Project Details

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Results Chart for Delivery Method and Financing

Delivery Method

DBOM Partially Public Finance
# of Projects: 1
100% of the Results

Background informationProject Created: June 8, 2009

Project Name: Port of Miami Tunnel Project
Year in Operation:
Sector: Transportation
Subsector: Tunnel, Roads
Status: Project Definition / Programming
Type: New Facility
Description: Bored Tunnel connecting the port of Miami directly to I-395 and I-95, creating an alternate truck and car connection to the cargo and cruise port, in addition to the Port Bridge.
Delivery Method as described in the country where it's located: Public Private Partnership
Is the project still active: Yes
Comments: Procurement efforts of this project have spanned from 2003 through October, 2009. The project has been called a PPP, a concession, and an availability payment scheme.

Project Locations

Address:
City: Miami
State:
Country: United States of America

Address:
City: Miami
State: Florida
Country: United States of America

Address: Port Boulevard
City: Miami
State: Florida
Country: United States of America

Address: Port Boulevard
City: Miami
State:
Country: United States of America

Souces of Project Support (Non-monetary)

Checkbox Checked Land
Checkbox Checked Access to Land
Checkbox Checked Revenue Stream (Cash Flow) Protected Through Long Term Commitment(s) of Public Sponsor(s): 30 year concession. Most, if not all, of construction cost is paid by government. Concessionaire will recover any debt or equity contribution through availability payments. There are incentives and penalties with respect to availability of the facility.
Checkbox Checked Environmental Clearance: Assistance only form the Florida DOT with permits. Permits are responsibility of the concessionaire.

Souces of Project Support (Monetary)

Checkbox Checked

From Public (Government) Sources to Producers: Negotiations were ongoing between May 2007 and October 2009. "Commercial close" was announced on June 2, 2009, with a target date for "financial close" in October, 2009. Financial Close was achieved in mid October, 2009, when the City also made its $50 million payment to the consortium.

Arrow Right
Checkbox Checked

Direct Cash Support: $457 million committed from FDOT's work program. $400 million committed from the citizens of MIami-Dade County. $50 million from City of Miami; $341 million loan from US DOT to a group of private companies operating as The Miami Access Tunnel

Checkbox Checked

From Private Capital Markets Directly to Producers as Debt: To be disclosed.

Checkbox Checked

From Producers as Equity: To be disclosed.

Project Delivery & Finance Method

Project Delivery:
All Public Finance. Public Sponsor contracts for initial design, and separately contracts for initial construction. Public Owner operates and maintains the resulting facility.
Is there an independant checking engineer? Yes
Project Finance Method: All or Partially By Public Sponsor

Procurement Approach

Project Component
Qualifications
Based Selection
Request for
Qualifications
Request for
Proposals
Invitation
for Bids
Unsolicited
Proposals

Term for Key Components & Forms of Contract

Project Component
Years
Quarters
Combined Term: Initial Design, Construction, O&M Period
34
0
Forms
Description
Other
Developed for project. 30 year concession following opening of the project (expected in 2015). 

Project Value (If and As Known)

Date of Estimated Project Value: October 16, 2009
Project Value
Hard Cost
Hard & Soft Costs
Construction
$250 Million - 1 Billion US
(none)
Operations & Maintenance
$500 Million - 2 Billion US
(none)
Total
$500 Million - 2 Billion US
(none)

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