The Mississippi Transportation Commission has suspended the procurement for the Airport Parkway P3 project, citing the ongoing credit crisis and resulting pressures on revenue projections and senior debt credit ratings.
The Airport Parkway project, the first public-private partnership and first toll road project advanced in Mississippi, includes the development of a new 12-mile toll road and several bridges in the Jackson metropolitan area. In August 2008, Mississippi DOT shortlisted three teams vying for the 50-year concession: ACS/Dragados, Cintra/Ferrovial, and Gloval Via. Proposals from the shortlisted teams were due on September 15th but MDOT indicates that the procurement is now temporarily on hold.
The project appears to be one more victim of the global credit crunch, following the suspension or termination earlier this year of several high-profile brownfield concession projects including Chicago’s Midway Airport and Florida’s Alligator Alley toll road. The infrastructure P3 credit market is not all gloom and doom, however. Bright spots include: the financial closing of Florida’s I-595 Express availability transaction, the commercial close and anticipated financial close of the Port of Miami Tunnel project, and Texas’ commercial closings of the North Tarrant Express and LBJ-635 concession deals.
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