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Project Profiles

Triangle Expressway

Location

Raleigh-Durham, North Carolina

Project Sponsor / Borrower

North Carolina Turnpike Authority (NCTA)

Program Areas

Alternative Project DeliveryProject FinanceTIFIARevenue - Road Pricing Revenue

Mode

Toll Highway

Description

The 18.8-mile Triangle Expressway provides congestion relief on existing north-south routes serving the Research Triangle Park (RTP) region (including I-40) between Raleigh and Durham, as well as improves commuter mobility, accessibility and connectivity to the RTP employment center. The tolled highway comprises three sections:

  • Phase 1 - 2.8 miles of NC 540 from NC 54 to NC 55 near Morrisville, constructed by North Carolina DOT with Surface Transportation Program (STP) funds and opened to traffic in 2007 (but not tolled until August 2012), and 3.4 miles of NC 147 from I-40 south to the interchange with NC 540 (opened in December 2011 and tolled in January 2012)
  • Phase 2 - 6.6 miles of NC 540 from the southern terminus of Phase 1 at NC 55 to U.S. 64 (opened and tolled in August 2012)
  • Phase 3 - 6 miles of NC 540 from the southern terminus of Phase 2 at U.S. 64 to NC 55 Bypass near Holly Springs (opened in December 2012 and tolled in January 2013)

Cost

$1,134.8 million

Funding Sources

Toll revenue bonds - $270.1 million

Federal Funds - $86.3 million

State-backed bonds - $352 million

TIFIA loan - $386.7 million

State Funds - $108 million

Project Delivery / Contract Method

Design-build

Private Partner

Design-builder (Phase 1 - NC 147) - S.T. Wooten

Design-builder (Phases 2 and 3) - Raleigh-Durham Roadbuilders (joint venture of Archer Western Contractors, Granite Construction Company)

  • The LPA Group - Lead design consultant
  • Volkert & Associates, Inc. - Construction engineering inspection services

Project Advisors / Consultants

NCDOT Alternative Delivery Unit (now Design Build Group)

HNTB - GEC

PBS&J (now Atkins) - Toll technology

PFM Group/Davenport & Company - Financial advisors

Womble Carlyle - Bond counsel

Wilbur Smith Associates (now CDM Smith) - Traffic & Revenue

Wells Fargo - Bond trustee

Merrill Lynch - Bond underwriters

To USDOT TIFIA JPO

  • TIFIA Legal Advisor - Nixon Peabody
  • TIFIA Financial Advisor - Infrastructure Management Group

Lenders

Bondholders, USDOT TIFIA

Duration / Status

All phases were complete by December 2012.

TIFIA Credit Assistance

Direct Loan - $386.7 million

The TIFIA loan was issued on a subordinate basis to the senior lien toll revenue bonds.

Financial Status / Financial Performance

TIFIA credit agreement signed on July 10, 2009

Financial close on July 29, 2009

The TIFIA loan was issued on a subordinate basis to the senior lien toll revenue bonds with an interest rate of 4.25 percent. The first interest payment was scheduled for January 2015. Partial principal repayments began in January 2016. Loan amortization begins in January 2025. The final maturity of the TIFIA loan is June 2043. Debt service reserve funds are in place for both the senior bonds and the TIFIA loan.

Innovations

  • Largest transportation infrastructure project in North Carolina history
  • All-electronic, cashless/video tolling

Related Links / Articles

NCTA Project Website

Engineering Report (Mar. 20, 2009)

NCDOT Design-Build Group

Contacts

NCDOT Communications Office

Tel: (919) 707-2660

Federal Highway Administration | 1200 New Jersey Avenue, SE | Washington, DC 20590 | 202-366-4000
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