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United States Department of Transportation United States Department of Transportation

Intercounty Connector

Intercounty Connector
Alternate Project Name
MD ICC, Maryland ICC, ICC
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
Maryland State Highway Administration (SHA), Maryland Transportation Authority (MdTA)
Project Description

The Intercounty Connector (ICC) is a toll highway in Maryland. The road will link existing and proposed development areas between the I-270/I-370 and I-95/US 1 corridors within central and eastern Montgomery County and northwestern Prince George's County. The finished highway will be approximately 18 miles in length, and have six lanes in total. The ICC was initially planned as a spur off of the region's proposed second Beltway. The ICC project has been the focus of various studies and debates since the 1950s and finally started construction in 2007.

The highway provides an efficient link between the region’s major roadways, featuring a fully electronic tolling system designed to prevent significant traffic delays. According to the MDTA, this system has reduced some drivers’ travel times as much as 50 percent when compared to alternative routes using local roads. The ICC was also designed as a multimodal roadway, allowing public transit and trucking service providers to benefit from decreased travel and delivery times. In all, the travel time savings are expected to generate annual user benefits valued at over $250 million. The utilization of TIFIA financing allows for the realization of the stated benefits at an interest costs savings of approximately $100 million compared to conventional financing methods. What’s more, the project is expected to generate approximately 14,000 jobs and $7 billion in total economic impact through its first 20 years of operation.

Project Details
TIFIA Assistance
$516.00M
Primary Revenue Pledge
User Charges
Project Cost
$2569.00M
Fiscal Year Closed
FY2007
Duration/Status
The Final Environmental Impact Statement was approved in January 2006 and Record of Decision was issued in May 2006. Construction began in mid-2007. A seven-mile initial section opened in February 2011 (Contract A). The remaining mainline road (Contracts B & C) opened to traffic in November 2011. Contracts D & E were combined and modified, and opened to traffic in November 2014.
Funding Sources
Federal
GARVEE Bonds: $788.1M (backed by future Federal aid receipts)
Special Federal Funds: $19.3M (National Corridor Planning and Border Infrastructure Program funding, SAFETEA-LU National Corridor Improvement Program and high priority project funding)
State
MdTA Toll Revenue Bonds and Cash: $800.7M (backed by future MdTA system toll revenue)
TIFIA Loan: $516M (backed by future MdTA system toll revenue)
State of Maryland Transportation Trust Fund: $180M (motor fuel tax receipts, motor vehicle excise taxes, motor vehicle fees, corporate income taxes, operating revenues)
State of Maryland General Fund and General Obligation Bonds: $264.9M
Project Delivery/Contract Method
Design-Build
Project Participants
None
Project Advisers/Consultants
Design-Builders

Intercounty Constructors - A Joint Venture of Granite Construction Company, Corman Construction, Inc., and G.A. & F.C. Wagman, Inc.
MD200 Constructors - A Joint Venture of Kiewit Southern Co., Corman Construction, and G.A. & F.C. Wagman Inc.
IC3 - A Joint Venture of Shirley Contracting Company, LLC; Clark Construction Group, LLC; Guy F. Atkinson Construction, LLC; Facchina Construction Company, Inc. and Trumbull Corporation
To USDOT TIFIA JPO:

TIFIA Legal Advisors: Katten Muchin Rosenman
TIFIA Financial Advisors: Scully Capital
Project Lender
Bondholders, USDOT TIFIA
Credit Assistance Detail
Direct loan: $516 million.  The TIFIA loan will be repaid using net toll revenues from the Maryland Transportation Authority.
Financial Status
The TIFIA loan agreement was signed in December 2008. TIFIA interest payments began in January 2013 and principal payments began in 2017, with loan maturity expected in 2047.
Innovations
Debt will be secured by revenues from tolls on the ICC and the seven other existing toll facilities operated by MdTA
Successful issuance of $750 million in GARVEE bonds to support the construction of the project
Application Details
Applicant
Maryland Transportation Authority
LOI Fiscal Year Received
FY2005
LOI Received Date
Application Received Fiscal Year
FY2006
Estimated Project Cost
$2446.00M
TIFIA Request
$517.00M
Instrument Type
Direct Loan