One of the key events for the P3/infrastructure industry this year will be the P3 Policy and Delivery Summit, which is being held in Washington D.C. on May 14th and 15th. The Summit is taking place during, and in partnership with, Infrastructure Week, and is poised to attract industry leaders from the private sector and senior officials from federal, state, and local government. The event will be held at the Cosmos Club, a D.C. landmark listed on the National Register of Historic Places.
The Summit’s focus is to analyze the respective roles of federal, state and local government in ...
A pair of Senators from both sides of the aisle, Senator Todd Young (R-Ind.) and Senator Catherine Cortez Masto (D-Nev.), introduced the Public Buildings Renewal Act of 2019 last week, which would authorize the use of tax exempt financing along with private equity to rebuild schools and public buildings through public-private partnerships. We owe it to our students and teachers, our firefighters and nurses, and all taxpayers to find a way to upgrade our schools and public buildings. This is a public health and safety issue that impacts not just Hoosiers, but all Americans. Our bill ...
Have you ever wished there was a comprehensive, easily accessible project cost database for major US transportation projects? It would be populated following an in depth review of information available from State DOT’s and would capture not just the capital cost of the project, but it’s operation and maintenance cost and delivery and financing approach. The information could be valuable in many ways, including assessing the project performance outcomes for P3’s and non P3’s.
As I found out a couple of weeks ago at the Transportation Research Board annual meeting, there ...
Contractors and investors in P3s can continue taking a full tax deduction for interest on debt under recent IRS guidance (Revenue Procedure 2018-59, issued November 26). Many P3s are highly leveraged, and the interest deduction is a valuable tax benefit for developers. Were this deduction restricted, P3 developers’ (and by extension governments’) costs would rise; potential investors would demand higher rates of return; and infrastructure projects would be more costly. Without this guidance, the 2017 tax law would otherwise severely restrict the interest deduction for ...
Los Angeles World Airports (LAWA) and LA Gateway Partners, LLC (LAGP), together with equity providers and lenders, achieved Financial Close on the approximately $2 billion consolidated rent-a-car facility (ConRAC) at Los Angeles International Airport (LAX) on December 6, 2018.
LAGP is owned indirectly by funds managed by Fengate Asset Management ("Fengate LAGP US I, LLC", 83.3%) and PCL Investments USA, LLC ("PCL LAGP Partnership LP", 16.7%). After achieving Commercial Close on November 6, 2018, Fengate and PCL proceeded to secure private financing for the project comprised ...
Los Angeles World Airports (LAWA) and LA Gateway Partners (LAGP) have reached commercial close on the design-build-finance-operate-maintain (DBFOM) agreement for the consolidated rent-a-car facility (ConRAC) at Los Angeles International Airport (LAX). In reaching this milestone, LAWA’s ConRAC project becomes the first public-private partnership for a ConRAC facility in the United States. LAGP will now proceed to close the financing for the project, which is expected to occur in December. The financing structure will be a private placement.
Leading up to commercial ...
The State of Delaware and a subsidiary of Gulftainer Company Limited (Gulftainer) have finalized a concession agreement for the operation and further development of the 100-year-old Port of Wilmington (Port).
While the concession agreement signed on September 18, 2018 is not publicly available, it is expected, based on deal terms described in Port documents submitted in support of approval of the P3 transaction,[1] that the agreement grants Gulftainer exclusive rights to manage the Port for a 50-year term. In return, Gulftainer agrees to invest up to $584M in the Port in the first ...
Los Angeles County Metropolitan Transportation Authority has posted notice of an opening for a position as Manager, Innovation in its Office of Extraordinary Innovation.
The job responsibilities will include:
- Managing and facilitating evaluation of unsolicited proposals submitted to the OEI
- Managing OEI’s P3 advisors
- Managing pre-procurement activities for P3 projects such as project screenings, qualitative and quantitative assessment and value for money analyses ...
The Port of Vancouver USA and its rail partners BNSF Railway and Union Pacific Railroad have substantially completed a $251M railroad access improvement project which significantly increases rail access in the port. The project creates a new rail entrance to the port, increases the port’s internal track miles from 16 to more than 50 (including a new loop track at the port’s Terminal 5 facilitating unit train transport) and increases rail capacity on BNSF and UPRR lines outside the port. According to port CEO Juliana Marler, the project reduces rail congestion on the mainline and ...
The Federal Railroad Administration (FRA) has released its latest Positive Train Control (PTC) implementation progress report for the 2nd quarter of 2018. The FRA’s latest report indicates that railroads are making steady progress toward PTC compliance.
FRA says that 15 railroads have installed 100% and 12 railroads have installed between 95 and 99% of the mandated PTC system hardware. In addition, all but one railroad has acquired sufficient spectrum required for PTC Implementation.
FRA states that railroad implementation of PTC has improved since December 2016, where ...
Nossaman’s 30-plus infrastructure attorneys offer clients, colleagues, strategic partners and industry media a wealth of practical experience, insider insight and thoughtful analysis here on Infra Insight. We blog about what we know best, from industry-leading procurements to local and national policy developments that affect the market and our clients.
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