Skip to main content

Currently Skimming:


Pages 65-122

The Chapter Skim interface presents what we've algorithmically identified as the most significant single chunk of text within every page in the chapter.
Select key terms on the right to highlight them within pages of the chapter.


From page 65...
... 65 Project Profiles A P P E N D I X C Source: FHWA, Center for Innovative Finance Support (n.d.) Central 70 Project Location Denver, Colorado Public Sponsor/ Borrower Colorado DOT, Kiewit Meridiam Partners LLC FY Closed 2018 Mode Highway/express lanes Description The Central 70 project will redesign 10 miles of I-70 in Denver, Colorado, from I-25 on the west to Chambers Road on the east.
From page 66...
... 66 Leveraging Private Capital for Infrastructure Renewal Cost $1,271 million (TIFIA-eligible project costs) Funding Sources State and federal resources: owner predevelopment costs, milestone payments during construction, capital payment portion of APs over 30 years.
From page 67...
... Project Profiles 67 TIFIA Credit Assistance Direct loan – up to $416.0 million The TIFIA loan is secured by APs paid by HPTE and CBE to the private partner. Financial Status TIFIA credit agreement was signed on December 19, 2017.
From page 68...
... 68 Leveraging Private Capital for Infrastructure Renewal Private Partner NYNJ Link partnership – joint venture between Macquarie Infrastructure & Real Assets and Kiewit Development: • Kiewit Infrastructure • Weeks Marine • Massman Construction • Parsons Transportation Group of New York Lenders Bondholders, U.S. DOT TIFIA Duration/Status Port Authority awarded the P3 contract in April 2013 to NYNJ Link.
From page 69...
... Project Profiles 69 Cost $2,877 million Funding Sources Senior bank debt – $484 million TIFIA Tranche A loan – $127.3 million TIFIA Tranche B loan – $822.2 million Equity contribution – $103 million FDOT milestone payments during construction – $1.035 billion TIFIA capitalized interest and interest income – $306 million Project Delivery/ Contract Method DBFOM AP concession (40 years) Private Partner I-4 Mobility Partners: • John Laing Investments Limited (29% equity partner, 50% project owner)
From page 70...
... 70 Leveraging Private Capital for Infrastructure Renewal The TIFIA loan is structured in two tranches: • $127.3 million of TIFIA debt (TIFIA Tranche A) will be repaid in full by the second final acceptance payment from FDOT in 2021.
From page 71...
... Project Profiles 71 Cost $560 million (total capital cost, financing, and 35-year operations and maintenance in 2017 dollars) Funding Sources Original financing under the P3 agreement at the time of takeover: • PABs – $243.6 million • PAB sale premiums – $8 million • Equity – $115.8 million • Milestone payments (from IFA)
From page 72...
... 72 Leveraging Private Capital for Infrastructure Renewal • Two milestone payments to the P3 partner were tied to the completion of safety improvements in Bloomington, including interchanges at Fullerton Pike and Tapp Road and overpasses at Vernal Pike and Rockport Road. I-595 Corridor Roadway Improvements Location Broward County, Florida Public Sponsor/ Borrower FDOT I-595 Express, LLC Mode Highway/managed lanes Description The I-595 corridor originally opened to traffic in 1989, coordinating the movement of high traffic volumes between the developable areas in the western parts of Southeast Florida with the established north–south freeway and principal roadways to the east, including I-75, Florida's Turnpike, SR 7, I-95, and U.S.
From page 73...
... Project Profiles 73 • TIFIA loan – $603 million + capitalized interest during construction (backed by final acceptance/APs) • Equity – $207.7 million • Revenues – $10.0 million • FDOT qualifying development funds – $232 million Project Delivery/ Contract Method DBFOM Private Partner I-595 Express, LLC [ACS Infrastructure Development and TIAA (50/50 split of the equity portion on loan)
From page 74...
... 74 Leveraging Private Capital for Infrastructure Renewal Ohio River Bridges East End Crossing Location Southern Indiana/Louisville, Kentucky Project Borrower/Sponsor IFA INDOT Mode Bridge/tunnel/highway Description The East End Crossing project includes a new bridge across the Ohio River, as well as an associated roadway, tunnel, and facilities, connecting Clark County, Indiana, and Jefferson County, Kentucky, approximately 8 miles east of Louisville. The project is one-half of the bi-state Ohio River Bridges project, which also includes the new Abraham Lincoln Bridge that expands the capacity of I-65 across the Ohio River into downtown Louisville and the reconstruction of the Kennedy Interchange between I-65, I-64, and I-71.
From page 75...
