$928.9 million in eligible project costs
Construction commenced in 2019, and substantial completion is expected in mid-2023
The Project will widen the existing I-10 highway between the Los Angeles/San Bernardino County line and I-15, approximately 10 miles. Project scope includes building and operating two tolled express lanes in each direction, reconstruction and/or modification of existing ramps at 10 interchanges, eight local arterials, and 26 structures including box culverts, and new or reconstructed retaining walls and sound walls
Once complete, express lanes would be managed through dynamic congestion pricing.
- Federal Funding - $466.9
- State and Local Funding (including Measure I sales tax) - $241.4 million
- TIFIA loan - $225 million
Design-Build (DB) - DB contract was awarded to Lane-Security Paving Joint Venture in August 2018.
- Financial Advisor: Ernst & Young, Montague DeRose
- Traffic and Revenue Advisor: CDM Smith
- Legal Advisor: Orrick, Herrington & Sutcliffe
To USDOT Build America Bureau:
- Financial Advisor: IMG Rebel
- Traffic and Revenue Advisor: Louis Berger
- Legal Advisor: Skadden, Arps, Slate, Meagher & Flom
Direct loan: Up to $225 million. The TIFIA loan will be a Second Lien Obligation under SBCTA’s Master Trust Indenture and will be secured by toll revenues from the Project. The loan will be junior to Senior Lien Obligations. There are no outstanding or proposed Senior Lien Obligations currently.
The TIFIA loan will be also be supported by Measure I Sales Tax funds which will be contributed either as a Cash Supplement (i.e. fixed amount contributed each month) or as a backstop whenever there is a shortfall.