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Monroe Expressway

Project Map
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
North Carolina Turnpike Authority (NCTA)
Project Description

The Monroe Expressway Project is a new, four-lane tolled expressway that will extend nearly 20 miles from US 74 near I-485 in Mecklenburg County to US 74 between the towns of Wingate and Marshville in Union County, North Carolina.  The Project includes the reconstruction of a one-mile portion of US 74 that includes an elevated, six-lane controlled-access freeway.  The Project is currently under construction and is anticipated to reach completion by November 2018.

Project Link
Project Website
Project Details
TIFIA Assistance
$166.50M
Primary Revenue Pledge
Toll Revenues
Project Cost
$800.00M
Fiscal Year Closed
FY2017
Duration/Status
Construction began in 2015, and substantial completion was achieved in November 2018.
Funding Sources
Federal Sources
TIFIA Loan: $166.5 million
State Sources
Appropriations Bonds: $467.1 million
Toll Revenue Bonds: $144.4 million
NCDOT State Highway Trust Fund: $22.0 million
Project Delivery/Contract Method
Design-Build
Project Advisers/Consultants
To NCTA:

Financial Advisor – Public Financial Management, Inc.
Legal Advisor – Hunton & Williams LLP
To USDOT Build America Bureau:

TIFIA Financial Advisor – The Louis Berger Group, Inc.
TIFIA Legal Advisor – Nixon Peabody LLP
Project Lender
USDOT TIFIA
Credit Assistance Detail
Direct loan: $166.5 million.  The TIFIA loan will be repaid with gross toll revenues generated from the Project.
Financial Status
The TIFIA loan agreement was signed on January 31, 2017 and is expected to mature in 2053.
Application Details
Applicant
North Carolina Department of Transportation
LOI Fiscal Year Received
FY2015
LOI Received Date
Credit Agreement Executed
Initial Eligibility Review
Review Complete
Creditworthiness Review
Review Complete
Estimated Project Cost
$839.00M
TIFIA Request
$166.00M
Instrument Type
Direct Loan