... Project Profiles 75 • Relief events reserve account – $45 million Project Delivery/Contract Method DBFOM AP concession (39 years) Private Partner WVB East End Partners (concession company)
From page 76...
... 76 Leveraging Private Capital for Infrastructure Renewal replacement of 87 early completion bridges (ECBs) , and the second including the 471 remaining eligible bridges.
From page 77...
... Project Profiles 77 • PennDOT obtained a special experimental project (SEP-15) waiver to delegate National Environment al Policy Act (NEPA)
From page 78...
... 78 Leveraging Private Capital for Infrastructure Renewal • SPV costs/insurance/O&M during construction – $59.6 million • Reserves – $41.2 million • State development cost – $209.8 Funding Sources Total eligible project costs – $1,072.9 million: • Senior bank debt – $341.5 million • TIFIA loan – $341 million • Equity contribution – $80.3 million • FDOT milestone payments during construction – $100 million • FDOT development funds – $209.8 million TIFIA capitalized interest during construction is not included in total eligible costs and is $40.1 million. Project Delivery/ Contract Method DBFM AP concession (30 years)
From page 79...
... Project Profiles 79 • The concession agreement included a $180 million geotechnical contingency fund to mitigate the risk of unforeseen construction costs due to the technically risky bored tunnel construction method through soft soil conditions under Biscayne Bay. • AASHTO 2015 American's Transportation Awards Grand Prize and People's Choice awards winner.
From page 80...
... 80 Leveraging Private Capital for Infrastructure Renewal performance. These payments are sourced from state and local transportation funds from a number of regional entities, including SFCTA, which manages administration of a local transportation sales tax; the Golden Gate Bridge, Highway, and Transportation District, which operates the bridge; the region's metropolitan planning organization -- Metropolitan Transportation Commission; and two other regional planning and local tax-administering agencies -- the Transportation Authority of Marin County and the Sonoma County Transportation Authority.
From page 81...
... Project Profiles 81 • Major construction start – Partial notice to proceed was issued by Caltrans on November 6, 2012, and identified many conditions required to be met by GLC before beginning the major construction of the project. • Major construction complete July 2015; final landscaping and restoration were to be complete by the end of 2016.
From page 82...
... 82 Leveraging Private Capital for Infrastructure Renewal trips. The project is being delivered as an AP DBFOM concession.
From page 83...
... Project Profiles 83 91 Express Lanes Location Orange County, California Public Sponsor/ Borrower Orange County Transportation Authority Mode Highway/managed lanes Description The 91 Express Lanes is a 10-mile, four-lane express toll-lane facility in the median of SR-91 in Southern California from the Riverside County line east to SR-55 near Anaheim in Orange County. The facility consists of two lanes in each direction and is separated from five general-purpose lanes in each direction by tubular markers.
From page 84...
... 84 Leveraging Private Capital for Infrastructure Renewal Private Partner DBFOM franchisee – CPTC (Dec.
From page 85...
... Project Profiles 85 Funding Sources Toll revenue bonds (including original issue premium) – $251.4 million Virginia Transportation Infrastructure Bank (VTIB)
From page 86...
... 86 Leveraging Private Capital for Infrastructure Renewal • Replacement of more than $260 million of aging infrastructure, including more than 50 bridges and overpasses; and • Construction of carpool ramps connecting I-95 with the Capital Beltway to create a seamless HOV network. Cost $2.068 billion Funding Sources PABs – $589 million TIFIA loan – $589 million Commonwealth of Virginia grant – $409 million VDOT change-order funding – $86 million Interest income – $47 million Private equity – $348 million Project Delivery/ Contract Method DBFOM toll concession (75 years)
From page 87...
... Project Profiles 87 • First time a PAB was used for HOT lanes in the United States and the first time combined with TIFIA financing. Dulles Greenway Location Loudoun County, Virginia Public Sponsor/ Borrower Toll Road Investors Partnership II (TRIP II)
From page 88...
... 88 Leveraging Private Capital for Infrastructure Renewal economic interest in the Greenway. In early 2017, Macquarie Infrastructure Partners' share was sold back to Macquarie Atlas Roads for $445 million.
From page 89...
... Project Profiles 89 Mode Highway/tunnel Description The Elizabeth River Tunnels (Downtown/Midtown tunnels) project consists of five construction components involving three facilities in the Hampton Roads region of Virginia.
From page 90...
... 90 Leveraging Private Capital for Infrastructure Renewal Construction completion: • Midtown Tunnel (new) – opened June 2016 (one lane)
From page 91...
