EPS Assists San Joaquin County and Mining Interests in Financing of Freeway Interchange

EPS assisted the San Joaquin County and private mining interest in securing a $28 million public financing to construct a new freeway interchange on State Highway 132 at Bird Road in south San Joaquin County.  The $28 million was secured March 22, 2012.  The new interchange will serve an aggregate mining area bordered by Interstate 5 and Interstate 580.  Trucks hauling aggregate products currently access State Route 132 “at grade” at Bird Road.  This presents traffic safety issues with commuter traffic that use SR 132 to travel from Modestoto the Bay Area. 

Once the interchange is completed, trucks will be able to merge safely onto SR 132.  While the public financing of the $28 million was issued by San Joaquin County, the repayment of principal and interest will be the sole responsibility of the aggregate producers, who have elected to place a tax on their lands as a means of repaying the debt service.  The aggregate producers that agreed to the self-imposed tax are Teichert Aggregates, Granite Construction Company, West Coast Aggregates, DSS Company, CEMEX, and DeSilva Gates Construction.  EPS Senior Vice President Russ Powell worked with the aggregate producers to develop a funding strategy that was acceptable to each of the six aggregate producers and to the County.

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