Project Details

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Results Chart for Delivery Method and Financing

Delivery Method

DBB/CMAR
# of Projects: 1
100% of the Results

Background informationProject Created: April 8, 2009

Project Name: Texas SH 121
Year in Operation:
Sector: Transportation
Subsector: Roads
Status: Design / Construction
Type: New Facility
Description: The tolled portion of Texas SH 121 will be 25.9 mile, all electronic, toll road in Collin, Dallas and Denton counties, terminating on the west near the Tarrant County line.
Delivery Method as described in the country where it's located: Design Build Operate Maintain
Is the project still active: Yes
Comments: 50-year government to government concession. North Texas Transportation Authority (NTTA) paid $2.5 Billion upfront and $833 million (NPV as of 2007) over 50 years to TX DOT in exchange for obligation to design, build, operate and maintain toll road services.

Project Locations

Address:
City: Coppell
State: Texas
Country: United States of America

Address:
City: McKinney
State: Texas
Country: United States of America

Address:
City: Dallas
State: Texas
Country: United States of America

Souces of Project Support (Non-monetary)

Checkbox Checked Land: Existing (non-tolled) ROW plus additional land taken.
Checkbox Checked Revenue Stream (Cash Flow) Created Through Initial Commitment of Public Sponsor(s): TX DOT and NTTA both.
Checkbox Checked Revenue Stream (Cash Flow) Protected Through Long Term Commitment(s) of Public Sponsor(s): TX DOT and NTTA both.

Souces of Project Support (Monetary)

Checkbox Checked

From Public (Government) Sources to Producers: NTTA incurred $2.5 billion in debt financed through DNT System Revenue Bonds. $700 million in Bond Anticipation Notes to complete construction of the SH 121 project. NTTA guarantees 50 years of annual payments (with a NPV in 2007 of $833 million) to TX DOT, relying on DNT System Revenue Bonds.

Arrow Right
Checkbox Checked

Direct Cash Support: Initial funding for the transaction comes throught a Bank Facility arranged by Royal Bank of Canada in an amount up to US$3.5 billion, with expectation that all of this amount will be retired in full from the issuance of DNT System Revenue Bonds within 6-12 months of the initial June, 2007 transaction. Lehman Brothers, Citigroup, and Bears Stearns were arrangers of the initial bank facility and the proposed subsitution of DNT System Revenue Bonds.

Checkbox Checked

Rated by Moody's: No rating of the SH121 project in May 2007. Moody's indicated on May 2, 2007 that NTTA's then A1 senior lien toll revenue bonds rating would "remain in the A category."

Project Delivery & Finance Method

Project Delivery:
All Public Finance. Public Sponsor contracts for initial design, and separately contracts for initial construction. Public Owner operates and maintains the resulting facility.
Construction Manager At Risk Variants: Public Sponsor contracts with Construction Manager At Risk while design is in process.

Procurement Approach

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

Term for Key Components & Forms of Contract

Project Component
Years
Quarters
Initial Design and Construction
5
0
Forms
Description
 
 

Project Value (If and As Known)

Date of Estimated Project Value: June 1, 2007
Project Value
Hard Cost
Hard & Soft Costs
Design
$25-100 Million US
(none)
Construction
$250 Million - 1 Billion US
(none)
Operations & Maintenance
$500 Million - 2 Billion US
(none)
Total
$2-10 Billion US
(none)

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