California has long been a transportation innovator, whether battery powered cars, high speed rail or the home of the first managed lanes facility in the United States—the SR91 Express Lanes. The SR91 Express Lanes opened in 1995; the 10 mile project with two managed lanes in each direction connecting Orange County and Riverside County was originally developed as a P3 toll concession and acquired in 2003 by the Orange County Transportation Authority (and also featured the first fully electronic toll collection system in the world). Additional managed lanes projects have been ...
North Carolina, acting through the North Carolina Department of Transportation (NCDOT), reached a major milestone on May 20, 2015 when financial close was achieved on the I-77 Express Lanes Project – the first highway public-private partnership in the state. The project, with a design and construction cost estimated at approximately $591 million, will add 26 miles of tolled, express lanes along the existing I-77 corridor in the Charlotte region. The financing package includes $100 million of private activity bonds and a $189 million TIFIA loan from the U.S. Department of ...
Although historically the investment profile for pension funds has focused on established brownfields assets, the Canadian Pension Plan Investment Board (CPPIB) has recently invested $525 million AUD into the greenfields NorthConnex road tunnel in Sydney, Australia in partnership with experienced road operator Transurban and the Queensland Investment Corporation (QIC). CPPIB’s investment comes hot on the heels of the Dallas Police and Fire Pension System’s (DPFPS) 2010 equity investment in Texas’ LBJ Freeway (I‐635) managed lanes toll-road, among other ...
The Florida Department of Transportation reached commercial and financial close on the I-4 Ultimate Project in the urban Orlando area. The $2.3 billion deal is the third transportation P3 project in Florida developed through an availability payment structure, and is the largest availability payment transaction ever undertaken in the United States.
FDOT entered into an agreement with I-4 Mobility Partners OpCo LLC, a consortium led by Skanska Infrastructure Development Inc. and John Laing Investments Limited. The Concessionaire will design, construct, finance, maintain and ...
On July 19, 2011, the Georgia Department of Transportation issued a press release stating that GDOT was invited to apply for a TIFIA loan in the amount of $270 million for the Northwest Corridor Project – a project to add managed lanes along I-75 and I-575 in the metro Atlanta region with approximately $968 million in capital costs. The press release followed an announcement by Governor Nathan Deal that the procurement of the Northwest Corridor Project will proceed to the next phase through the issuance of a final Request for Proposals. Three consortia – consisting of major national ...
FHWA has extended the deadline for FY2011 TIFIA Letters of Interest (LOI) to March 1, 2011. The previous Notice of Funding Availability (NOFA), issued on January 19, had allowed less than a month for interested applicants to prepare and submit LOIs.
The January 25 revised NOFA included a new phrase addressing the role of tolling and pricing programs in enhancing environmental sustainability. Under the revised selection criteria, applicants can demonstrate that their projects help preserve and protect the environment through the use of tolling or pricing structures to reduce ...
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