SR-91 Corridor Improvement Project

IMG Rebel has strengthened its track record of supporting TIFIA on pivotal projects such as the SR-91 Corridor Improvement Project.

The SR-91 Corridor Improvement Project is one of the more significant and innovative infrastructure projects in the U.S.
The SR-91 Corridor Improvement Project is a critical element in an integrated strategy that Riverside County Transportation Commission (RCTC), the California Department of Transportation (Caltrans), and other partner agencies are pursuing to support a robust and connected corridor. The project is intended to raise capacity and decrease congestion along the SR-91 corridor between Riverside and Yorba Linda. The estimated $1.3 billion project will involve the extension of the OCTA SR-91 Express Lanes from the Orange County/Riverside County Line approximately 8 miles to the I-15/SR-91 Interchange in Riverside, California.

The Project received financing from TIFIA and bond investors
The U.S. Department of Transportation’s (USDOT) Transportation Infrastructure Finance and Innovation Act (TIFIA) program provided a $421 million long-term loan to RCTC, the project sponsor. RCTC also received more than $674 million in proceeds from toll revenue and sales tax revenue bonds payable from Measure A sales tax. RCTC reached financial close on both the TIFIA loan and the bonds issuances in July, 2013. Groundbreaking for the project occurred in December 2013 and the project is expected to open in early 2017.

IMG Rebel has leveraged its toll roads expertise to support TIFIA as a lender
We led the assessment of key credit risk factors for TIFIA as a lender, including: carrying out due diligence on the project’s financial plan, assessing the traffic and revenue study, and evaluating the construction and development plan. Furthermore, IMG Rebel conducted a risk assessment, using Monte Carlo analysis, of key variables in the forecasts and financial projections. Our tenured team of toll road experts, comprehensive knowledge of trends in the toll roads space, and relationships with key players in the sector, were all instrumental factors in assisting TIFIA conduct their diligence on the credit quality of the project.

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