Skip to content
Skip navigation

Project Profile: North Tarrant Express I-820 and SH 121/183 (Segments 1 and 2W)

North Tarrant Express I-820 and SH 121/183 (Segments 1 and 2A)

photo credit: NTE Mobility Partners

Location

Dallas-Fort Worth Metroplex

Project Sponsor / Borrower

Texas Department of Transportation (TxDOT)
NTE Mobility Partners, LLC

Program Areas

Project FinanceTolling and PricingTIFIA

Mode

Highway / Managed Lanes

Description

On June 23, 2009, TxDOT awarded two Comprehensive Development Agreements (CDAs - equivalent to public-private partnerships) for the North Tarrant Express (NTE) project to NTE Mobility Partners. The first Concession CDA includes the design, development, construction, finance, maintenance, and operation of 13.3 miles of I-820 (Segment 1) and State Highway (SH) 121/SH 183 from I-35W to SH 121, from north of Fort Worth to just southwest of Dallas-Fort Worth International Airport (DFW) (Segment 2W). The duration of the concession is 52 years.

This $2.12 billion Phase I of the NTE opened in October 2014 after nearly a five-year design and construction period. The project includes the reconstruction, widening, and addition of tolled managed lanes (TEXpress Lanes) along the corridor. The project added two tolled managed lanes in each direction together with new frontage roads on I-820 and SH 121/SH 183 extending east from Fort Worth toward DFW. By 2030, a third tolled managed lane will be added along SH 121/SH 183 and a third general purpose lane will also be constructed on I-820.

The second CDA for Segments 2-4 includes developing master plans for the remainder of the corridors:

  • Segment 2E - SH 183 from SH 121 to SH 161
  • Segments 3A, 3B and 3C - I-35W from I-30 to the Eagle Parkway in Tarrant and Dallas Counties (NTE 35W)
  • Segment 4 - I-820 east from SH 121/SH 183 south to Randol Mill Road

As a result of the master planning activities, TxDOT and the concessionaire entered into a Facility Agreement to construct Segment 3A and operate and maintain this segment as well as Segment 3B, which was constructed by TxDOT. Construction of Segment 3C is under negotiation as of early 2019. Segments 3A, 3B, and 3C are known as the NTE 35W project.

When all phases are completed, the NTE will comprise 31 miles of managed lanes.

Cost

$2,122 million

Funding Sources

Private Activity Bond Proceeds - $398 million

TIFIA Loan - $650 million

Public Funds - $594 million

Equity Contribution - $426 million

TIFIA capitalized interest - $54 million

Project Delivery / Contract Method

Design-build-finance-operate-maintain Toll Concession (52 years)

Private Partner

NTE Mobility Partners, LLC

Ownership at financial close

  • Cintra Concesiones de Infraestructuras de Transporte, S.A. (56.7%)
  • Meridiam Infrastructure (33.3%)
  • Dallas Police and Fire Pension System (10%)

Current ownership (as of September 2017)

  • Cintra Concesiones de Infraestructuras de Transporte, S.A.
  • Meridiam Infrastructure
  • APG Group
Other Private Partners
  • Ferrovial Agromán S.A.
  • W.W. Webber, LLC
  • Earth Tech, Inc.
  • Maunsell Australia Proprietary Limited
  • Aguirre & Fields, LP
  • Ross Communications
  • CSJ Engineering Assoc.
Project Advisors / Consultants

To TxDOT

  • Financial Advisor - KPMG
  • Legal Advisor - Nossaman
  • Technical Advisor - CH2M Hill

To the concessionaire

  • Financial Advisor - J.P. Morgan Securities, Inc.
  • Financial Advisor - Macquarie Capital (USA) Inc.
  • Legal Advisor - White & Case LLP
  • Legal Advisor - Bracewell & Giuliani LLP
  • Technical Advisor - AECOM Enterprises

To USDOT TIFIA JPO

  • Traffic Advisor - Hatch Mott MacDonald
  • TIFIA Legal Advisor - Hawkins Delafield & Wood, LLP
  • TIFIA Financial Advisor - Montague DeRose and Associates, LLP/High Street Consulting Group, LLC
Lenders

Bondholders, USDOT TIFIA

Duration / Status

Commercial close (CDA execution) occurred on June 23, 2009
Construction began in October 2010. The facility opened to traffic on October 4, 2014.

TIFIA Credit Assistance

Direct Loan - $650.0 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 December 16, 2009
Financial close occurred on December 17, 2009

A cash-funded debt service reserve is available for the senior lien bonds and TIFIA.

Innovations
  • State-of-the-art electronic toll collection system with open architecture, ensuring a seamless, free flow operation of the managed lanes.
  • Innovative financing package including PABs and TIFIA credit assistance. Second PABs issuance under the $15 billion of authority provided to DOTs by SAFETEA-LU.
  • The first transportation infrastructure project in the U.S. to reach financial close with direct investment by a pension fund. The pension fund sold its stake to the other concession partners in September 2017.
Related Links / Articles

TxDOT Project Website

NTE Mobility Partners Project Website

Contacts

Shawna Russell
Northwest Texas Communications Director 
TxDOT
Tel: (817) 370-6737

back to top