Senators Hutchison & Cornyn Commend DOT's Decision to Select Interstate 35W Project for Consideration of Transportation Infrastructure Loan

Press Release

Today, U.S. Senators Kay Bailey Hutchison and John Cornyn commended the U.S. Department of Transportation's decision to solicit officials with the Interstate Highway 35W project in Tarrant County to apply for a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan. This potential funding opportunity would improve the North Tarrant Express Segments 3a and 3b -- a 12-mile section of 35W immediately North of the city of Fort Worth. The Texas project was one of five selected to submit a loan application, which the Department of Transportation will review. If approved, the loan would go toward financing part of the estimated total project cost of $1.5 billion.

"This selection marks an important step forward for the development of the 3a and 3b project, which would create jobs, strengthen the local economy and provide long overdue traffic congestions relief," said Sen. Hutchison. "The Fort Worth Transportation Authority, or "The T,' would be able to operate in managed lanes, increasing its ridership by an estimated 80 percent. The economic impact is expected to result in 40,000 direct and indirect total jobs created. It is vital that this important infrastructure project receives the funds needed to upgrade and improve one of the most significant trade corridors in the country."

"The North Tarrant Express is important to the mobility, economy and quality of life for North Texans, and I commend state and local officials for working to help relieve one of the most congested roadways in Texas," said Sen. Cornyn.

BACKGROUND

The Texas Department of Transportation "TxDOT" has rated this project as its highest priority out of the regular, FY2012 Transportation Infrastructure Financing Innovation Act (TIFIA) Program. TIFIA is a federal credit assistance program administered by the U.S. Department of Transportation that provides loans and loan guarantees for transportation projects. The program is designed to fill market gaps and leverage substantial private co-investment by providing state and local officials an innovative mechanism for financing projects of national or regional significance.

The North Tarrant Express (NTE) project proposes improvements to IH35W which consist of the reconstruction of existing lanes and construction of managed toll lanes, as well as upgrades to interchanges, frontage roads and cross streets expansion. The NTE has 3 main parts: Segments 3A and 3B, and upgrades to the IH 35W/IH 820 Interchange (see attached map). At the Interchange, the project will add two to three managed toll/transit lanes and ultimately expand to three free lanes.

Segment 3A is a 5.4 mile road that runs north between IH 30 and IH 820, which will be constructed via a public-private partnership. Segment 3B is a 3.4 mile road that runs further north between the Interchange and the North Tarrant Parkway, which will be constructed by TxDOT under a traditional design-bid-build method.

The project runs along a key NAFTA corridor, and the IH 35W/IH 820 Interchange is one of DFW's most highly congested road segments. It will also support expanded bus service for the Fort Worth Transportation Authority by providing access to dedicated transit lanes.

Texas is already the signature TIFIA state, with existing credit assistance exceeding $3.3 billion for major highway and transit projects in Dallas-Fort Worth and Central Texas.

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