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U.S. Department of Transportation Announces Loan of Up to $250.29 Million to the Central Texas Regional Mobility Authority for 183N Mobility Project
Wednesday, Dec. 22, 2021
WASHINGTON – The U.S. Department of Transportation today announced that its Build America Bureau (the Bureau) has provided a $250.29 million 35-year, low-interest loan to the Central Texas Regional Mobility Authority (CTRMA) for the 183N Mobility Project in the Austin metropolitan area. The Bureau provides Transportation Infrastructure Finance and Innovation Act (TIFIA) loans and other surface transportation infrastructure financing to reduce the costs of infrastructure projects.
The 183N Mobility Project involves construction of two express lanes in each direction along US 183 extending from SH 45N/RM 620 to State Loop 1 (MoPac), a distance of approximately nine miles, and the addition of a fourth general purpose lane in areas where there is not one currently. The express lanes will be helpful to emergency response vehicles and will allow Capital Metro to increase bus service during peak periods. Capital Metro recently announced its purchase of almost 200 new electric buses, the nation’s largest electric vehicle procurement to date, which will be utilized in the corridor. The project also includes building auxiliary lanes, shared used paths, sidewalks, and bicycle/pedestrian facilities.
“The 183 North Mobility Project will help make public transportation and alternative modes better choices for Austin metro commuters,” said Deputy Transportation Secretary Polly Trottenberg. “Coupled with Capital Metro’s recent investment in an electric bus fleet, this project supports safer, cleaner, and more reliable options for travel in the Austin area.”
“The Bureau is pleased to provide low-interest, long-term financing, giving the Central Texas Regional Mobility Authority flexibility to deliver this large-scale project for Austin,” said Bureau Executive Director Morteza Farajian.
This is the second TIFIA loan to CTRMA under the Biden Administration. The first loan to finance three CTRMA projects - 183A Phase III, 183S and 290E Phase III (Manor Expressway) - closed in February 2021. Since formation in 2002, CTRMA has developed multiple projects that constitute its toll road system: 183A (Phase I, II and III), 290E (Phase I, II and III), SH71, SH 45SW and 183S (the System). Once completed, the 183N Mobility Project will be part of this System. The construction works are already under way and the 183N Mobility Project is expected to reach substantial completion by June 2025. The Bureau’s has been a lender on four of these projects through the TIFIA program.
The Bureau was established as a “one-stop-shop” during the Obama Administration to help states and other project sponsors carry out infrastructure projects. The Bureau offers low-interest, long-term credit programs, technical assistance, and best practices in project planning, financing, delivery, and operation. The Bipartisan Infrastructure Law, signed by President Biden in November 2021, expands project eligibility for the Bureau’s TIFIA credit program and extends maturity of the loans, giving borrowers additional flexibility. The DOT has closed $36.6 billion in TIFIA financings, supporting more than $124 billion in infrastructure investment across the country.
