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United States Department of Transportation United States Department of Transportation

I-93 Improvements Salem to Manchester Project

I-93 Salem to Manchester Map
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
State of New Hampshire
Project Description

The Project will reconstruct 19.8 miles of Interstate 93 and widen the interstate from two to four lanes in each direction from Manchester, NH at the I-93/I-293 interchange to Salem, NH at the New Hampshire / Massachusetts state line. In addition, the Project will reconstruct and reconfigure interchanges, complete work on bridges, and construct park-and-ride lots and bus facilities.

The Project is being carried out by the State of New Hampshire acting by and through the New Hampshire Department of Transportation (NHDOT). The State has long designated the Project as its number one priority transportation improvement project.

According to NHDOT, this project is one of the most ambitious projects ever undertaken in the State and is needed to reduce congestion and improve safety. The original section of the highway was built in the early 1960s to accommodate 60,000 to 70,000 vehicles per day. In 1997, average traffic volumes were in excess of 100,000 vehicles per day in Salem, with segments between interchanges carrying up to 80,000 vehicles per day, causing congestion in the region.

The Project is being constructed in eight discrete segments and NHDOT will utilize the TIFIA loan to advance the construction of the remaining elements of the Mainline Construction – Capacity Improvements.

Project Details
TIFIA Assistance
$200.00M
Primary Revenue Pledge
Motor Fuel Tax Revenues
Project Cost
$811.70M
Fiscal Year Closed
FY2016
Duration/Status
Substantial completion is expected in 2020.
Funding Sources
State PAYGO: $28 million

GARVEE Bonds: $193.8 million

Federal PAYGO: $355.9 million

Toll Credit PAYGO: $34.0 million

TIFIA Loan: $200.0 million
Project Delivery/Contract Method
Design-Bid-Build
Project Advisers/Consultants
To State of New Hampshire:

Financial Advisors – Public Resources Advisory Group

Legal Advisors – Locke Lord LLP

To USDOT TIFIA JPO:

TIFIA Financial Advisor – Deloitte

TIFIA Legal Advisor – Bryant Miller Olive
Project Lender
USDOT TIFIA
Credit Assistance Detail
Direct loan: $200 million. The TIFIA loan will be repaid through incremental gas tax revenues and a General Obligation pledge of the State.
Financial Status
The TIFIA credit agreement was signed on May 24, 2016. TIFIA loan repayments begin in 2016 (interest only) and 2025 (interest and principal), with final maturity in 2034.
Innovations
Commitment to spending TIFIA debt service savings on Statewide rural projects
Application Details
Applicant
New Hampshire Department of Transportation
LOI Fiscal Year Received
FY2015
LOI Received Date
Credit Agreement Executed
Initial Eligibility Review
Review complete
Creditworthiness Review
Review complete
Application Review
Review complete
Estimated Project Cost
$784.00M
TIFIA Request
$200.00M
Instrument Type
Direct Loan