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: September 15, 2008

Project Name: SR-125: THE SOUTH BAY EXPRESSWAY
Year in Operation: 2007
Sector: Transportation
Subsector: Roads
Status: In Operation
Type: New Facility
Description: It provides a north-south corridor into and around San Diego and Mexican Border via the International port of entry at Otay Mesa. It helps drivers to save 75% in comparison to the previously existing rollways by reducing the out-of-direction travels and would reduce congestion on Interstate 5 & I-805. It would also reduce congestion in Mexican border on Otay Mesa road and local arterial in Chula Vista and Bonita. The project consists of 12.5 mi of new highway alignment from State Route 905 to State Route 905 and is divided into two separate sections. The northern 3.2 mile which is a 6-lane publicly funded highway tying into the existing SR-125. The southern 9.3 miles is a PPP project and is opened as a 4-lane highway toll road.
Delivery Method as described in the country where it's located: Design Build Operate Transfer
Is the project still active: Yes
Comments: Concessionaire filed for Chapter 11 Bankruptcy in march 2010, writing off US$200 million in equity held by Macquarie Atlas Roads of Australia. Concessionaire is still operating the road, although expansion of facility is on hold.

Project Locations

Address:
City: Chula Vista
State: California
Country: United States of America

Address: 5745 S Worthington Rd
City: Bonita
State: California
Country: United States of America

Souces of Project Support (Non-monetary)

Checkbox Checked Land: The city and state gave the right of way to the private partner. This was one of the original four "demonstration" projects selected out of the AB680 projects program in the late 1990's.

Souces of Project Support (Monetary)

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From Public (Government) Sources to Producers: Loans

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Direct Cash Support: San Diego Association of Governments (SANDAG)

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From Public Sponsor of Project - Direct Expenditure of Appropriated Public Funds: The SANDAG provided $138 million for the project. This was to pay for the construction of the north segment which was not under the PPP agreement and will not collect tolls.

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Credit Enhancements

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From Other Public Entities: US$ 127 million from a TIFIA loan. The Transportation Infrastructure Finance and Innovation Act. This project received the "first" TIFIA loan.

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From Private Capital Markets Directly to Producers as Debt: Two primary Sr. Lenders also contributed up-front funds to the project. These lenders were Banco Bilbao Vizcaya Argentaria (BBVA) and Deutsche Pfandbriefanstalt (DEPFA).

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From Producers as Equity: 160 million dollars were invested by the Macquarie Infrastructure Group (MIG). Estimated in 2010 at $200 million.

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
35
0
Forms
Description
 
 

Project Value (If and As Known)

Date of Estimated Project Value: November 1, 2007
Project Value
Hard Cost
Hard & Soft Costs
Pre-Feasibility (Public Sponsor Expense)
(none)
> $50 Million US
Total
(none)
$500 Million - 2 Billion US

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