> smcta.com > About > Media Relations > News > Transportation Authority and San Mateo County Express Lanes Joint Powers Authority Approve up to $100 million in Financing for 101 Express Lanes

Transportation Authority and San Mateo County Express Lanes Joint Powers Authority Approve up to $100 million in Financing for 101 Express Lanes

Transportation Authority and San Mateo County Express Lanes Joint Powers Authority Approve up to $100 million in Financing for 101 Express Lanes

 

As construction progresses on the San Mateo 101 Express Lanes Project, the San Mateo County Transportation Authority (TA) Board of Directors authorized the issuance of bonds to help finance a portion of the project’s construction costs. The San Mateo County Express Lanes Joint Powers Authority (SMCELJPA), the entity that will oversee the management of the express lanes’ operations, will repay a loan of the bond proceeds with future toll revenues once the express lanes are operational.

The approval of these Limited Tax Bonds stipulate that the aggregate bond amount will not exceed $100 million. In addition to financing a portion of the express lanes’ construction costs and providing $1 million as start-up funds for an Equity Program, future toll revenues will also reimburse the TA and City/County of Association of Governments of San Mateo County (C/CAG) for amounts advanced to fund SMCELJPA’s current operations.

The $581 million project will build an express lane in each direction on Highway 101 from the San Mateo/Santa Clara county line to Interstate 380, a distance of about 22 miles. The project has been under construction since spring 2019 and will be opened in phases. The first phase, which is extends from the Santa Clara County line to Whipple Avenue, is scheduled to open in late 2021.  The second phase, which is between Whipple Avenue and Interstate 380, is scheduled to open in late 2022.

Additional information about the San Mateo 101 Express Lanes Project can be found online at http://101express.com/

###

About the TA: Created to administer Measure A, San Mateo County’s ½ sales tax, the Transportation Authority provides funding for transportation and infrastructure improvement projects. In 2004, more than 75 percent of San Mateo County residents voted to reauthorize Measure A for an additional 25 years.

About the SMCELJPA: Created to own, manage, operate and maintain the San Mateo 101 Express Lanes Project. For more information see:  https://ccag.ca.gov/express-lane-jpa/

 

 

August 14, 2020

Media Contact: Alex Eisenhart, 650-622-7850