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United States Department of Transportation United States Department of Transportation

State Highway (SH) 288 Toll Lanes Project

SH 288 Map
Alternate Project Name
SH 288 Toll Lanes Project
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Credit Agreement Executed
Project Description

SH 288 is a 60-mile highway running from the US 59 and IH 45 interchange in downtown Houston to the City of Freeport on the Gulf Coast in Texas.  It is a critical north-south transportation corridor for the Houston metro region and beyond. The corridor extends through Harris County and Brazoria County and intersects three major existing ring roads (IH 610, Sam Houston Tollway (Beltway 8) and SH 6).  Within the metropolitan area, SH 288 links the major employment center of downtown Houston and the Texas Medical Center with the rapidly growing residential communities of Harris County and Brazoria County.

The Project, which is being procured by the Texas Department of Transportation (TxDOT) as a public private partnership (P3) is located within Harris County, Texas and involves the development, design, construction, financing, operation, and maintenance of four new toll lanes that stretch 10.3 miles along the median of SH 288, as well as the maintenance of the existing general purpose lanes along the SH 288 corridor.  The Project also includes the reconstruction of 75% of the IH 610 interchange, the addition of direct connectors at Beltway 8 and 1.3-mile direct connectors to the Texas Medical Center (TMC Connector).  The Project is part of a larger SH 288 Project that includes an extension into Brazoria County, which is segmented as follows:

  • The Brazoria Project (North) will be separately procured, financed, and constructed by Brazoria County, and it includes four toll lanes extending from the Harris/Brazoria County line south to County Road 58 for approximately 5.0 miles. This project includes new underpasses at County Roads 56, 57, 63, and 64, as well as overpasses at County Road 48 and Rodeo Palms Parkway.

  • The Brazoria Project (South) begins at County Road 58 and extends south to County Road 60/future SH 99 for approximately 10 miles.

Project Details
TIFIA Assistance
$357.00M
Primary Revenue Pledge
Toll Revenues
Project Cost
$1063.50M
Fiscal Year Closed
FY2016
Duration/Status
Substantial completion is expected in 2019.
Project Delivery/Contract Method
Senior Debt (PABs): $298.6M

TIFIA Loan: $357.0M

TIFIA Capitalized Interest: $14.9M

TMC Public Funds Amount: $17.1M

Interest Income: $0.7M

Developer and Third Party Equity: $375.3M
Project Advisers/Consultants
To TxDOT:

Financial Advisors – KPMG

Legal Advisors – Mayer Brown

Technical Advisors – Jacobs Engineering Group, Inc.

To Blueridge Transportation Group, LLC:

Financial Advisor – Scotiabank

Legal Advisors – Hunton & Williams

To USDOT TIFIA JPO:

TIFIA Financial Advisor – Taylor DeJongh

TIFIA Legal Advisor – Hawkins Delafield & Wood LLP
Project Lender
Bondholders, USDOT TIFIA
Credit Assistance Detail
Direct loan: $357.0 million. The TIFIA loan will be repaid through toll revenues.
Financial Status
The TIFIA credit agreement was signed in April 2016.
Innovations
Electronic Toll Collection System

Alternative Technical Concept for IH 610 Interchange
Application Details
Applicant
Texas Department of Transportation (TxDOT)
LOI Fiscal Year Received
FY2013
LOI Received Date
Initial Eligibility Review
Review complete
Creditworthiness Review
Review complete
Application Review
Under review
Estimated Project Cost
$272.00M
Instrument Type
Direct Loan