Madera County advances SR‑41 Expressway financing and mitigation plans; seeks $47M TIFIA loan

Madera County moved Tuesday to secure financing and environmental mitigation for the State Route 41 Expressway project, approving a letter of interest to seek a $47 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan and authorizing related mitigation and escrow agreements.

Public Works Director Dominic Tibersky said the project scope would widen SR‑41 from two to four lanes between Avenue 12 and Avenue 15, add an overcrossing at Avenue 11, and include signalized intersections and other improvements. Staff reported environmental and design are complete, right‑of‑way is at a certification stage, and the project is targeting a December advertisement with March construction start. A current construction estimate is just under $100 million; environmental mitigation and remaining pre‑construction obligations total roughly $32 million. With about $58 million in cash available, Tibersky said the county faces a funding deficit of about $71 million.

To close the gap staff proposed a TIFIA reimbursement loan request of roughly $47 million. Tibersky said the project qualified for a program that can reduce the interest rate for selected applicants, but recent congressional changes mean fewer applicants will receive that buy‑down; current underwriting expectations put the likely rate near 4.7 percent, with an estimated monthly debt service of about $275,000 under the higher rate (versus about $207,000 if a buy‑down were available). Tibersky explained TIFIA is a reimbursement loan, meaning interest accrues only on amounts drawn for reimbursement.

Supervisors pressed staff on revenue assumptions and timing. Board members clarified that the county collects roughly $1,000,000 in road‑impact fees per month, which staff said will help service debt once construction begins, and noted the loan underwriting timeline may extend beyond the planned March 2026 construction start. Tibersky acknowledged that award timing could lag and described coordination with USDOT to accelerate underwriting where possible.

Because the environmental review identified impacts to California tiger salamander habitat, staff also asked the board to enter a credit reservation with Caltrans and Westervelt Ecological Services and an escrow agreement with Caltrans and the California Department of Fish and Wildlife to secure mitigation. The credit reservation purchases 233.25 upland credits at $13,500 each and 6.55 aquatic credits at $200,000 each for a stated total of $5,391,875; staff advised an escrow to ensure CDFW financial assurances for mitigation, estimating additional mitigation escrow needs up to approximately $10 million in total to allow construction to proceed. The board approved the LOI and both mitigation agreements by roll call vote, 5–0.

Supervisors expressed frustration that state agencies provided environmental requirements but no direct funding for mitigation; one supervisor called the state’s contribution “disappointing,” noting the county has shouldered the direct funding to keep the project moving.

Staff will submit the TIFIA letter of interest and continue coordination with federal and state partners while preparing for the project's advertised schedule.