... Project Profiles 91 over the past 25 years, particularly in the communities along the northern portion of the corridor in Iredell County. Population growth in this portion of the region expanded at a rate 50% greater than the average state rate between 2000 and 2010.
From page 92...
... 92 Leveraging Private Capital for Infrastructure Renewal I-95 HOV/HOT Lanes Location Fairfax, Prince William, and Stafford Counties, Virginia Public Sponsor/ Borrower VDOT 95 Express Lanes LLC (the concession company and TIFIA borrower) Mode Highway/express lanes Description The I-95 Express Lanes were the second major step-in creating a regional network of tolled, managed lanes in Northern Virginia.
From page 93...
... Project Profiles 93 Lenders Bondholders, U.S. DOT TIFIA Duration/Status Construction began in August 2012 Open to traffic in December 2014 Conclusion of concession in 2087 TIFIA Credit Assistance Direct loan – $300.0 million Financial Status/ Financial Performance PABs sold in July 2012.
From page 94...
... 94 Leveraging Private Capital for Infrastructure Renewal Toll revenues during construction – $17 million Public funds – $490 million Project Delivery/ Contract Method DBFOM toll concession (52 years) Private Partner LBJ Infrastructure Group, LLC: • Cintra Concesiones de Infraestructuras de Transporte, S.A.
From page 95...
... Project Profiles 95 Description On June 23, 2009, TxDOT awarded two comprehensive development agreements -- equivalent to P3s) for the NTE project to NTE Mobility Partners.
From page 96...
... 96 Leveraging Private Capital for Infrastructure Renewal • Ross Communications • CSJ Engineering Assoc. Lenders Bondholders, U.S.
From page 97...
... Project Profiles 97 downtown Fort Worth to north of I-820, including the I-35W/I-820 interchange. Existing frontage roads, bridges, and overpasses were to be reconstructed.
From page 98...
... 98 Leveraging Private Capital for Infrastructure Renewal TIFIA Credit Assistance Direct loan – $531.0 million The TIFIA loan will be repaid with project revenues, which include all income, tolls, revenues, rates, fees, charges, rentals, and other receipts derived by or related to the operation of the project. Financial Status/ Financial Performance The TIFIA credit agreement was executed on September 18, 2013.
From page 99...
... Project Profiles 99 Private equity – $209.8 million Interest income – $2.3 million Project Delivery/ Contract Method DBFOM Private Partner SH 130 Concession Company, LLC (originally a joint venture of Cintra Concesiones de Infraestructuras de Transporte, S.A. and Zachry American Infrastructure)
From page 100...
... 100 Leveraging Private Capital for Infrastructure Renewal SH 288 Toll Lanes Project Location Houston, Texas Public Sponsor/ Borrower Texas Department of Transportation Mode Highway/toll highway Description SH 288 is a 61-mile highway between Houston and the Gulf of Mexico that provides a vital route for commuters, freight and commercial trucking, and hurricane evacuation. The highway's configuration has remained essentially unchanged since 1984.
From page 101...
... Project Profiles 101 • Dragados USA • Pulice Construction • Shikun & Binui America Lenders Bondholders, U.S. DOT TIFIA Duration/Status Commercial close March 7, 2016.
From page 102...
... 102 Leveraging Private Capital for Infrastructure Renewal franchise under an amended agreement executed when the toll road was sold to SANDAG in December 2011. Control will revert back to Caltrans in 2042.
From page 103...
... Project Profiles 103 The filing was primarily the result of the burden of claims by the contractor that built the SBX Project, particularly the ongoing litigation costs. The SBX Project's financial condition was also a factor as the financial prospects were being affected by lower-than-anticipated revenues due to an economic downturn.
From page 104...
... 104 Leveraging Private Capital for Infrastructure Renewal Innovations • The $140 million TIFIA loan was the first ever provided to a private toll road development and the first with bank debt and private equity. • The original TIFIA debt service repayment structure was sculpted with mandatory and scheduled components.
From page 105...
... Project Profiles 105 market though AFICA. The bonds were refunded and reissued in 2003 as special facility revenue refunding bonds.
From page 106...
... 106 Leveraging Private Capital for Infrastructure Renewal Virginia highways, there are few alternatives to single-occupant vehicle use, and the regional population is growing. The project is being delivered under a 50-year DBFOM P3 concession.
From page 107...
... Project Profiles 107 Financial Status TIFIA credit agreement was signed on November 7, 2017. Innovations • The I-66 express lanes will include connections to the I-495 Capital Beltway express lanes, further expanding Northern Virginia's network of express lanes, which also includes those on I-95 and those under construction along I-395.
From page 108...
