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President George Bush Turnpike Western Extension

President George Bush Turnpike Western Extension
Project Type: 
Roadways and Bridges
Sponsor / Borrower: 
North Texas Tollway Authority (NTTA)
Credit Agreement Status: 
Retired/Sold
TIFIA Assistance: 
$418 million
Primary Revenue Pledge: 
User Charges
Project Cost Details: 

$1.268 billion

Duration / Status: 

Phases 1 and 2 opened in August 2009. Phase 3 opened in April 2010. Phase 4 opened in October 2012 (I-30 interchange fully opened in early 2013). Substantial completion was reached on October 12, 2012.

Fiscal Year Closed: 
FY2011
Project Description: 

State Highway (SH) 161, the President George Bush Turnpike Western Extension (PGBT WE), provides a new, approximately 11.5-mile link between SH 183, I-30, and I-20 as part of a western loop around Dallas through the cities of Irving and Grand Prairie south of Dallas-Fort Worth International Airport. In April 2008, the Texas Department of Transportation (TxDOT) agreed to a concession with NTTA in perpetuity (with revenue and capital improvement cost sharing after 52 years) to own, operate, and complete project.

The new toll road is being constructed in four phases:  Phase 1: An interchange with SH 183 and service roads from North Carrier Parkway to I-20, constructed by TxDOT (open); Phase 2: Two toll lanes in each direction from SH 183 to Egyptian Way, constructed by TxDOT (open); Phase 3: Services roads and a third toll lane in each direction from Conflans Road to North Carrier Parkway, constructed by TxDOT (open); and Phase 4: Two toll lanes in each direction from North Carrier Two toll lanes in each direction from North Carrier Parkway to I-20 with interchanges at I-30 and I-20 (I-20 open). All major interstate connections to the Chisholm Trail Parkway are complete.

SH 161 serves as a major link within the Dallas-Fort Worth regional transportation network, reducing congestion along adjacent corridors and improving the travel experience in surrounding communities. Overall, the project ensures smoother and more efficient traffic flow of workers and goods by creating a parallel route to the currently congested State Highway 360.

Funding Sources: 
  • TxDOT’s Cost: State Highway Fund (all revenues dedicated or appropriated to the purposes of TxDOT): $83.5M
  • NTTA Concession Financing:
    • Special Projects System Revenue Bonds: $674.3M
    • TIFIA Direct Loan: $418.405M (to refund taxable bond anticipation notes (BANs))
    • TIGER I TIFIA Payment: $9.1M (for subsidy/administrative costs)
    • Equity Contribution: $72.5M
    • Other Sources: $10.1M
Project Delivery / Contract Method: 

Phases 1, 2, and 3: Design-bid-build. Phase 4: Design-build.

Project Advisors / Consultants: 

Special Projects System Revenue Bonds/BANs underwriting syndicate: Citi, Barclays Capital, Estrada Hinojosa & Co., Loop Capital Markets, Morgan Keegan & Co., Morgan Stanley, and Ramirez & Co.

NTTA Financial Advisor

  • RBC Capital Markets

USDOT TIFIA JPO Advisors

  • TIFIA Legal Advisor: Baker Botts, LLP
  • TIFIA Financial Advisor: Infrastructure Management Group
Project Lender(s): 
Bondholders, USDOT TIFIA
TIFIA Credit Assistance Detail: 

Direct loan: $418.405 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. The TIFIA loan is further secured by the provisions of the Toll Equity Loan Agreement between NTTA and TxDOT.

Financial Status: 
The TIFIA credit agreement was executed in April 2011. Interest payments began in 2017, and final loan maturity was expected to occur in 2047; however, the loan agreement was retired early when NTTA prepaid its TIFIA loan on November 1, 2017.
Innovations: 

The PGBT WE will become part of the NTTA's Special Projects System, separate from the NTTA system as a whole, where the toll revenue bonds issued under the Special Project System Trust Agreement, including the TIFIA loan, will be secured additionally by the Toll Equity Loan Agreement (TELA). Under the TELA, TxDOT has agreed to lend to the project from the State Highway Fund 006 (motor fuel tax revenues) a negotiated amount each year should revenues be insufficient to cover operations and maintenance, including debt service. The TELA may also include, subject to financial review and acceptance, the Southwest Parkway/Chisholm Trail Parkway (SWP/CT) project currently in design and environmental review, to be built southwest of Fort Worth. If approved, only the PGBT WE and SWP/CT projects will be part of the Special Projects System additionally secured by the TELA.

Project Contacts: 

Paul Alsina, P.E. 
5900 W. Plano Parkway, Suite 800 
Plano, TX 75093 
Tel. (972) 628-3116 
pgbtwe@ntta.org

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