| Name |
New
Mexico
SR
44
(renamed
US
550) |
| Location |
US 550/NM SR 44 runs from I-25 in Bernalillo north and
west to the New Mexico/Colorado stateline. The section
included in this project runs northwest from San Ysidro
to just outside of Bloomfield, near the Four Corners. |
| Mode |
Highway |
| Description |
118(technically)-mile stretch of SR 44 from San
Ysidro to Bloomfield will be expanded from two to four
lanes
Project passes through three
counties, four tribe and
pueblo lands, and property
belonging to the Bureau
of Land Management, the
U.S. Forest Service, and
private owners.
|
| Sponsor |
New Mexico State
Highway and Transportation Department
(NMSHTD)
New Mexico Finance Authority |
| Cost |
$314 million |
| Type
of Finance |
$100 million sole
source GARVEE bonds (long term),
insured & tax exempt
$214 million State highway revenue
bonds (tax exempt) |
| Revenue
Sources |
Future federal highway
grants and state Road Fund Revenues |
| Project
Delivery / Contract Method |
Design, construction
manage, warrant road built with 20 year pavement performance
guarantee |
| Private
Investor Partner |
Mesa PDC LLC |
| Project
Advisors |
Nossaman, Guthner,
Knox & Elliott, LLP
Ballard Spahr
Dain Rauscher Inc. |
| Lenders |
Bondholders |
| Physical
Status |
Completed November
30, 2001 |
| Financial
Status |
Closed |
| Innovations |
First federal highway grant anticipation
notes to pledge revenues beyond
the current authorization period.
First GARVEEs to pledge solely Federal revenue with no
state back-up.
Public/private partnership and four separate construction
contracts used to deal with state design-build prohibitions.
First long-term warranty used
in the U.S. |
| Related
Links / Articles |
Coverage
in Innovative Finance
Quarterly, 2001,
New Mexico SR 44 Project
Website
Coverage
in Innovative Finance
Quarterly
NM 44 Project SummaryPrepared
by Mesa, PDC, LLC
- Four
Lanes to the Four
Corners
Case
Study by National
Council for Public-Private
Partnerships |
| Contacts |
Rhonda G. Faught, P.E.
Cabinet Secretary
New Mexico Department of Transportation
Tel. (505) 827-5110
rhonda.faught@nmshtd.state.nm.us
Tisha Jones
Mesa PDC, LLC
4111 E. 37th
St.
North Witchita,
KS 67226
jonest@nm44.com
Tel. (316) 828-6688
|
| Last Review/Update |
NM Department of Transportation, January 2004 |