... 108 Leveraging Private Capital for Infrastructure Renewal Cost $208.4 million ($170.2 million of eligible project costs) Funding Sources Plenary funding: • HPTE capital payment – $49.6 million • TIFIA loan – $60.0 million • PABs – $20.6 million • Equity – $20.6 million • Subordinated debt – $20.6 million • I-25/U.S.
From page 109...
... Project Profiles 109 bikeway. The new BRT service will use the managed lanes to reduce trip time and maximize travel time predictability for transit riders.
From page 110...
... 110 Leveraging Private Capital for Infrastructure Renewal • Cintra/Macquarie equity – $510 million • Capital accretion bonds – $961 million (21-year maturity; 5.6% interest rate) • Current interest bonds – $439 million (12-year maturity)
From page 111...
... Project Profiles 111 Description In operation since 1956, the ITR stretches 157 miles across the northernmost part of Indiana from its border with Ohio to the Illinois state line, where it provides the primary connection to the Chicago Skyway and downtown Chicago. The ITR links the largest cities on the Great Lakes with the Eastern Seaboard.
From page 112...
... 112 Leveraging Private Capital for Infrastructure Renewal Current equity partners – IFM Investors, owned by 30 Australian and American pension funds, including the California State Teachers' Retirement System, New York City Employee Retirement System, and the Illinois State Board of Investment Lenders Seven-bank club (senior bank debt, original lease) : • Banco Bilbao Vizcaya Argentaria S.A.
From page 113...
... Project Profiles 113 the lease, was primarily used to defease the toll road's debt. A portion of it was placed into escrow pending a notice to proceed if issued by the end of 2018 to extend the parkway 2.3 miles south over U.S.
From page 114...
... 114 Leveraging Private Capital for Infrastructure Renewal Tolling began January 1, 2004. Concessionaire's assumption of parkway operations – November 21, 2007.
From page 115...
... Project Profiles 115 incentivize Transurban to assume the risk of constructing a much-needed airport connector roadway that would not be economically feasible otherwise. Cost $597.4 million (eligible project costs including refinancing, construction of the RAC, and installation of an electronic tolling system)
From page 116...
... 116 Leveraging Private Capital for Infrastructure Renewal majority of the original funding was raised through the sale of private bonds, which minimized the risk to both the localities and the taxpayers. • The TIFIA loan represents the first time that TIFIA eligible projects costs included the cost of refunding long-term project debt.
From page 117...
... Project Profiles 117 • Goldman Sachs Infrastructure Partners II.
From page 118...
... 118 Leveraging Private Capital for Infrastructure Renewal Cost $240 million Funding Sources Toll revenue bonds – $240 million Project Delivery/ Contract Method 63–20 DBFOM Private Partner Interwest Carolina Transportation Group, LLC: • Interwest Management • Kutock Rock • Wilbur Smith Associates • Thrift Brothers • Florence & Hutchinson, Inc. • Mesirow Financial • Lehman Brothers Lenders Bondholders Duration/Status The Southern Connector opened on February 27, 2001, with a free trial period for motorists.
From page 121...
... Abbreviations and acronyms used without definitions in TRB publications: A4A Airlines for America AAAE American Association of Airport Executives AASHO American Association of State Highway Officials AASHTO American Association of State Highway and Transportation Officials ACI–NA Airports Council International–North America ACRP Airport Cooperative Research Program ADA Americans with Disabilities Act APTA American Public Transportation Association ASCE American Society of Civil Engineers ASME American Society of Mechanical Engineers ASTM American Society for Testing and Materials ATA American Trucking Associations CTAA Community Transportation Association of America CTBSSP Commercial Truck and Bus Safety Synthesis Program DHS Department of Homeland Security DOE Department of Energy EPA Environmental Protection Agency FAA Federal Aviation Administration FAST Fixing America's Surface Transportation Act (2015) FHWA Federal Highway Administration FMCSA Federal Motor Carrier Safety Administration FRA Federal Railroad Administration FTA Federal Transit Administration HMCRP Hazardous Materials Cooperative Research Program IEEE Institute of Electrical and Electronics Engineers ISTEA Intermodal Surface Transportation Efficiency Act of 1991 ITE Institute of Transportation Engineers MAP-21 Moving Ahead for Progress in the 21st Century Act (2012)
From page 122...
... TRA N SPO RTATIO N RESEA RCH BO A RD 500 Fifth Street, N W W ashington, D C 20001 A D D RESS SERV ICE REQ U ESTED N O N -PR O FIT O R G .

Key Terms



This material may be derived from roughly machine-read images, and so is provided only to facilitate research.
More information on Chapter Skim is available.