Project Financing and Implementation
| Blueridge Transportation Group closed on the financing of the SH 288 Toll Lanes in Harris County on May 9, 2016. The total estimated cost of the interim project, including financing costs and the majority of the I-610 interchange improvements, in year-of-expenditure dollars is $1,064 million. The financing package includes a $357 million TIFIA loan and $298.6 million in PABs. The private partner has also contributed $375 million of its own equity to the project. TxDOT has contributed $17.1 million for the construction of the Texas Medical Center direct connector. Interest payments will provide $15.6 million in additional funding. | SH 288 Toll Lanes
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Blueridge Transportation Group will retain the right to set toll rates and collect toll proceeds in compliance with the tolling policies established in the SB 1420 report. It will use this revenue to repay the project debt, its own equity investment, and to make a profit. However, all major project risks, including financial risk, will remain with the private partner. Subject to certain traffic demand metrics, Blueridge Transportation Group will also construct and maintain the remaining components of the ultimate project, including the additional general-purpose lanes and remaining improvements to the I-610 interchange, within the concession period. TxDOT will finance the cost of this additional work. At the conclusion of the concession, the private partner must comply with strict quality requirements for returning the facility to TxDOT.
Construction began in November 2016 and is expected to be complete in late 2018 or early 2019. The private developer must also coordinate with Brazoria County as the county extends the express toll lanes the five miles from the Harris County line to CR 58, targeting a completion date roughly coinciding with the Harris County project.