Major Legal Issues for Highway Public-Private Partnerships (2009) / Chapter Skim
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Pages 9-17
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From page 9... ...
9 phases of new facilities (where toll revenue can flow to the private sector in exchange for its initial up-front payment or investment in the facility) and short-term operation and maintenance contracts for existing facilities (where toll revenues can be used to fund ongoing operation and maintenance activities)
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From page 10... ...
10 detailed compliance requirements developed by the City of Chicago and its technical advisors. According to the terms of the agreement, the Cintra– Macquarie consortium may increase Chicago Skyway tolls through 2017 at a rate equal to the greater of either a detailed negotiated toll schedule or the applicable increase in the Consumer Price Index (CPI)
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From page 11... ...
11 Unlike the Chicago Skyway deal, whose proceeds were allocated to a variety of nontransportation municipal programs, the $3.8 billion generated by the 75year Indiana Toll Road lease must be used almost exclusively for transportation-related activities. Specifically, Indiana plans to use $200 million to retire outstanding Indiana Toll Road bonds, $500 million to establish a trust fund whose interest would pay for future IDOT transportation projects, and $3.1 billion to fund the "Major Moves" construction program, which includes 200 planned projects throughout the state.38 As noted above, the long-term leases of the Indiana Toll Road and Chicago Skyway to the Cintra– Macquarie consortium have generated a significant amount of controversy.
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From page 12... ...
12 In 1991, Caltrans executed agreements with private firms for one BOT pilot project in Northern California and three BOT pilot projects in Southern California. To date, only two of these four demonstration projects have been implemented -- State Route (SR)
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13 road. Macquarie will finance the construction of the South Bay Expressway for $635 million using $400 in commercial bank loans, $140 million from TIFIA loans45 (the first ever provided to a private toll road development)
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14 In June 2006, Transurban agreed to acquire the Pocahontas Parkway from PPA through a special purpose entity and also entered into an Amended and Restated Comprehensive Agreement with VDOT. Under the terms of those agreements, Transurban obtained a 99year concession to manage, operate, maintain, and collect tolls on SR-895 for the price of $548 million.
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15 financial close by Texas DOT. Texas DOT paid for these prefinancing costs and was reimbursed from the financing proceeds.
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16 der the CDA, Texas DOT retains the option to seek competitive bids from other developers on any TTC-35 facilities. The CDA also provides that a variety of project delivery structures can be employed in developing the facilities, including design-bid-build, D/B, DBOM, and the DBFOM concession.
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From page 17... ...
17 The Florida Department of Transportation (FDOT) , in conjunction with Miami–Dade County and the City of Miami, will provide the funding for the project over its 30-year life.
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