bridge from Leeville South to Port Fourchon on a location that parallels Louisiana Highway 1.

The existing LA 1 required replacement because of subsidence, erosion, and frequent storm damage. In the event of hurricanes, LA 1 is the only highway evacuation route for Port Fourchon and Grande Isle, both of which suffered extensive damage from Hurricanes Katrina and Rita in 2005.
The project was constructed in phases:

  • Phase 1A: Fourchon to Leeville Bridge - Approximately 7 miles, 40-foot wide, two-lane elevated highway south of Leeville Bridge to LA 3090 in Port Fourchon. (Open to traffic)
  • Phase 1B: Leeville Bridge Approaches and Connector - Two-lane interchanges and connector roads north and south of the Leeville Bridge. (Open to traffic)
  • Phase 1C: Leeville Bridge Replacement - Two-lane, fixed-span, high-level bridge (Tomey J. Doucet Bridge) over Bayou Lafourche. (Open to traffic)
  • Phase 1D: Customer service center, kiosk network, open-road tolling equipment and intelligent transportation systems (ITS). (Completed)

Cost

Phase 1: $371.6 million

Original Funding Sources

Total Phase 1 cost is $371.6 million:

  • Senior revenue bonds - $70.4 million (Redeemed on November 15, 2013)
  • TIFIA Loan - $66 million (Redeemed on November 15, 2013)
  • Federal Formula Funds - $42.6 million
  • Federal Earmarks - $81.6 million
  • State TTF - $12.9 million
  • State GO Bonds - $60 thousand
  • State General Fund Surplus - $63 million
  • CIAP Funds - $35 million

Project Delivery / Contract Method

Phase 1: One design contract and four design-bid-build-construction contracts.

Private Partner

None

Project Advisors / Consultants

To Project:

  • Traffic & Revenue Advisory Services: Wilbur Smith Associates
  • Traffic & Revenue Advisory Services:   URS

To USDOT TIFIA JPO:

  • Original Financial Advisor: Scully Capital Services, Inc.
  • Original Legal Advisor: Ballard Spahr
  • Refinancing Financial Advisor: Scully Capital Services, Inc.
  • Refinancing Legal Advisor - Baker Botts

Lenders

Bondholders, USDOT TIFIA

Duration / Status

Phase 1 construction began in March 2006 and was completed in December 2011.

TIFIA Credit Assistance

Original Direct Loan: $66 million

All project debt will be repaid from toll revenues. The financial plan shows TIFIA principal and interest payments beginning in 2013 with final payment in 2040.

Refinanced Direct Loan: $122 million

All project debt will be repaid from State appropriations subject to the terms of Cooperative Endeavor Agreement between LTA and the State of Louisiana. The financial plan shows TIFIA principal and interest payments beginning in 2014 with final payment in 2046.

Financial Status / Financial Performance

Original TIFIA credit agreement signed in May 2005
Along with the $95 million in senior revenue bonds issued at the time of the closing of the TIFIA loan, LTA issued $66 million of low interest Bond Anticipation Notes (BANs) that matured in 2009. When the BANs became due, LTA drew down the TIFIA Loan to repay the BANs. The total amount of the TIFIA Loan, $66 million, was drawn in August, 2009.

Refinancing - TIFIA credit agreement signed on November 6, 2013.  LTA also issued $51.53 million in public bonds at the time of the TIFIA Loan closing, which with the TFIA loan was used to redeem the original outstanding debt. 

Innovations

The project is designed so that major portions can be constructed using "end-on-end" construction methods to protect sensitive wetlands and marshes. A movable truss and crane system obviates the need for conventional temporary haul roads and construction pads.

Related Links / Articles

Project Website

LA 1 Coalition

GeauxPass Toll Information

TOLLROADSnews Article (Aug. 17, 2009)

Contacts

Michael Bridges
LADOTD
michael.bridges@la.gov