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Author Topic: Maryland  (Read 323234 times)

TheOneKEA

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Re: Maryland
« Reply #1475 on: March 12, 2018, 09:37:42 PM »

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I’m of the opinion that the inflated construction costs of MD 200 and the existing ETLs have really left a mark on the MdTA Board and that they’re downscoping to keep the costs as manageable as possible.

Yes.  They opted for ICC construction at one of the most expensive points in recent history (when oil was over $100/barrel), and they have a large volume of bonds to pay back for both projects.  At the same time that they're trying to figure out how to pay for a Nice Bridge replacement, nevermind that Hogan reduced tolls shortly after he took office...

Except the construction costs for the ICC project were not "inflated," at least not when compared with the Dulles Rail project (same labor market, same federal "prevailing" wages), which has seen an enormous cost overrun (consistent with most WMATA rail construction projects).

The three major ICC contracts were advertised for bid during the worst of the Great Recession, so MDTA got a better deal than it might have otherwise from the contractors that submitted bids.

From the final MDTA report to the General Assembly  dated December 1, 2014:

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The total financial plan for the ICC is now estimated to be $2.387 billion, which is approximately $59 million below the $2.446 billion IFP  amount as well as being $60 million below the $2.447 billion estimate provided to the committees in January, 2005. 

• Since inception (FY 2003 through June 30, 2014), the project has expended $2.322 billion,
or 97 percent of the current project estimate.  No additional funding will be required to complete the project. The project is funded with a combination of  the  following State and federal sources:
o $1,172.4 million in MDTA toll revenue backed debt and cash
o $750.0 million in GARVEE bonds   
o $264.9 million in State General Funds and General Obligation Bonds
o $180.0 million in State transportation trust funds
o $19.3 million in special federal funds

The GARVEE bond balance will be entirely paid-off by 2020.

According to audited MDTA financials, the ICC (by itself) collected over $64 million dollars in tolls for the fiscal year ended June 30, 2017.  That's about 9.5% of all revenues collected by MDTA. 

The only MDTA toll roads that collected more (in percentage terms) were I-95 JFK Highway (northbound crossing the Susquehanna River) (about 25.8%); I-895 Baltimore Harbor Tunnel  (about 13.2%); and the I-95 Fort McHenry  Tunnel (just over 30%). 

The I-95 Express Toll Lanes collected only about 1.85% of MDTA revenues.

Thanks for the figures and the perspective. It makes me wonder even more why the MDTA would deliberately narrow the scope of the second phase of the ETLs, whe it’s likely that 10-15 years after construction starts, they’ll have to do even more construction to deal with the traffic volume. I’m quite puzzled - it seems to make much more strategic and financial sense to build the full-size facility up to Exit 80 now and take advantage of the tolls from the longer lanes. What am I missing?
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cpzilliacus

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Re: Maryland
« Reply #1476 on: March 13, 2018, 07:35:09 AM »

Thanks for the figures and the perspective. It makes me wonder even more why the MDTA would deliberately narrow the scope of the second phase of the ETLs, whe it’s likely that 10-15 years after construction starts, they’ll have to do even more construction to deal with the traffic volume. I’m quite puzzled - it seems to make much more strategic and financial sense to build the full-size facility up to Exit 80 now and take advantage of the tolls from the longer lanes. What am I missing?

My guess is that MDTA would bump up against the total amount of outstanding debt that they are allowed to have - an arbitrary limit that I suspect was imposed by members of the  General Assembly opposed to the InterCounty Connector who were angry that they lost that long-running conflict.
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froggie

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Re: Maryland
« Reply #1477 on: March 13, 2018, 01:00:05 PM »

^ Actually, the General Assembly increased MdTA's debt limit in 2008 from $1.9B to $3.0B (minus whatever MdTA acquiries in FHWA TIFIA loans) to account for the simultaneous financing and construction of the ICC and I-95 ETL's (Chapter 567 of the 2008 session laws).  Because of the TIFIA loan used for the ICC, their current debt limit is in the neighborhood of $2.4B.
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cpzilliacus

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Re: Maryland
« Reply #1478 on: March 13, 2018, 01:35:31 PM »

^ Actually, the General Assembly increased MdTA's debt limit in 2008 from $1.9B to $3.0B (minus whatever MdTA acquiries in FHWA TIFIA loans) to account for the simultaneous financing and construction of the ICC and I-95 ETL's (Chapter 567 of the 2008 session laws).  Because of the TIFIA loan used for the ICC, their current debt limit is in the neighborhood of $2.4B.

It is currently $2.2 or $2.3 billion.
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froggie

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Re: Maryland
« Reply #1479 on: March 13, 2018, 03:13:37 PM »

2.3 and change per MdTA's debt webpage.
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1995hoo

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Re: Maryland
« Reply #1480 on: April 07, 2018, 09:21:36 PM »

Not something you see every day! (Thanks to cpzilliacus for retweeting the source.)

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cpzilliacus

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Re: Maryland
« Reply #1481 on: April 16, 2018, 11:06:39 AM »

Capital News Service via WTOP: Maryland explores changing tolls to electronic only

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The Maryland Transportation Authority is exploring phasing out all cash toll booths across the state.

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Today, tolls are collected three ways: by cash, or electronically, by either an E-ZPass transponder or by video tolling — when the state uses a license-plate photo and mails drivers their bill.

Quote
Transportation officials say that the transition to all-electronic, high-speed toll collection will: save drivers time on their commute, save the state money, reduce accidents at toll plazas, and reduce CO2 emissions as less fuel is being burned, according to a national study by the University of Central Florida.
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Mergingtraffic

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Re: Maryland
« Reply #1482 on: April 16, 2018, 02:45:20 PM »

Not something you see every day! (Thanks to cpzilliacus for retweeting the source.)



What's the tweet this came from?  Cool shot!
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Doctor Whom

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Re: Maryland
« Reply #1483 on: April 16, 2018, 03:36:08 PM »

Not something you see every day! (Thanks to cpzilliacus for retweeting the source.)[/img]
Officer, am I free to fly off?
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Mergingtraffic

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Re: Maryland
« Reply #1484 on: April 16, 2018, 07:56:31 PM »

Are the signs on the frontage roads for US-40/I-170 still around in Baltimore?  I see new traffic lights and sidewalk construction around US-1 and the side streets via GSV.  I heard some were replaced.
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1995hoo

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Re: Maryland
« Reply #1485 on: April 16, 2018, 08:51:46 PM »

What's the tweet this came from?  Cool shot!

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Mergingtraffic

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Re: Maryland
« Reply #1486 on: April 18, 2018, 06:22:09 PM »

are you able to search MSHA advertisements for projects online? I'm looking for signing projects if there are any.
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cpzilliacus

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cpzilliacus

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Re: Maryland
« Reply #1488 on: April 19, 2018, 11:23:38 AM »

are you able to search MSHA advertisements for projects online? I'm looking for signing projects if there are any.

https://emaryland.buyspeed.com/bso/external/publicBids.sdo
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