- Briefing Room
|Project Sponsor / Borrower||
North Texas Tollway Authority (NTTA)
State Highway (SH) 161, the President George Bush Turnpike Western Extension (PGBT WE), provides a new, approximately 11.5-mile link between SH 183, I-30, and I-20 as part of a western loop around Dallas through the cities of Irving and Grand Prairie south of Dallas-Fort Worth International Airport. SH 161 serves as a major link within the Dallas-Fort Worth regional transportation network, reducing congestion along adjacent corridors, including the parallel State Highway 360.
In April 2008, the Texas Department of Transportation (TxDOT) agreed to a concession with NTTA in perpetuity (with revenue and capital improvement cost sharing after 52 years) to own, operate, and complete the project's construction. The negotiated value of the agreement was $1.068 billion, including a $458 million upfront payment (plus interest) to TxDOT for prior costs incurred on Phase 4 of the project and the obligation for NTTA to build Phase 4 of the project and the toll gantries for Phases 2 and 3 (see below).
The new toll road is being constructed in four phases:
Together with the original PGBT and its Eastern Extension, the roadway provides a 52-mile partial circumferential route around Dallas from I-20 in Grand Prairie to I-30 in Garland.
The widening of the roadway to three lanes in each direction between I-30 and I-20 is in the planning phase.
Construction cost - $1.1 billion
NTTA Concession - $1.2 billion
TxDOT's cost - State Highway Fund (all revenues dedicated or appropriated to the purposes of TxDOT)
NTTA Concession financing
|Project Delivery / Contract Method||
Phases 1, 2, and 3 - Design-bid-build
Phase 4 - Design-build
Phase 4 design-builder: Prairie Link Constructors
|Project Advisors / Consultants||
Special Projects System Revenue Bonds/BANs underwriting syndicate - Citi, Barclays Capital, Estrada Hinojosa & Co., Loop Capital Markets, Morgan Keegan & Co., Morgan Stanley, and Ramirez & Co.
NTTA Financial Advisor
To USDOT TIFIA JPO
Bondholders, USDOT TIFIA
|Duration / Status||
Phases 1 and 2 open in August 2009
|TIFIA Credit Assistance||
Direct Loan - $418.4 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. The TIFIA loan is further secured by the provisions of the Toll Equity Loan Agreement between NTTA and TxDOT.
|Financial Status / Financial Performance||
TIFIA credit agreement was executed on April 15, 2011
Financial close for the Special Projects System Revenue Bonds and BANs occurred on April 21, 2011.
|Related Links / Articles|
Mark Bouma, P.E.