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Board approves TIFIA letter of interest and mitigation agreements to advance State Route 41 expressway project
Summary
Madera County authorized submission of a TIFIA letter of interest for a $47 million loan, and approved conservation-credit and escrow agreements for environmental mitigation, to keep the SR 41 expressway project on schedule for construction; board votes on these items were unanimous.
The Madera County Board of Supervisors on Tuesday approved three actions related to the State Route 41 South Expressway project: submission of a Transportation Infrastructure Finance and Innovation Act (TIFIA) letter of interest, and agreements to secure conservation-bank credits and an escrow arrangement to satisfy mitigation conditions required by state and federal agencies.
Dominic Tyburski, public works director, briefed the board on the project financing and timing. He said environmental and design are complete and right-of-way is in a Caltrans Cert 3 status; the county is targeting an advertising date of Dec. 5, 2025 and construction start in March 2026. Tyburski said total estimated construction costs are just under $100 million, with currently secured funds of about $58 million and a projected funding gap of approximately $71 million before accounting for the requested TIFIA loan. The department sought a TIFIA loan request of $47 million to bridge part of that gap.
TIFIA terms: Tyburski warned the board that Congress recently reduced the funds available to buy down interest rates so the county may face a higher estimated interest rate of about 4.7 percent (monthly payment roughly $275,000) rather than a more favorable subsidized rate; repayment terms can extend up to 35 years and the loan is a reimbursement-style mechanism that requires the county to draw against actual construction invoices.
On mitigation, staff asked the board to approve a credit reservation agreement with Caltrans and Westervelt Ecological Services LLC for Brookridge Conservation Bank credits to mitigate impacts to the California tiger salamander. Tyburski said the proposed purchase covers 233 upland credits at $13,500 each (about $4,/00,000) and 6.55 aquatic credits at $200,000 each (about $1,300,000), totaling $5,391,875 to satisfy mitigation obligations tied to habitat impacts.
Separately the board approved entering an escrow agreement with Caltrans and the California Department of Fish and Wildlife (CDFW) providing financial security required under the incidental take permit; CDFW required a financial security amount of roughly $146,722.30 to ensure implementation of mitigation measures should activities begin prior to completion of mitigation. Staff said broader mitigation arrangements with Westervelt would be finalized but estimated the conservation cost near $10 million for necessary mitigation packages, and recommended using escrow to allow construction to begin while mitigation transactions are finalized.
Supervisors pressed staff on timing, interest-rate risk, and the state's role in funding. Board members and public commenters expressed frustration that the state has not provided direct funding for the state highway project even though state agencies participated in environmental review. After discussion the board voted unanimously to approve the TIFIA LOI, the credit reservation agreement, and the escrow agreement so the county can proceed to advertise the project and pursue construction.
