Fact Sheet: Intercounty Connector
Montgomery County – Prince George's County, MD
Approved FY 2007
Borrower
http://www.iccproject.com/
Maryland Transportation Authority (MdTA) and Maryland State Highway Administration (SHA)
Description
The Intercounty Connector (ICC) is a proposed 18.8-mile, six-lane, access-controlled, congestion-managed toll road in suburban Washington, DC. It will be a new asset in the MdTA's existing system of highway, tunnel, and bridge assets ("System"). The ICC, when completed, will improve east-west mobility by connecting the I-270 and I-95/US 1 corridors.
Project Status
The project is under construction. Substantial completion is expected by 2012.
Funding Sources
Anticipated funding sources are as follows (dollars in millions):
- Federal Grants: $19.2
- Maryland's Transportation Fund: $180.0
- Maryland General Fund: $264.9
- GARVEE: $785.0
- Facility Bonds: $671.0
- TIFIA Loan: 516.0
- MdTA Funds from Operations: 130.0
- Total: $2566.0
TIFIA Credit Assistance
Direct loan: $516.0 million.
The TIFIA loan will be repaid using net toll revenues from the Maryland Transportation Authority.
TIFIA Financial Performance
The US Department of Transportation (USDOT) signed a term sheet, obligating funds on April 26, 2007. USDOT executed a TIFIA loan agreement with MdTA on December 19th, 2008. An initial draw is expected in July 2009. TIFIA interest payments are scheduled to begin in 2013 and principal payments will begin in 2018 with final repayment in 2046. The MdTA issued $325 million in Garvee bonds in May 2007, approximately $100 million in Authority debt in March 2008 and an additional $425 million in Garvee bonds in September 2008 for the ICC project.