photo credit: Texas Department of Transportation (TxDOT)
| Location | Austin, Texas Metropolitan Area |
|---|---|
| Project Sponsor / Borrower | Texas Department of Transportation (TxDOT) |
| Program Area |
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| Mode | Toll Highways |
| Description | When the TIFIA loan closed, the Central Texas Turnpike System (CTTS) - now simply referred to as Austin Area Toll Roads - consisted of three contiguous toll highways serving the Austin metropolitan region and the Austin-San Antonio corridor:
SH 130 (Segments 1-4) was procured through Texas' first application of its Exclusive Development Agreement (later Comprehensive Development Agreement) provision, contractual arrangements equivalent to public-private partnerships. In this case, a design-build contract was used to accelerate completion. All three components are open. In November 2006, Loop 1 and portions of SH 45 and SH 130 opened to traffic. The remainder of SH 45 opened in April 2007. All of SH 130 (Segments 1-4) was open by April 2008. SH 130 is 91 miles in total length extending further south and west to I-10. Segments 5 and 6 were constructed under a separate DBFOM (design, build, finance, operate, and maintain) procurement. In August 2012, State Highway 45 Southeast (SH 45 SE) was added to the Central Texas Turnpike System. Service commenced on November 11, 2012. |
| Cost | Total - $3.250 billion
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| Funding Sources | Total - $3.250 billion
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| Project Delivery / Contract Method | SH 45 North - Design-bid-build Loop 1 - Design-bid-build SH 130 (Segments 1-4) - Design-build |
| Private Partner | Lone Star Infrastructure (joint venture of Fluor Corporation, Balfour Beatty Construction and T.J. Lambrecht Co) - SH 130 (Segments 1-4) |
| Project Advisors / Consultants | HDR - Program management PBS&J - GEC Stantec Consulting Services, Inc. - Traffic & Revenue McCall, Parkhurst & Horton, LLP - Bond counsel RBC Capital Markets Corp. - Financial advisor The Bank of New York Mellon Trust - Trustee To USDOT TIFIA JPO
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| Lenders | Bondholders, USDOT TIFIA |
| Duration / Status | All CTTS elements opened between November 2006 and April 2008 |
| TIFIA Credit Assistance | Direct Loan - $917 million approved; however TxDOT only requested $900 million. The DOT had a subordinate lien on gross revenues (i.e., prior to operations and maintenance costs) and the trust estate. Revenues were defined as all income and revenues derived from the operation of the system, including all tolls, any other sources of revenues or funds derived from or attributable to the system, and interest income. |
| Financial Status / Financial Performance | TIFIA credit agreement was signed on July 25, 2002. Of the approximately $2.2 billion in capital market debt, $900 million was issued as low interest BANs maturing in 2007 and 2008. In June 2007, TxDOT used its first draw of TIFIA loan proceeds in the amount of $124,930,000 to retire the 2007 BANs, and subsequently retired $775,070,000 in 2008 BANs with a second draw of TIFIA loan proceeds in June 2008. TIFIA interest payments began in February 2010. On February 15, 2015 the Texas Transportation Commission repaid its $900 million TIFIA loan. The project's strong performance facilitated a refinancing to pay off the TIFIA loan 27 years ahead of schedule. |
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| Contacts | Benjamin Asher |
