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United States Department of Transportation United States Department of Transportation

I-405 Improvement Project

A map of the location of the I-405 project.
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
Orange County Transportation Authority (OCTA)
Project Description

The Project will add one new General Purpose lane and one new toll lane in each direction along the 16-mile corridor of I-405 between State Route 73 (SR 73) and Interstate 605 (I-605). The new tolled express lanes will combine with the existing high occupancy vehicle (HOV) lane to create two Express Lanes in each direction in the I-405 median from SR 73 to I-605. The I-405 Express Lanes will include single lanes connecting to/from the SR-73 to the I-405 at the southern end of the 405 Express Lanes and to/from the I-605 and the SR-22 at the northern end of the 405 Express Lanes.

The Project will also consist of the replacement of 18 bridges, the construction of new and widened bridges, improvements to the auxiliary lanes, relocations of utilities, construction of new sound walls, and additions to the tolling and Transportation System Management and Transportation Demand Management systems.

Project Details
TIFIA Assistance
$628.93M
Primary Revenue Pledge
Toll Revenues
Project Cost
$1908.10M
Fiscal Year Closed
FY2017
Duration/Status
The design-build contract was awarded on November 14, 2016, and executed on January 31, 2017. Substantial completion is expected in December 2023.
Funding Sources
M2 Sales Tax Bonds: $891.07 million
TIFIA Loan: $628.93 million
M2 Sales Tax Revenues: $253.94 million
State and federal grants: $135.4 million
Project Delivery/Contract Method
Design-Build (DB)
Project Participants
Design-Builder: OHL USA, Inc./Astaldi Construction Corporation joint venture
Project Advisers/Consultants
To OCTA:

Financial Advisor - Sperry Capital
Legal Advisor - Nossaman LLP


To USDOT Build America Bureau:

Financial Advisor - Deloitte
Traffic and Revenue Advisor - Louis Berger
Legal Advisor - Nixon Peabody
Project Lender
USDOT Build America Bureau, Bondholders
Credit Assistance Detail
Direct loan: $628.93 million. The TIFIA loan is secured by pledged net toll revenues (gross revenue minus annual O&M expenses).
Financial Status
TIFIA credit agreement was signed in July 2017, and will mature in December 2057, 35 years after substantial completion.