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U.S. Department of Transportation U.S. Department of Transportation Icon United States Department of Transportation United States Department of Transportation

America’s Great Corridors of Commerce RFI is now available

IH 635 Managed Lanes / LBJ Express

IH 635 Managed Lanes
Alternate Project Name
LBJ Freeway; Lyndon B Johnson Expressway; LBJ Express
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
Texas Department of Transportation (TxDOT); LBJ Infrastructure Group, LLC (the Concession Company and TIFIA borrower)
Project Description

The LBJ Express (formerly the IH 635 Managed Lanes Project) relieves congestion north of Dallas on 13 miles of I-635 (LBJ Freeway) from just west of I-35E (near Luna Road) to just east of US 75 (near Greenville Ave.), and south on I-35E from I-635 to Loop 12. The $2.8 billion project involved:

  • Reconstruction of the main lanes and frontage roads along I-635;
  • Addition of six managed lanes (mostly subsurface) along I-635 from I-35E to US 75 and four managed lanes west and east of that stretch;
  • Addition of six elevated managed lanes along I-35E from Loop 12 to the I-35E/I-635 interchange.

Read the press release here.

Project Link
LBJ Express Project Page
Project Details
TIFIA Assistance
$850.00M
Primary Revenue Pledge
User Charges
Project Cost
$2615.00M
Fiscal Year Closed
FY2010
Duration/Status
Commercial close (Comprehensive Development Agreement [CDA] execution) occurred on September 4, 2009. Construction began in January 2011. Substantial completion was reached on September 15, 2015 with all lanes open to traffic.
Funding Sources
Private Activity Bonds (PABs): $606M
TIFIA Loan: $850M
Equity Contribution: $672M
Public Funds: $487M
Project Delivery/Contract Method
DBFOM (Design-Build-Finance-Operate-Maintain)
Project Participants
LBJ Infrastructure Group, LLC: Cintra Concesiones de Infraestructuras de Transporte, S.A., Meridiam Infrastructure Finance, Dallas Police and Fire Pension System ;Ferrovial Agroman, S.A., W.W. Webber, Inc., Bridgefarmer & Associates, Inc.
Project Advisers/Consultants
Macquarie Capital (USA) Inc.- Financial Advisor

White & Case LLP - Counsel to the Concession Company

Bracewell & Giuliani LLP - Counsel to the Concession Company

Arup - Sponsor's Traffic Consultant

Hatch Mott MacDonald - Lenders' Traffic Advisor

To USDOT TIFIA JPO:

TIFIA Legal Advisor: Hawkins Delafield & Wood, LLP
TIFIA Financial Advisor: Montague DeRose and Associates, LLP/High Street Consulting Group, LLC
Project Lender
Bondholders; USDOT TIFIA
Credit Assistance Detail
Direct loan: $850 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
The TIFIA credit agreement was executed in June 2010. Interest payments began December 2020, with principal payments to start in June 2036; final loan maturity is expected to occur in 2050.
Innovations
At the time of completion, project had one of the most comprehensive managed HOV lane systems in the country, deploying Automatic Vehicle Identification (AVI) technology capable of reading the transponders of passing vehicles.
Innovative financing package includes PABs and TIFIA credit assistance.
Application Details
Applicant
Texas Department of Transportation
LOI Fiscal Year Received
FY2007
LOI Received Date
Application Received Fiscal Year
FY2007
Credit Agreement Executed
Initial Eligibility Review
Review Complete
Creditworthiness Review
Review Complete
Application Review
Review Complete
Estimated Project Cost
$1275.00M
TIFIA Request
$138.80M
Instrument Type
Direct Loan