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United States Department of Transportation United States Department of Transportation

183-A Turnpike

183-A Turnpike
Alternate Project Name
183 A
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
Central Texas Regional Mobility Authority (CTRMA)
Project Description

The 183-A Turnpike is an 11.6-mile north-south toll highway through Cedar Park and Leander in Williamson County northwest of Austin, Texas. It was constructed as a four-lane facility with the ability to expand to six lanes. It connects to SH 45 North and existing U.S. 183 at its southern end and extends north to Whitestone Boulevard.

183-A was developed by the state's first Regional Mobility Authority, Central Texas Regional Mobility Authority (CTRMA), which was legislatively authorized in 2001 to form at the county level to construct, operate, and maintain toll roads if a regional toll authority did not already exist. Their powers were expanded in 2003 to include the issuance of toll revenue bonds. To date, toll revenues have exceeded expectations.

Project Details
TIFIA Assistance
$66.00M
Primary Revenue Pledge
User Charges
Project Cost
$304.70M
Fiscal Year Closed
FY2005
Duration/Status
Opened to traffic on March 3, 2007; revenue operation began on May 1, 2007. On April 6, 2012, the 5-mile, 183-A Northern Extension opened to traffic.
Funding Sources
Senior Lien Revenue Bond Proceeds: $151.3M
TIFIA Loan: $66M (used to retire Bond Anticipation Notes [BANs] in 2008)
State Funding Grant: $64.7M
Local ROW Contribution: $14.1M
Investment Earnings and Accrued Interest: $8.6M
Project Delivery/Contract Method
Design-Build
Project Participants
Hill Country Constructors (joint venture of Granite Construction Company and J.D. Abrams, LP)
Project Advisers/Consultants
HNTB - GEC

Vollmer Associates - Traffic & Revenue

Locke Liddell & Sapp, LLP - General counsel

Vinson & Elkins, LLP - Bond counsel

First Southwest Company - Financial advisor

D. Ladd Pattillo & Associates - Financial advisor

JPMorgan Chase Bank - Trustee

To USDOT TIFIA JPO:

TIFIA Legal Advisor: Ballard Spahr Andrews & Ingersoll, LLP
TIFIA Financial Advisor: Montague DeRose and Associates, LLC/TransTech Management, Inc.
Project Lender
Bondholders, USDOT TIFIA
Credit Assistance Detail
Direct loan: $66 million. The TIFIA Loan is secured by a subordinate lien on net toll revenues on the CTRMA Turnpike System.
Financial Status
TIFIA credit agreement signed on March 2, 2005. Along with the senior bonds issued at the time of financial closing, CTRMA issued $66 million of low interest BANs with maturity in January 2008. CTRMA had the option of retiring the BANs with draws on the TIFIA loan, additional bonds, or any other funds available; CTRMA chose to draw the full amount of the TIFIA loan to retire the BANs. Mandatory interest, scheduled interest, and principal payments began in January 2012. The final maturity of the TIFIA loan was January 2042. The loan agreement was retired early when the project prepaid the loan on June 5, 2013.
Innovations
First toll road developed by a Texas Regional Mobility Authority
Recipient of The Bond Buyer "Deal of the Year" award in 2005
Application Details
Applicant
Central Texas Regional Mobility Authority (CTRMA)
LOI Fiscal Year Received
FY2004
LOI Received Date
Application Received Fiscal Year
FY2004
Credit Agreement Executed
Estimated Project Cost
$200.00M
TIFIA Request
$66.00M
Instrument Type
Direct Loan