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I-93 Improvements Salem to Manchester Project

I-93 Salem to Manchester Map
Project Type: 
Roadways and Bridges
Sponsor / Borrower: 
State of New Hampshire
Credit Agreement Status: 
Active
TIFIA Assistance: 
$200 million
Primary Revenue Pledge: 
Motor Fuel Tax Revenues
State or Local Appropriations
Duration / Status: 

Substantial completion is expected in 2020.

Fiscal Year Closed: 
FY2016
Project Description: 

The Project will reconstruct 19.8 miles of Interstate 93 and widen the interstate from two to four lanes in each direction from Manchester, NH at the I-93/I-293 interchange to Salem, NH at the New Hampshire / Massachusetts state line. In addition, the Project will reconstruct and reconfigure interchanges, complete work on bridges, and construct park-and-ride lots and bus facilities.

The Project is being carried out by the State of New Hampshire acting by and through the New Hampshire Department of Transportation (NHDOT). The State has long designated the Project as its number one priority transportation improvement project.

According to NHDOT, this project is one of the most ambitious projects ever undertaken in the State and is needed to reduce congestion and improve safety. The original section of the highway was built in the early 1960s to accommodate 60,000 to 70,000 vehicles per day. In 1997, average traffic volumes were in excess of 100,000 vehicles per day in Salem, with segments between interchanges carrying up to 80,000 vehicles per day, causing congestion in the region.

The Project is being constructed in eight discrete segments and NHDOT will utilize the TIFIA loan to advance the construction of the remaining elements of the Mainline Construction – Capacity Improvements.

Funding Sources: 
  • State PAYGO: $28 million

  • GARVEE Bonds: $193.8 million

  • Federal PAYGO: $355.9 million

  • Toll Credit PAYGO: $34.0 million

  • TIFIA Loan: $200.0 million

Project Delivery / Contract Method: 

Design-Bid-Build

Project Advisors / Consultants: 

To State of New Hampshire:

  • Financial Advisors – Public Resources Advisory Group

  • Legal Advisors – Locke Lord LLP

To USDOT TIFIA JPO:

  • TIFIA Financial Advisor – Deloitte

  • TIFIA Legal Advisor – Bryant Miller Olive

Project Lender(s): 
USDOT TIFIA
TIFIA Credit Assistance Detail: 

Direct loan: $200 million. The TIFIA loan will be repaid through incremental gas tax revenues and a General Obligation pledge of the State.

Financial Status: 
The TIFIA credit agreement was signed on May 24, 2016. TIFIA loan repayments begin in 2016 (interest only) and 2025 (interest and principal), with final maturity in 2034.
Innovations: 
  • Commitment to spending TIFIA debt service savings on Statewide rural projects

Project Contacts: 

Marie Mullen, Director of Finance

New Hampshire Department of Transportation

7 Hazen Drive, Concord, NH 03302

(603) 271-6829

MMullen@dot.state.nh.us

William Dwyer, Treasurer

State of New Hampshire

25 Capitol Street, Room 121, Concord, NH 03301

(603) 271-2621

BDwyer@treasury.state.nh.us

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