$143 million in eligible project costs
Construction began in 2018, and is expected to be completed in mid-2020.
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.
- 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.
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.
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
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.
Bill Chapman – Chief Financial Officer, CTRMA