All project elements opened between November 2006 and April 2008.
When the TIFIA loan closed, the Central Texas Turnpike System (CTTS) consisted of three contiguous toll highways serving the Austin metropolitan region and the Austin-San Antonio corridor:
- SH 45 North - 13 miles, four to six lanes, from Ridgeline Boulevard west of U.S. 183 eastward to SH 130
- Loop 1 - a northward extension of the existing Loop 1 (Mopac Expressway), three miles from Parmer Lane to SH 45 North
- SH 130 (Segments 1-4) - a 49-mile, four-lane tollway extending north-south through Williamson and Travis Counties, extending from I-35 north of Georgetown to U.S. 183 southeast of Austin
SH 130 (Segments 1-4) was procured through Texas' first application of its Exclusive Development Agreement (later Comprehensive Development Agreement) provision, contractual arrangements equivalent to public-private partnerships. In this case, a design-build contract was used to accelerate completion.
SH 130 is 91 miles in total length extending further south and west to I-10. Segments 5 and 6 were constructed under a separate DBFOM (design, build, finance, operate, and maintain) procurement. In August 2012, State Highway 45 Southeast (SH 45 SE) was added to CTTS. Service commenced on November 11, 2012.
- First Tier Revenue Bonds: $1.358B
- TIFIA Loan: $900M (used to retired Bond Anticipation Notes [BANs] in 2007 and 2008)
- State Funding: $520.1M
- Local Contributions / Commission Funds for ROW: $286.5M
- Interest Earnings: $185.2M
SH 45 North and Loop 1 used Design-Bid-Build; SH 130 (Segments 1-4) was Design-Build.
HDR - Program management
PBS&J - GEC
Stantec Consulting Services, Inc. - Traffic & Revenue
McCall, Parkhurst & Horton, LLP - Bond counsel
RBC Capital Markets Corp. - Financial advisor
The Bank of New York Mellon Trust - Trustee
To USDOT TIFIA JPO:
- TIFIA Legal Advisor: Ballard Spahr Andrews & Ingersoll, LLP
- TIFIA Financial Advisor: Montague DeRose and Associates, LLC/TransTech Management, Inc.
Direct loan: up to $917M; TxDOT only requested $900M. The DOT had a subordinate lien on gross revenues (i.e., prior to operations and maintenance costs) and the trust estate.
- Use of innovative financing and a fixed-price, lump-sum design-build contract for SH 130 delivered the CTTS components 25 years sooner than conventional pay-as-you-go financing would have delivered.
- Components were delivered ahead of schedule and less than the original 2002 cost estimate.
Officer of Innovative Financing/Debt Management
125 E. 11th Street
Austin, TX 78701
Tel: (512) 463-8611