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Project Profile: Monroe Expressway

Monroe Expressway

photo credit: NCDOT

Location

Mecklenburg and Union Counties, North Carolina

Project Sponsor / Borrower

North Carolina Turnpike Authority/North Carolina Department of Transportation

Program Areas

Alternative Project DeliveryProject FinanceTolling and PricingTIFIA

Mode

Toll Highway

Description

The Monroe Expressway will be a new 20-mile toll road from US 74 near I-485 in Mecklenburg County to US 74 in Union County. The facility will run roughly parallel to US 74, creating a high-speed alternative to the commercial corridor along US 74. The facility will include an all-electronic toll system.

The project includes one mile of improvement to the existing US 74, including expansion to six lanes and addition of frontage roads. The new toll road will include four travel lanes, a depressed grass median, and eight interchanges (six along the new facility, and two along existing US 74). The project is the combination of two projects previously analyzed by the North Carolina Department of Transportation; the Monroe Connector (I-485 to US 601) and the Monroe Bypass (US 601 to US 74).
Cost

$800.0 million

Funding Sources

TIFIA loan - $166.5 million

Appropriation bonds - $467.1 million

Toll revenue bonds - $144.4 million

NCDOT State Highway Trust Fund - $22.0 million

Project Delivery / Contract Method

Design-build

Private Partner

Monroe Bypass Constructors (design-builder)

  • United Infrastructure
  • Boggs Materials
  • Anderson Columbia
Project Advisors / Consultants

To North Carolina Turnpike Authority

  • Financial Advisor - Public Financial Management, Inc.
  • Legal Advisor - Hunton & Williams LLP

To USDOT Build America Bureau

  • TIFIA Financial Advisor - The Louis Berger Group, Inc.
  • TIFIA Legal Advisor - Nixon Peabody LLP
Lenders

USDOT TIFIA, Bondholders

Duration / Status

In August 2014, the North Carolina Department of Transportation began project right-of-way acquisition, permitting, and final design.

Construction began in May 2015. Expected completion is late 2018.

TIFIA Credit Assistance

Direct loan: $166.5 million.

The TIFIA loan will be repaid with gross toll revenues generated from the project.

Financial Status

Appropriation, Turnpike Revenue, and GARVEE bonds were sold in November and December 2011.

The TIFIA loan agreement was signed on January 31, 2017 and is expected to mature in 2053.

Innovations
  • Design-build team began construction work before completion of all design work to mitigate construction related delays related to changes in design.
Related Links / Articles

Monroe Expressway Project Website

Contacts

North Carolina Department of Transportation
General project information
Tel: (800) 475-6402

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