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Monroe Expressway

Project Map
Project Type: 
Roadways and Bridges
Sponsor / Borrower: 
North Carolina Turnpike Authority (NCTA)
Credit Agreement Status: 
Active
TIFIA Assistance: 
$166.5 million
Primary Revenue Pledge: 
Toll Revenues
Project Cost Details: 

$800.0 million

Duration / Status: 

Construction began in 2015, and substantial completion is expected in late 2018.

Fiscal Year Closed: 
FY2017
Project Description: 

The Monroe Expressway Project is a new, four-lane tolled expressway that will extend nearly 20 miles from US 74 near I-485 in Mecklenburg County to US 74 between the towns of Wingate and Marshville in Union County, North Carolina.  The Project includes the reconstruction of a one-mile portion of US 74 that includes an elevated, six-lane controlled-access freeway.  The Project is currently under construction and is anticipated to reach completion by November 2018.

Funding Sources: 
  • Federal Sources
    • TIFIA Loan: $166.5 million
  • State Sources
    • Appropriations Bonds: $467.1 million
    • Toll Revenue Bonds: $144.4 million
    • NCDOT State Highway Trust Fund: $22.0 million
Project Delivery / Contract Method: 

Design-Build

Project Advisors / Consultants: 

To NCTA:

  • Financial Advisor – Public Financial Management, Inc.
  • Legal Advisor – Hunton & Williams LLP

To USDOT Build America Bureau:

  • TIFIA Financial Advisor – The Louis Berger Group, Inc.
  • TIFIA Legal Advisor – Nixon Peabody LLP
Project Lender(s): 
USDOT TIFIA
TIFIA Credit Assistance Detail: 

Direct loan: $166.5 million.  The TIFIA loan will be repaid with gross toll revenues generated from the Project.

Financial Status: 
The TIFIA loan agreement was signed on January 31, 2017 and is expected to mature in 2053.
Project Contacts: 

Monroe Expressway
1548 Mail Service Center
Raleigh, NC 27699-15481
(800) 475-6402

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