Dallas-Fort Worth Metroplex
|Project Sponsor / Borrower||
Texas Department of Transportation (TxDOT)
Highway / Managed Lanes
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 miles along Interstate (IH) 820 (Segment 1) and State Highway (SH) 121/SH 183 from IH 35W to SH 121, from north of Fort Worth to just southwest of Dallas-Fort Worth International Airport (Segment 2A). The duration of the concession is 52 years.
The existing highway includes two general purpose lanes in each direction. Proposed improvements include three general purpose lanes in each direction with two managed lanes in each direction for a total of ten lanes with frontage roads for future traffic volumes.
The second CDA for Segments 2-4 includes developing master plans for the remainder of the corridors along SH 183 from SH 121 to SH 161 (Segment 2E), IH 820 east from SH 121/SH 183 south to Randol Mill Road (Segment 4), and along IH 35W from IH 30 to the Eagle Parkway in Tarrant and Dallas counties (Segments 3A, 3B, and 3C), as well as other facilities for connectivity, safety, and financing.
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 is being constructed by TxDOT. TxDOT will also construct Segment 3C.
When all phases are completed, the Project will comprise 36 miles of managed lanes.
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)
NTE Mobility Partners, LLC (the Concession Company)
|Project Advisors / Consultants||
To the Borrower
To USDOT TIFIA JPO
Bondholders, USDOT TIFIA
|Duration / Status||
Commercial close (CDA execution) occurred on June 23, 2009
|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
A cash-funded debt service reserve will be available for the senior lien bonds and TIFIA.
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