- Briefing Room
Northwest Austin, Texas
|Project Sponsor / Borrower||
Central Texas Regional Mobility Authority (CTRMA)
183A Toll is an 11.6-mile north-south toll highway through Cedar Park and Leander in Williamson County northwest of Austin, Texas. It was constructed as a four-lane facility with the ability to expand to six lanes. It connects to SH 45 North and existing U.S. 183 at its southern end and extends north to New Hope Road. The project also included frontage roads from just south of New Hope Road (FM 1431) north to the South San Gabriel River.
183A Toll was developed by the state's first Regional Mobility Authority - CTRMA - which was authorized legislatively in 2001 to form at the county level if a regional toll authority did not already exist to construct and operate and maintain toll roads. CTRMA's powers were expanded in 2003 to include the issuance of toll revenue bonds.
183A Toll opened to traffic in March 2007 and to date toll revenues are exceeding expectations. On April 6, 2012, a five-mile northern extension from New Hope Road to the San Gabriel Parkway opened to traffic.
Total - $304.7 million (original section)
Not included in total project cost is capitalized interest of $32.3 million
Senior lien revenue bond proceeds - $177.8 million
TIFIA loan - $66 million (used to retire Bond Anticipation Notes [BANs] in 2008)
State funding grant - $64.7 million
Local ROW contribution - $18.6 million
Investment earnings and accrued interest - $9.5 million
|Project Delivery / Contract Method||
Hill Country Constructors (joint venture of Granite Construction Company and J.D. Abrams, LP) - design-builder
|Project Advisors / Consultants||
HNTB - GEC
Vollmer Associates - Traffic & Revenue
Locke Liddell & Sapp, LLP - General counsel
Vinson & Elkins, LLP - Bond counsel
First Southwest Company - Financial advisor
D. Ladd Pattillo & Associates - Financial advisor
JPMorgan Chase Bank - Trustee
To USDOT TIFIA JPO
Bondholders, USDOT TIFIA
|Duration / Status||
Opened to traffic on March 3, 2007; revenue operation on May 1, 2007.
|TIFIA Credit Assistance||
Direct Loan - $66 million
The TIFIA Loan was secured by a subordinate lien on net toll revenues on CTRMA toll facilities.
|Financial Status / Financial Performance||
TIFIA credit agreement signed on March 2, 2005.
Along with the senior bonds issued at the time of financial closing, CTRMA issued $66 million of low interest BANs with maturity in January 2008. CTRMA had the option of retiring the BANs with draws on the TIFIA loan, additional bonds, or any other funds available; CTRMA chose to draw the full amount of the TIFIA loan to retire the BANs.
Mandatory interest as well as scheduled interest and principal payments began in January 2012. The final maturity of the TIFIA loan was to be January 2042. The loan agreement was retired early when the project prepaid the loan on June 5, 2013.
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