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Project Profile: I-93 Reconstruction: Salem to Manchester

I-93 Reconstruction: Salem to Manchester

photo credit: New Hampshire Department of Transportation (NHDOT)


Southern New Hampshire

Project Sponsor / Borrower

State of New Hampshire / New Hampshire Department of Transportation (NHDOT)

Program Areas

Project FinanceTolling and PricingTIFIA




The I-93 Improvements from Salem to Manchester project involves the reconstruction and widening of a 19.8-mile segment of I-93 in southern New Hampshire from the Massachusetts state line in Salem to the I-293 interchange in Manchester. The highway currently provides two lanes in each direction and will be expanded to four travel lanes in each direction. The project also includes interchange reconstruction and reconfiguration, bridge replacements, the addition of three new park-and-ride lots, expanded commuter bus service to Boston, and enhanced Intelligent Transportation Systems (ITS).

The project has long been designated as the state's number one priority transportation improvement project. According to NHDOT, this project is one of the most ambitious ever undertaken in New Hampshire and is needed to reduce congestion and improve safety. The original section of the highway was built in the early 1960s to accommodate 60,000 to 70,000 vehicles per day. In 1997, average traffic volumes were in excess of 100,000 vehicles per day in Salem, with segments between certain interchanges carrying up to 80,000 vehicles per day. Projections indicate that traffic will increase to 140,000 vehicles per day in Salem by 2020.

NHDOT is constructing the project in eight discrete segments and will use a TIFIA loan to advance the construction of remaining elements of the mainline reconstruction.


$811.7 million

Funding Sources

Federal funding - $355.9 million

GARVEE bonds - $193.8 million

TIFIA loan - $200.0 million

State Highway Funds - $28.0 million

Turnpike Toll Credits - 34.0 million

Project Delivery / Contract Method


Private Partner


Project Advisors / Consultants


  • Financial Advisor - Public Resources Advisory Group
  • Legal Advisor - Locke Lord LLP


  • TIFIA Financial Advisor - Deloitte
  • TIFIA Legal Advisor - Bryant Miller Olive

Bondholders (GARVEEs), USDOT TIFIA

Duration / Status

Construction began in 2006 and is anticipated to be substantially complete by 2020. Sixteen construction contracts are complete as of July 2017, and a remaining five are under construction.

TIFIA Credit Assistance

Direct Loan - $200 million.

The TIFIA loan will be repaid through incremental gas tax revenues and a General Obligation pledge of the state.

Financial Status

Initial $80.0 million GARVEE bond transaction issued November 4, 2010. Second $98.25 million GARVEE issuance May 16, 2012.

The TIFIA credit agreement was signed on May 24, 2016. Interest-only TIFIA loan repayments began in 2016, and interest and principal repayments begin in 2025, with final maturity in 2034.

  • For its first GARVEE issuance in 2010, New Hampshire issued $20,040,000 2010 Series A Bonds as "Build America Bonds" pursuant to the American Recovery and Reinvestment Act of 2009 (ARRA) and will receive subsidy payments from the U.S. Treasury equal to 35 percent of the taxable interest the state pays on them. The state of New Hampshire issued its $59,960,000 2010 Series B Bonds as "Recovery Zone Economic Development Bonds" pursuant to ARRA and will receive payments from the Treasury equal to 45 percent of the taxable interest paid by the state.
  • The state has committed to spending TIFIA debt service savings on statewide rural projects.
Related Links / Articles

I-93 Project Website

NH Statute 228 A - Federal Grant Anticipation Bonds


Marie Mullen, Director of Finance
New Hampshire Department of Transportation
Tel: (603) 271-6829

William Dwyer, Treasurer
State of New Hampshire
Tel: (603) 271-2621

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