156 Toll Road Study and Appendices - Transportation Agency for ...

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Historic scheduling of these improvements has been constrained by the amount of annualfederal and state funding available within a given year. Approximately $44 million of state andfederal funding have been allocated to Highway 156. Even with state and federal funding asignificant funding gap to complete the Route 156 West Corridor is anticipated, up to $225million (in year-of-expenditure dollars, according to the Caltrans Project Fact Sheet). Dependanton development, approximately $30 million of local traffic impact fees, including Fort Ord ReuseAuthority (FORA) is allocated to the Highway 156 improvements. Subsequently, the need hasbeen identified to determine if tolling Highway 156 is a feasible alternative funding mechanism.The Tolling Traffic and Revenue Study Highway 156 Corridor Study demonstrates the followingresults:• Toll revenues will be sufficient to finance capital costs of Route 156 West Corridor,Phase 1, a new alignment, four-lane Highway 156 and a new interchange at Highway156 and Castroville Boulevard.• Toll revenue generated by the opening of Phase 1 can, at some point in time, providesufficient funding to construct Phase 2. Scheduling of Phase 2 improvements will befurther investigated and refined in the next phase of this project.• With the additional travel benefits associated with Phase 2, it is anticipated that Phase 2(together with excess revenue from Phase 1) would generate approximately $85 millionof additional funding in the year 2025 after paying for Phase 1 construction; howeverthis additional funding falls short of the Phase 2 funding requirements, approximately$160 M.Why is an improved Highway 156 needed?The Route 156 West Corridor Environmental Impact Report / Environmental Assessment withFinding of No Significant Impact prepared by Caltrans dated January 2013 identifies the followingas the project’s purpose and need 2 :• Improve safety and operations• Improve local road access to State Route 156• Improve interregional traffic flow along State Route 156• Relieve existing congestion and provide capacity for future increases in traffic volumeHighway 156 accommodates local and regional traffic. Locally, Highway 156 provides accessfor Prunedale, Castroville and northern Monterey County residents and businesses. Regionally,it connects traffic to Hollister, the Central Valley and the San Francisco Bay area. In addition,Highway 156 is frequently used by the local agricultural and farming communities to transportgoods and equipment.2State of California Department of Transportation, “Route 156 West Corridor Environmental Impact Report / EnvironmentalAssessment with Finding of No Significant” (January 2013)STATE ROUTE 156 Tolling Traffic and Revenue Study [ 3 ]
Monterey Bay area is a prime recreational destination, resulting in Highway 156 experiencinghigh visitor traffic. During the peak visitor season, summer weekends, traffic volumes more thandoubles, compared to a typical winter weekday. In addition, to travelers experiencing heavytraffic volumes approximately 8% of the traffic is trucks.Highway 1 and Highway 101 are both four-lane facilities to the west and east of Highway 156,respectively. The approximately 4-mile long section of Highway 156 between these two, fourlanefacilities is a two-lane facility. When higher traffic volumes are present, congestion occursat several pinch points along the route. In the eastbound direction, congestion occurs whereHighway 156 narrows from two lanes to one lane, east of Castroville Boulevard and at theHighway 156 eastbound to Highway 101 northbound loop ramp. Highway 156 congestionoccurs, especially when traffic volumes on Highway 101 are high. In the westbound direction,congestion occurs where Highway 101 southbound to Highway 156 westbound intersectsHighway 156. Congestion occurs in both directions at the unsignalized intersections on thenorth side of Highway 156 that provide access to the local residential communities.In addition, Highway 156 experiences a collision rate of approximately 21% greater than thestate average with 182 collisions occurring on Highway 156 between July 1, 2007 and June 30,2010. 3Under traditional funding, what are the current fundinggaps?Caltrans has developed a project fact sheet with estimated construction capital costs. Table 1,Route 156 West Corridor Capital Costs provides the anticipated cost for the project phases:Table 1Highway 156 West Corridor Capital CostsPhase 1 Phase 2FundingSecuredProject Approval and Environmental Document (PA & ED) $10 M -- --Plans Specifications and Estimates (PS&E) $12 M -- --Right-of-Way (ROW) Acquisition $33 M $50 M -- --Construction $60 M $103 M -- --*Excludes $30 M of local traffic impact fees.FundingGapTotal $109 M $159 M $44 M $ 224 M3State of California Department of Transportation, “Route 156 West Corridor Environmental Impact Report / EnvironmentalAssessment with Finding of No Significant” (January 2013)[ 4 ] STATE ROUTE 156 Tolling Traffic and Revenue Study
Page 5: STATE ROUTE 156 Tolling Traffic and
Page 10 and 11: The Route 156 West Corridor Project
Page 12 and 13: e sought to support the constructio
Page 14 and 15: Why can’t we improve the intercha
Page 16 and 17: What amount will an individual be t
Page 18: STATE ROUTE 156 Tolling Traffic and
Page 21 and 22: STATE ROUTE 156 Tolling Traffic and
Page 23 and 24: Updated 10-1-12
Page 25: Updated 10-1-12
Page 28 and 29: APPENDIX BTraffic and Revenue Forec
Page 30 and 31: M E M O R A N D U MDate: May 10, 20
Page 32 and 33: Tolling Traffic and Revenue Study H
Page 48 and 49: Revenue Schedule - Tolling Plan "B"
Page 50 and 51: Revenue Schedule - Tolling Plan "D"
Page 52 and 53: APPENDIX CFinancial Feasibility Ana
Page 54 and 55: 50 California StreetSuite 2300San F
Page 56 and 57: Highway 156 Financial Feasbility An
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Highway 156 Financial Feasbility An
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SR 156Scenario A; April 08, 2013I.
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III. Debt Service CoveragePledged C
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V. TIFIA LLCR and ReserveSurplusTIF
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VII. SpreadsMMD as ofAAA Taxable as
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II. Bonds Debt ServiceCIB 1 CIB 1 C
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IV. TIFIA Loan ScheduleCurrent Year
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VI. Aggregate Flow of FundsResidual
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SR 156Scenario C Phase 1; April 08,
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III. Debt Service CoveragePledged C
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V. TIFIA LLCR and ReserveSurplusTIF
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VII. SpreadsMMD as ofAAA Taxable as
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II. Bonds Debt ServiceCIB 1 CIB 1 C
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IV. TIFIA Loan ScheduleCurrent Year
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VI. Aggregate Flow of FundsResidual
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156 Toll Road Study and Appendices - Transportation Agency for ...

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