Project Profile: Triangle Expressway

photo credit: North Carolina DOT

Location	Raleigh-Durham, North Carolina
Project Sponsor / Borrower	North Carolina Turnpike Authority (NCTA)
Program Areas
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 885 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