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Mike Heiligenstein of the CTRMA: The Central Texas Approach

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Presentation from Mike Heiligenstein, Executive Director of the Central Texas Regional Mobility Authority detailing the Central Texas approach.

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Mike Heiligenstein of the CTRMA: The Central Texas Approach

  1. 1. The Central Texas Approach Mike Heiligenstein Executive Director
  2. 2. Texas Regional Mobility Authorities <ul><li>#1 Central Texas </li></ul><ul><li>#2 Alamo </li></ul><ul><li>#3 Grayson County </li></ul><ul><li>#4 Northeast Texas </li></ul><ul><li>#5 Cameron County </li></ul><ul><li>#6 Hidalgo County </li></ul><ul><li>#7 Camino Real </li></ul>
  3. 3. The Texas Model <ul><li>Board of directors (appointed) </li></ul><ul><ul><li>Local control </li></ul></ul><ul><li>A multi-modal approach </li></ul><ul><ul><li>Planes, trains, automobiles and more </li></ul></ul><ul><li>Jurisdictional flexibility </li></ul><ul><ul><li>Multiple counties </li></ul></ul><ul><ul><li>Non contiguous counties </li></ul></ul><ul><li>Innovative contracting methods </li></ul><ul><ul><li>Comprehensive development agreement </li></ul></ul>
  4. 4. The Texas Model <ul><li>A blend of funding sources </li></ul><ul><ul><li>Revenue bonds </li></ul></ul><ul><ul><li>Private equity </li></ul></ul><ul><ul><li>Private capital </li></ul></ul><ul><ul><li>Federal funds </li></ul></ul><ul><ul><li>State funds </li></ul></ul><ul><ul><li>Grants and loans </li></ul></ul><ul><ul><ul><li>Toll Equity Grant </li></ul></ul></ul><ul><ul><ul><li>Texas Mobility Fund </li></ul></ul></ul><ul><ul><ul><li>TIFIA </li></ul></ul></ul><ul><ul><ul><li>SIB </li></ul></ul></ul><ul><ul><li>Local contributions/taxes </li></ul></ul><ul><ul><li>Concession agreement </li></ul></ul>
  5. 5. Getting Started <ul><li>Government loans, grants and donations create financial foundation </li></ul><ul><li>Revenue bonds or private investment provides primary capital </li></ul><ul><li>Tolls or fees generate revenue to meet debt obligations </li></ul><ul><li>As business increases, surplus revenue can be used to fund other regional mobility needs </li></ul><ul><li>Feasibility account in first bond financing issuance </li></ul>
  6. 6. The Mobility Authority Process <ul><li>The county or counties file a petition with the Transportation Commission for creation of a Mobility Authority </li></ul><ul><li>Commission reviews the application to insure all requirements have been met </li></ul><ul><li>TxDOT conducts public hearing(s) </li></ul><ul><li>Transportation Commission reviews application and public comment before determining whether to authorize </li></ul>
  7. 7. The Central Texas Regional Mobility Authority <ul><li>1st regional mobility authority in Texas </li></ul><ul><li>Began operation in January 2003 </li></ul><ul><li>Bi-county agency with seven member board </li></ul><ul><li>Initial focus regional toll road plan </li></ul>
  8. 8. First Project <ul><li>Originally proposed in 1982 </li></ul><ul><li>Being built under a Comprehensive Development Agreement </li></ul><ul><ul><li>Design/build process </li></ul></ul><ul><ul><li>Contractor assumes risk </li></ul></ul><ul><ul><li>Guaranteed maximum price of $166 million </li></ul></ul><ul><ul><li>Guaranteed completion March 2007 </li></ul></ul><ul><ul><li>Public involvement activities included </li></ul></ul>
  9. 9. Benefits of CDA Process <ul><li>Fosters innovation </li></ul><ul><li>Best value approach </li></ul><ul><li>Expedited schedule </li></ul><ul><li>Reduced risk </li></ul>
  10. 10. Sources of Funding Senior Lien Bonds $167,967,611 BANS (Bond Anticipation Notes ) $66,000,000 TxDOT Equity $64,700,000 Local Contributions (Right-of-Way) $18,000,000 TIFIA LOAN $66,000,000
  11. 11. Next Project – 290E <ul><li>5.6 to 9 mile project running from U.S. 183 to SH 130 with possible extension past Manor to FM 973 </li></ul><ul><li>First segment replicates CDA arrangement on 183A </li></ul><ul><li>Second segment planned as a concession </li></ul>
  12. 12. Texas’ First Concession Agreement – SH 130 <ul><li>SH 130 </li></ul><ul><ul><li>Part of Trans Texas Corridor </li></ul></ul><ul><ul><li>Cintra-Zachry financing completion from Austin to Seguin </li></ul></ul><ul><ul><li>$25 million upfront concession payment </li></ul></ul><ul><ul><li>TxDOT to share toll revenue, eventually reaching 50/50 split </li></ul></ul><ul><ul><li>Southern half financed under CDA agreement and managed by TxDOT </li></ul></ul>
  13. 13. The Central Texas Approach Mike Heiligenstein Executive Director

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