Project Details

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Results Chart for Delivery Method and Financing

Delivery Method

DB
# of Projects: 1
100% of the Results

Background informationProject Created: May 11, 2011

Project Name: Cooper River Bridge Replacement
Year in Operation: 2005
Sector: Transportation
Subsector: Bridge
Status: In Operation
Type: Substantial Alteration of Existing Facility
Description: The project involved the replacement of two functionally obsolete bridges along US 17 and over the Cooper River. The bridge connects the cities of Charleston and Mount Pleasant. The project was designed to increase roadway capacity, improve safety, reduce the frequency and maintenance costs to the bridge, and increase vertical and horizontal clearances for sea vessels traveling along the river.
Delivery Method as described in the country where it's located: Design Build
Is the project still active: Yes
Comments:

Project Locations

Address: U.S. 17
City: Mt Pleasant, 29464
State: South Carolina
Country: United States of America

Souces of Project Support (Non-monetary)

Checkbox Checked Environmental Clearance: The new project was built on a site previously supporting two older and functionally obsolete bridges. The connecting city, Mount Pleasant, teamed with SCDOT to create open park space and public access to the waterfront. Additionally, foundations from one of the old, demolished bridges were reused to build a public pier. The second connecting city, Charleston, teamed with SCDOT to redevelop land nearby to create affordable housing, parks, drainage improvements, and economic opportunities for the East Side neighborhood.

Souces of Project Support (Monetary)

Checkbox Checked

From Public (Government) Sources to Producers: The public sponsors for the project are the South Carolina Transportation Infrastructure Bank (SCTIB) and the South Carolina Department of Transportation.

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Checkbox Checked

Direct Cash Support: The project received a SCTIB Grant of $325 million (backed by motor fuel tax, truck registration fees, local taxes, tolls). It also received direct Federal and State funding for a total of $135.2 million.

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Checkbox Checked

Credit Enhancements: The project obtained a SCTIB Loan backed by TIFIA Loan for $215 million. The loan was secured by two primary sources: 1) payments from SCDOT ($8 million per year for 25 years) and 2) certain revenues from hospitality fees levied from Horry County as well as intercept of State funds collected by the County if needed. Just 3 years into the project, the USDOT and SCTIB terminated the loan so SCTIB could issue new tax-exempt bonds backed by the revenues pledged to the TIFIA loan since the new bonds carried a lower interest rate.

Project Delivery & Finance Method

Project Delivery:
All Public Finance. Public Sponsor contracts for both initial design and construction with a single entity. Public Owner operates and maintains the resulting facility.
Is there an independant checking engineer? No

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
Initial Design and Construction
4
0
Forms
Description
 
 

Project Value (If and As Known)

Date of Estimated Project Value: May 11, 2011
Project Value
Hard Cost
Hard & Soft Costs
Total
$500 Million - 2 Billion US
(none)

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