Location | Dallas-Fort Worth Metroplex, Texas |
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Project Sponsor / Borrower | Texas Department of Transportation (TxDOT) |
Program Areas | |
Mode | Highway / Managed Lanes |
Description | The LBJ Express (formerly the IH 635 Managed Lanes Project) relieves congestion north of Dallas on 13 miles of I-635 (LBJ Freeway) from just west of I-35E (near Luna Road) to just east of US 75 (near Greenville Ave.), and south on I-35E from I-635 to Loop 12. The project involved:
The project is being built under a public-private partnership (Comprehensive Development Agreement [CDA]) between TxDOT and LBJ Infrastructure Group, which will operate and maintain the facility for 52 years. Construction is expected to take five years. The managed lanes are dynamically priced following a six-month introductory fixed-price schedule. HOV2+ users receive a 50 percent discount during peak operating periods. Tolls are collected by the North Texas Tollway Authority. |
Cost | $2,645 million |
Funding Sources | Private Activity Bonds (PABs) - $606 million TIFIA loan - $850 million Equity contribution - $682 million Toll revenues during construction - $17 million Public funds - $490 million |
Project Delivery / Contract Method | Design-build-finance-operate-maintain Toll Concession (52 years) |
Private Partner | LBJ Infrastructure Group, LLC
Other Private Partners
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Project Advisors / Consultants | Macquarie Capital (USA) Inc.- Financial Advisor White & Case LLP - Counsel to the Concession Company Bracewell & Giuliani LLP - Counsel to the Concession Company Arup - Sponsor's Traffic Consultant Hatch Mott MacDonald - Lenders' Traffic Advisor To USDOT TIFIA JPO
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Lenders | Bondholders, USDOT TIFIA |
Duration / Status | Commercial close (CDA execution) on September 4, 2009 Construction began on January 18, 2011 Fully opened to traffic in September 2015 |
TIFIA Credit Assistance | Direct Loan - $850.0 million The TIFIA loan will be repaid with project revenues, which include all income, tolls, revenues, rates, fees, charges, rentals, or other receipts derived by or related to the operation of the project. |
Financial Status / Financial Performance | TIFIA credit agreement was executed on June 21, 2010. Financial close for the PABs occurred on June 22, 2010. |
Innovations |
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Related Links / Articles | |
Contacts | TxDOT Dallas District Robert Hinkle |