Project Details

✔ Project has been published!

Results Chart for Delivery Method and Financing

Delivery Method

DB
# of Projects: 1
100% of the Results

Background informationProject Created: December 17, 2010

Project Name: The Triangle Expressway (NC)
Year in Operation:
Sector: Technology
Subsector: Electronic Vehicle ID / Toll Collection, Roads
Status: Design / Construction
Type: New Facility
Description: The project will be North Carolina’s first modern toll road. It is divided into three sections: The first is the Northern Wake Expressway, which stretches 2.8 miles from N.C. HWY 54 to HWY 55. The second section is the Triangle Parkway running from Hwy 147 in Durham to Hwy 540 in Morrisville. The third and final sections is a 12.6 mile stretch of toll road running from N.C. 55 near Research Triangle Park to N.C. 55 between Holly Springs and Apex. Overall, it will be approximately 18.8 miles of 6 lane-divided toll road.
Delivery Method as described in the country where it's located: Design Build
Is the project still active: Yes
Comments:

Project Locations

Address: 4698 Apex Hwy, Durham, NC 27713
City: Durham
State: North Carolina
Country: United States of America

Address: 4800 Technology Dr., Apex, NC 27539
City: Apex
State: North Carolina
Country: United States of America

Address: 4698 Apex Hwy.
City: Durham
State: North Carolina
Country: United States of America

Address: 4800 Technology Dr.
City: Apex
State: North Carolina
Country: United States of America

Souces of Project Support (Non-monetary)

Checkbox Checked Land: The North Carolina Transportation Authority (NCTA) acquired all right of way with the bond proceeds, based upon initial Approved ROW plans developed by the Design-Build Team.
Checkbox Checked Environmental Clearance: The NCTA secured both a 401 and 404 environmental permit from the Army Corps of Engineers and the NC Division of Water Quality prior to construction based upon preliminary plans. Once design modifications were made by the Design-Build Team, the team secured all required permit modifications from the applicable environmental agencies.

Souces of Project Support (Monetary)

Checkbox Checked

From Public (Government) Sources to Producers: The North Carolina Turnpike Authority (NCTA) received money from both a federal TIFIA loan and selling bonds back in July of 2009 to fully fund the project

Arrow Right
Checkbox Checked

Direct Cash Support

Arrow Right
Checkbox Checked

From Public Sponsor of Project - Direct Expenditure of Appropriated Public Funds: The tolls received from the project during operation will go to repay the bonds in an estimated total of 30 years. For Triangle Expressway, the bonds were rated at AA by all three agencies (S&P, Fitch, and Moody's). The Toll Revenue bonds were rated BBB- by all three agencies as well. The TIFIA loan was rated by Fitch as BBB. The tolls could cost up to 28 cents a mile upon project completion.

Arrow Right
Checkbox Checked

From Cash On Hand: Borrowings through bonds and TIFIA Loan produce sufficient cash to pay for the design and construction of the facility.

Arrow Right
Checkbox Checked

Borrowed from Capital Markets: The Authority was also able to secure $624 million through the selling of bonds.

Arrow Right
Checkbox Checked

Credit Enhancements: TIFIA Loan

Arrow Right
Checkbox Checked

From Other Public Entities: The NCTA received a $386 million federal TIFIA loan that is expected to be repaid in 32 years at a 4.3% interest rate. The authority pays the contractor with cash on hand and is then reimbursed by the TIFIA loan as needed up to the $386 million cap

Checkbox Checked

Rated by Standard & Poors: For Triangle Expressway, the bonds were rated at AA by all three agencies (S&P, Fitch, and Moody's). The Toll Revenue bonds were rated BBB- by all three agencies as well. The TIFIA loan was rated by Fitch as BBB.

Checkbox Checked

Rated by Fitch: For Triangle Expressway, the bonds were rated at AA by all three agencies (S&P, Fitch, and Moody's). The Toll Revenue bonds were rated BBB- by all three agencies as well. The TIFIA loan was rated by Fitch as BBB.

Checkbox Checked

Rated by Moody's: For Triangle Expressway, the bonds were rated at AA by all three agencies (S&P, Fitch, and Moody's). The Toll Revenue bonds were rated BBB- by all three agencies as well. The TIFIA loan was rated by Fitch as BBB.

Project Delivery & Finance Method

Project Delivery:
All Public Finance. Public Sponsor contracts for both initial design and construction with a single entity. Public Owner operates and maintains the resulting facility.
Is there an independant checking engineer? Yes

Procurement Approach

Project Component
Qualifications
Based Selection
Request for
Qualifications
Request for
Proposals
Invitation
for Bids
Unsolicited
Proposals

Term for Key Components & Forms of Contract

Project Component
Years
Quarters
Initial Design and Construction
3
0
Forms
Description
Other
Standard North Carolina Department of Transportation Contract format 

Project Value (If and As Known)

Date of Estimated Project Value: December 17, 2010
Project Value
Hard Cost
Hard & Soft Costs
Total
$500 Million - 2 Billion US
(none)

Warning!!!

You are about to delete: .

Confirm Deletion Cancel