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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

San Bernardino County Transportation Authority I-10

San Bernardino County Transportation Authority I-10
Alternate Project Name
I-10 Corridor Contract 1 Project
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
San Bernardino County Transportation Authority (SBCTA)
Project Description

The Project will widen the existing I-10 highway between the Los Angeles/San Bernardino County line and I-15, approximately 10 miles. Project scope includes building and operating two tolled express lanes in each direction, reconstruction and/or modification of existing ramps at 10 interchanges, eight local arterials, and 26 structures including box culverts, and new or reconstructed retaining walls and sound walls

Once complete, express lanes would be managed through dynamic congestion pricing.

Project Details
TIFIA Assistance
$225.00M
Primary Revenue Pledge
Toll Revenues
Project Cost
$896.60M
Fiscal Year Closed
FY2021
Funding Sources
• Federal Funding $462.7 million
• State and Local Funding $241.4 million
• TIFIA loan $225 million

The TIFIA Loan amount will be $225 million (the same as the original loan).
Project Delivery/Contract Method
Design-Build (DB). DB contract was awarded to Lane-Security Paving Joint Venture in August 2018.
Project Participants
SBCTA and USDOT Build America Bureau
Project Advisers/Consultants
To SBCTA:
• Financial Advisor: Ernst & Young
• Legal Advisor: Orrick, Herrington & Sutcliffe

To USDOT Build America Bureau:
• Legal Advisor: Skadden, Arps, Slate, Meagher & Flom
Project Lender
USDOT TIFIA Program
Credit Assistance Detail
Direct loan: Up to $225 million. The TIFIA loan will be a Second Lien Obligation under SBCTA’s Master Trust Indenture and will be secured by toll revenues from the Project. The loan will be junior to Senior Lien Obligations. There are no outstanding or proposed Senior Lien Obligations currently.

TIFIA loan will be also be supported by Measure I Sales Tax funds which will be contributed either as a Cash Supplement (i.e. fixed amount contributed each month) or as a backstop whenever there is a shortfall.

This loan was replaced in 2021 by another TIFIA loan as part of the Bureau's relief for borrowers impacted by COVID-19. The new TIFIA loan will save $53 million over the course of the loan.
Financial Status

• Sizing: 25.1% of eligible Project costs
• First drawdown: December 2021
• Capitalized Interest: estimated at $2 million
• First mandatory interest due: December 31, 2027
• First mandatory principal due: December 31, 2027
• First scheduled interest due: N.A – all interest payments are mandatory
• First scheduled principal due: June 30, 2041
• Final maturity: December 31, 2057
• Weighted Average Life (WAL) from first draw: 24.3 years
• Interest Rate: 2.34% per annum assumed (30-yr SLGS as of April 8, 2021, = 2.33%)
• DSRA: $10 million initial balance. 12 months’ mandatory debt service thereafter. To be funded from toll revenues or Measure I Backstop (if toll revenues are insufficient).

This loan was refinanced in FY21.
Application Details
Applicant
San Bernardino County Transportation Authority (SBCTA)
LOI Received Date
Application Received Date
Credit Agreement Executed
Estimated Project Cost
$896.60M
TIFIA Request
$225.00M
Instrument Type
Direct Loan