Charlotte, North Carolina
|Project Borrower / Sponsor||
North Carolina Department of Transportation (NCDOT)
Cintra Infraestructuras, S.A.
Highway / Express Lanes
The I-77 Express Lanes project will add 26 miles of variably priced managed lanes along I-77 and I-277 in Charlotte, North Carolina north through Mecklenburg and Iredell Counties. The project will provide two 17.5-mile express lanes in both directions from I-277 (Brookshire Freeway) near Charlotte Center City to Catawba Avenue in Cornelius and one express lane per direction for an additional eight miles from to NC 150 in Mooresville. At the southern end of the corridor, direct connector ramps will extend the lanes an additional 1.3 miles along I-277.
The project will convert the existing HOV lanes between I-277 to north of I-485 in Huntersville (southbound) and between I-85 and I-485 (northbound) to express toll lane operation. Second express lanes will be constructed on new right-of-way in both directions on this segment. The express lanes north of I-485 will also be built on new capacity. The project will include up to 12 points of access and egress and will utilize all-electronic tolling. The occupancy requirement for free travel on the express lanes will be HOV3+. Motorcycles, buses, and emergency vehicles will also be able to use the lanes at no cost.
The project will enhance mobility and travel time reliability in the I-77 corridor north of Charlotte. This region has experienced significant population growth over the past 25 years, particularly in the communities along the northern portion of the corridor in Iredell County. Population growth in this portion of the region expanded at a rate 50 percent greater than the average state rate between 2000 and 2010. As a result, the I-77 corridor currently experiences significant which would worsen in the absence of the improvements.
Private Activity Bonds (PABs) - $100 million
TIFIA loan - $189 million
Public funding - $94.7 million
Equity contribution - $248 million
Interest income - $0.5 million
Bond premium - $3.6 million
|Project Delivery / Contract Method||
Design-build-finance-operate-maintain Toll Concession (50 years)
I-77 Mobility Partners LLC
Other Private Partners
|Project Advisors / Consultants||
C&M Associates - Concessionaire's Traffic and Revenue Adviser to the Sponsor
To USDOT TIFIA JPO
To the Borrower
Bondholders, USDOT TIFIA
|Duration / Status||
Commercial close was reached on June 26, 2014. Construction began in November 2015 and is expected to be complete in late 2018.
|TIFIA Credit Assistance||
Direct Loan - $189 million
The TIFIA loan is backed by project revenues.
|Financial Status / Financial Performance||
Private Activity Bonds sold on May 13, 2015
TIFIA credit agreement was executed on May 19, 2015
|Related Links / Articles||Executed Comprehensive Agreement|
Louis Mitchell, PE