Commercial close (Comprehensive Development Agreement [CDA] execution) occurred on September 4, 2009. Construction began in January 2011. Substantial completion was reached on September 15, 2015 with all lanes open to traffic.
The IH 635 Managed Lanes Project will relieve congestion north of Dallas, Texas on 13 miles of IH 635 (LBJ Freeway) from just west of I-35E (near Luna Road) to just east of US 75 (near Greenville Ave.), and south on I-35E from I-635 to Loop 12. The project will involve:
- Reconstruction of the main lanes and frontage roads along IH 635
- Addition of six managed lanes (mostly subsurface) along IH 635 from I-35E to US 75 and four managed lanes west and east of that stretch
- Addition of six elevated managed lanes along I-35E from Loop 12 to the I-35E/IH 635 interchange
The project is being built under a public-private partnership (P3)/CDA between TxDOT and LBJ Infrastructure Group, which will operate and maintain the facility for 52 years. Construction is expected to take five years. The managed lanes will be dynamically priced after six months of an introductory fixed-price schedule. HOV2+ users will receive a 50 percent discount during peak operating periods. Tolls will be collected by the North Texas Tollway Authority.
The IH 635 Managed Lanes Project is designed to relieve congestion and provide capacity for the area’s growing demand for transportation infrastructure. By 2020, Dallas County is expected to see traffic volumes of 420,000 average vehicles per day, an increase of approximately 65% above 2007 volumes, when the project application was submitted. The use of TIFIA financing and P3 structuring allowed for the delivery of these mobility benefits approximately 19 years faster than more conventional financing methods would have allowed.
- Private Activity Bonds (PABs): $606M
- TIFIA Loan: $850M
- Equity Contribution: $672M
- Public Funds: $487M
Macquarie Capital (USA) Inc.- Financial Advisor
White & Case LLP - Counsel to the Concession Company
Bracewell & Giuliani LLP - Counsel to the Concession Company
Arup - Sponsor's Traffic Consultant
Hatch Mott MacDonald - Lenders' Traffic Advisor
To USDOT TIFIA JPO:
- TIFIA Legal Advisor: Hawkins Delafield & Wood, LLP
- TIFIA Financial Advisor: Montague DeRose and Associates, LLP/High Street Consulting Group, LLC
Direct loan: $850 million. The TIFIA loan will be repaid with project revenues, which include all income, tolls, revenues, rates, fees, charges, rentals, or other receipts derived by or related to the operation of the project.
- When completed, this project will have one of the most comprehensive managed HOV lane systems in the country, deploying Automatic Vehicle Identification (AVI) technology capable of reading the transponders of passing vehicles.
- Innovative financing package includes PABs and TIFIA credit assistance.
Gary Moonshower, P.E.
P.O. Box 133067
Dallas, TX 75313-3067
Tel. (214) 320-4489
Director of Corporate Affairs
LBJ Infrastructure Group
Tel. (214) 592-3144