photo credit: Grand Parkway Infrastructure, LLC
| Location | Houston Metropolitan Region, Texas |
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| Project Sponsor / Borrower | Texas Department of Transportation Grand Parkway Transportation Corporation |
| Program Areas |
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| Value Capture Techniques | Transportation Corporations |
| Mode | Toll Highway |
| Description | The Grand Parkway (State Highway 99) Segments H & I Project is a 43-mile segment of the planned 184-mile circumferential Grand Parkway toll highway around the Greater Houston Metropolitan Region. The Grand Parkway is divided into 11 segments in all (A through I-2). The highway connects State Highway 146 in Galveston County to State Highway 146 in Baytown and crosses seven counties: Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, and Montgomery. The route aims to improve connectivity across the existing network, reduce congestion and unsafe "stop-and-go" conditions, and accommodate the metro area's demographic and economic growth. Segments H and I are in the northeast quadrant of the route, extending in a clockwise fashion from Grand Parkway Segments D-G, which were constructed between 2013 and 2016 and added 53 miles along the northwest quadrant of the Grand Parkway alignment. Segments H and I consist of 43 miles of tollway, tolling equipment upgrades, and other improvements:
Segment H also includes the option of widening 7.9 miles of the Grand Parkway alignment from two to four lanes between I-69/US 59 North and Huffman-Cleveland Road, near the Galveston Bay estuary. The widening work is known as the H West Option. The Texas Department of Transportation (TxDOT) has executed a contract with a design-build joint venture team, Grand Parkway Infrastructure (GPI), who will construct Segments H and I and be responsible for maintaining portions of the project through a Capital Maintenance Agreement. Financing for the project is the responsibility of the Grand Parkway Transportation Corporation (GPTC) a public, nonprofit corporation created in April 2013 to act on behalf of the Texas Transportation Commission and lead the effort to finance, build and operate certain segments of the Grand Parkway, including Segments H and I. Project financing consists of proceeds from toll revenue bonds as well as bond anticipation notes to be replaced by a TIFIA loan following construction. |
| Cost | $1.816 billion (total project cost including capital costs, agency oversight, and financing costs) $1.285 billion (total capital costs)
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| Funding Sources | Series 2018A subordinate tier toll revenue bonds (supported by a toll equity loan agreement [TELA] with TxDOT) - $712.1 million Series 2018A bond issue premium - $98.1 million Series 2018B subordinate tier toll revenue put bonds (TELA supported) - $166.525 million Series 2018B bond issue premium - $20.6 million Bond Anticipation Notes (to be taken out by TIFIA loan proceeds following construction) - $605.33 million Bond Anticipation Note issue premium - $63.2 million Series 2013E subordinate taxable series bonds - $150 million |
| Project Delivery / Contract Method | Design-build with maintenance contract |
| Private Partners | Design-Builders - Grand Parkway Infrastructure, LLC
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| Project Advisors / Consultants | To Grand Parkway Transportation Corporation
To USDOT Build America Bureau
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| Lenders | Bondholders, USDOT Build America Bureau (TIFIA) |
| Duration / Status | Contract executed with GPI June 30, 2017. Construction began July 26, 2018. Expected substantial completion February 2022. |
| TIFIA Credit Assistance | Direct Loan - $605.33 million TIFIA will be repaid with toll revenues from the Grand Parkway System. |
| Financial Status | TIFIA credit agreement was executed on February 22, 2019. GPTC issued $878.6 million in Grand Parkway System Toll Revenue Bonds and $605.3 million in Bond Anticipation Notes in May 2018. |
| Innovations |
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| Related Links / Articles |
Grand Parkway Transportation Corporation Grand Parkway Infrastructure Website |
| Contacts | Brian Ragland Quincy Allen, PE |
