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 29, 2009

Project Name: Reconstruction of I-595 (FLA)
Year in Operation:
Sector: Technology
Subsector: Electronic Vehicle ID / Toll Collection, Roads
Status: Design / Construction
Type: New Facility
Description: The project involves the reconstruction of a 17km segment of I-595, with tolled reversible express lanes to be (known as 595Express) serving express traffic to & from I-75/Sawgrass Expressway from & to east of FL7, with a direct connection to the median of Florida’s Turnpike; geometric improvements; widening and reconstruction of the Florida’s Turnpike mainline for 4.3km (2.7 miles); and auxiliary lanes on the eastbound and westbound.
Delivery Method as described in the country where it's located: Public Private Partnership
Is the project still active: Yes
Comments: Also referred to as a PPP and a DBFOM. There is a 35-year concession agreement, under which the contractor is a landlord and Florida DOT is a tenant renting the lanes and paying the concessionaire according to lane availability.

Project Locations

Address:
City: Ft. Lauderdale
State: Florida
Country: United States of America

Address:
City: Markham Park
State: Florida
Country: United States of America

Address:
City: Fort Lauderdale
State: Florida
Country: United States of America

Souces of Project Support (Non-monetary)

Checkbox Checked Access to Land: Access to the land will be granted to the consortium. The land is owned by the state of Florida. FDOT retains rights to tolls and toll rates throughout concession period.
Checkbox Checked Revenue Stream (Cash Flow) Protected Through Long Term Commitment(s) of Public Sponsor(s): FDOT will pay the contractor $65.9 million each year over the 35 year concession as an "availability" payment.

Souces of Project Support (Monetary)

Checkbox Checked

From Public (Government) Sources to Producers: The Florida Department of Transportation (DOT) will pay the concessionaire. The concessionaire will act as "landlord" and will be compensated by Florida DOT, who is "renting" the lanes and paying the concessionaire according to availability.

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Checkbox Checked

Direct Cash Support: FDOT will pay the contractor $65.9 million each year over the 35 year concession as an "availability" payment. FDOT will also make a payment of $685 million (divided into five payments) upon final acceptance of the initial design and construction of the project.

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Checkbox Checked

Credit Enhancements

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Checkbox Checked

From Other Public Entities: FDOT received a $655 million federal TIFIA (Transportation infratructure Finance and innovation Act) loan in support of the project.

Checkbox Checked

From Private Capital Markets Directly to Producers as Debt: A consortium of 10 banks are lending $780 million to the concessionaire in support of initial design and construction of the project.

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
40
0
Forms
Description
Other
State of Florida DOT forms 

Project Value (If and As Known)

Date of Estimated Project Value: March 3, 2009
Project Value
Hard Cost
Hard & Soft Costs
Total
$500 Million - 2 Billion US
(none)

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