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Manor Expressway Phase III

Map of Manor Expressway Interchange with SH130
Project Type: 
Roadways and Bridges
Sponsor / Borrower: 
Central Texas Regional Mobility Authority (CTRMA)
Credit Agreement Status: 
Active
TIFIA Assistance: 
$46.94 million
Primary Revenue Pledge: 
Toll Revenues
Project Cost Details: 

$143 million in eligible project costs

Duration / Status: 

Construction began in 2018, and is expected to be completed in mid-2020.

Fiscal Year Closed: 
FY2019
Project Description: 

The Project scope consists of construction of three direct connectors at the intersection of US 290 and SH 130 in the city of Austin within Travis County, Texas to complement the single existing direct connector (owned, operated and maintained by TxDOT) and to facilitate free flow movements between the 290E Toll Road and the SH 130 Toll Road.

The existing TxDOT direct connector does not have a toll gantry on it, and its paired connector will not have a toll gantry either. Once constructed, TxDOT will own, operate and maintain that connector as well. The other two direct connectors will be tolled and will be owned, operated and maintained by CTRMA.

Funding Sources: 
  • Senior Lien Bonds - $48.47 million
  • TxDOT Contribution - $41.10 million
  • Bond Anticipation Notes - $47.70 million
  • CTRMA Pay-Go Funds - $5.73 million

The TIFIA loan will refinance Bond Anticipation Notes (BANs) after the Project reaches Substantial Completion. BANs and Senior Lien Bonds were issued in November 2018.

Project Delivery / Contract Method: 

Design-Bid-Build (DB). Design contract was awarded to CP&Y, Inc in July 2016 and the work has since been completed. Construction contract was awarded to Webber LLC in August 2018.

Project Participants: 
Central Texas Regional Mobility Authority (CTRMA)
Project Advisors / Consultants: 

To CTRMA:

  • Financial Advisor: Hilltop Securities
  • Traffic and Revenue Advisor: Stantec
  • Legal Advisor: Bracewell

To USDOT Build America Bureau:

  • Financial Advisor: Louis Berger
  • Traffic and Revenue Advisor: Louis Berger
  • Legal Advisor: Skadden, Arps, Slate, Meagher & Flom
Project Lender(s): 
USDOT Build America Bureau
TIFIA Credit Assistance Detail: 

Direct loan: $46.94 million. The TIFIA loan will be a Subordinate Lien Obligation under CTRMA’s Master Trust Indenture and will be secured by all System revenues. The loan will be subordinate to the lien of the trust agreement securing the Senior Lien Obligations and the Junior Lien Obligations. There are no outstanding or proposed Junior Lien Obligations.

Project Contacts: 

Bill Chapman – Chief Financial Officer, CTRMA

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