CTRMA Completes $250.29 Million Loan for Mobility Project 183N
The Central Texas Regional Mobility Authority (CTRMA) secured a $250.29 million, 35-year Transportation Infrastructure Finance and Innovation Act (TIFIA) loan through the U.S. Department of Transportation’s Build America office to the 183N mobility project in the Austin, Texas metro area.
Mobility Project 183N includes the construction of two express lanes in each direction along US 183 extending from SH 45N/WD 620 to State Loop 1 (MoPac), a distance of approximately nine miles, and l adding a fourth lane for general use in areas where there is currently none. The express lanes will benefit emergency response vehicles and allow Capital Metro to increase bus service during peak periods. Capital Metro recently announced the purchase of nearly 200 new electric buses, the nation’s largest electric vehicle purchase to date, for use in the corridor. The project also includes the construction of auxiliary lanes, sidewalks of shared paths and facilities for cyclists and pedestrians.
“The 183 North Mobility Project will help make transit and alternative modes better choices for Austin subway commuters,” said Assistant Secretary of Transportation Polly Trottenberg. “Coupled with Capital Metro’s recent investment in a fleet of electric buses, this project provides safer, cleaner and more reliable travel options in the Austin area.
“The Bureau is pleased to provide low-interest, long-term financing, giving the Central Texas Regional Mobility Authority the flexibility to complete this large-scale project for Austin,” said Morteza Farajian, executive director of the Office.
This is the second TIFIA loan granted to the 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 its creation in 2002, CTRMA has developed several projects that constitute its toll road network: 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. Construction work is already underway and the 183N mobility project is expected to be substantially complete by June 2025. The Office has been a lender for four of these projects under the TIFIA program.