Florida Department of Transportation Closes $900 million Port of Miami Tunnel Project PPP

Posted on October 15, 2009 by Patrick Harder

The Florida Department of Transportation (FDOT), announced at a press conference in Miami today that it has reached financial close on the Port of Miami Tunnel Project. 

FDOT, in partnership with Miami-Dade County and the City of Miami, entered into an agreement with MAT Concessionaire, LLC (MAT) which includes Meridiam Infrastructure Finance, S.a.r.l. and Bouygues Travaux Publics as equity members. The $900 million public-private partnership (PPP) deal uses an availability payment structure that provides for payment to MAT over 30 years after completion of construction, which is expected to occur in five years. This is the second transportation infrastructure project in the United States to use an availability payment structure, following the recently closed FDOT I-595 Corridor Improvements Project. 

Financing for the project includes a $341 million low-cost federal loan through the Transportation Infrastructure Finance and Innovation Act, equity contributions from MAT, and $330 million in loans from the following senior lenders:

  • BNP Paribas
  • Banco Bilbao Bizcaya Argentina
  • RBS Citizens
  • Banco Santander
  • Bayerische Hypo
  • Calyon, Dexia
  • ING Capital
  • Societe Generale
  • WestLB

The Port of Miami Tunnel will link the Port of Miami facilities on Dodge Island with MacArthur Causeway and I-395 via twin 42’ diameter tunnels under Biscayne Bay, increasing the Port’s competitiveness and relieving congestion in downtown Miami by diverting passenger and freight traffic to I-395 and improving access to I-95. The project also includes widening of MacArthur Causeway and other roadway improvements.

Bouygues Civil Works Florida, Inc. will design and construct the project with engineering assistance from Jacobs Engineering Group, Inc. VMS, Inc. will serve as the lead operations and maintenance contractor. In addition to Nossaman, FDOT’s advisors include Jeffrey Parker & Associates (financial), Parsons Brinkerhoff and T.Y. Lin (technical), and Marsh (insurance).

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FDOT I-595 Project Helps Sweep ARTBA PPV Awards

Posted on September 28, 2009 by Simon Santiago

The Florida Department of Transportation’s I-595 project and its public and private partners won several awards at this year’s American Road & Transportation Builders Association (ARTBA) P3 conference. “It’s pretty much a Florida sweep,” declared Pamela Bailey-Campbell, ARTBA Public Private Ventures Division president, as she announced the recipients of the Project, Public Sector Entrepreneur, and Private Sector Entrepreneur of 2009.ARTBA PPV awards luncheon

Bailey-Campbell announced three awards at the September 25 award luncheon in Washington D.C. The I-595 project in Fort Lauderdale, Florida received the Project of the Year award. ARTBA called the project, which achieved commercial and financial close in March of this year, a seminal project in public-private partnerships because it is the first availability payment concession highway project in the United States. FDOT Secretary Stephanie C. Kopelousos accepted the award on behalf of the department.

The Public Sector Entrepreneur of the Year award went to Gerry O’Reilly, Director of Transportation Development of FDOT District Four. Secretary Kopelousos credited Mr. O’Reilly - who led the FDOT team on the I-595 project - as the primary individual responsible for the project’s success.

The Private Sector Entrepreneur of the Year award went to Juan Santamaria, Chief Operating Officer of ACS Infrastructure Development, Inc. Mr. Santamaria was the lead representative and negotiator of the I-595 concessionaire team. In accepting the award, Mr. Santamaria thanked ARTBA for being a leading voice and organization in the PPP industry.

Nossaman served as legal advisor to FDOT on the I-595. Jeffrey Parker served as financial advisor and RS&H served as technical advisor.

Photo: Courtesy of ARTBA. Pictured are Juan Santamaria, Stephanie Kopelousos, Pamela Bailey-Campbell (outgoing ARTBA PPV Division President), Brian Howells (incoming ARTBA PPV Division President), and Gerry O'Reilly.


 

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