Project Details

✔ Project has been published!

Results Chart for Delivery Method and Financing

Delivery Method

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

Background informationProject Created: May 27, 2011

Project Name: Royal Jubilee Hospital Patient Care Center
Year in Operation: 2010
Sector: Buildings
Subsector: Health Care Facility
Status: In Operation
Type: New Facility
Description: The project involves the design, construction, and maintenance of a new 37,000 square meter, 500-bed facility that will provide inpatient services to medical/surgical patients as well as those suffering from mental health and addiction issues. The contractor for the project will be responsible for completing the design and construction of the facility as well as providing a range of facilities management services including plant, help desk, and utility services, housekeeping, and waste management. The center is designed to minimize the environmental footprint during the construction, operations, and maintenance phases.
Delivery Method as described in the country where it's located: Public Private Partnership
Is the project still active: Yes
Comments: The capital cost for the entire project is $348.6 million CAD ($356.734 million USD), which includes the DBFM of the $282.5 million CAD ($289.091 million USD) Patient Care Center, and the DBB of $66.1 million CAD ($67.642 million USD) worth of additional project elements such as power plant upgrades, medical equipment procurement, and parking. The following project information is related to the PPP agreement specifically

Project Locations

Address: 1952 Bay Street
City: Victoria
State: British Columbia
Country: Canada

Souces of Project Support (Non-monetary)

Checkbox Checked Access to Land: During construction, the contractor will be granted an exclusive license to access and build on the site. During the 30-year operations and maintenance term, the contractor will be granted a non-exclusive license to provide the services defined in the project agreement.
Checkbox Checked Revenue Stream (Cash Flow) Created Through Initial Commitment of Public Sponsor(s): Although the contractor is financing the majority of the capital for the project, the Capital Regional Hospital District (CHRD) is contributing $85.1 million CAD ($87.085 million USD) toward the PPP delivery model. This contribution will be used as progress payments to the contractor during the construction period.
Checkbox Checked Revenue Stream (Cash Flow) Protected Through Long Term Commitment(s) of Public Sponsor(s): The contractor will receive annual service payments during the 30-year operations and maintenance term once construction is complete and the facility receives its occupancy permit. A portion of the annual payment is to cover services such as housekeeping and facility management. Another portion is repayment for designing, building, and financing the majority of the capital cost for the project. Finally, the remainder of the payment is for major repairs and replacements of building elements over the term. The payments are performance-based and assessed against a number of Key Performance Indicators. Failure to achieve these specified levels of service results in payment deductions.
Checkbox Checked Environmental Clearance: The project was designed to meet LEED Gold certification standards as a result of the Provincial policy introduced in 2007 stating all capital projects must achieve this certification or equal when possible.

Souces of Project Support (Monetary)

Checkbox Checked

From Public (Government) Sources to Producers: The public sponsors for the project are the Ministry of Health Services, the Vancouver Island Health Authority, and the Capital Regional Hospital District (CRHD)

Arrow Right
Checkbox Checked

Direct Cash Support: The CRHD is contributing $85.1 million CAD ($87.2175 million USD) to the project. This contribution will go towards project elements being delivered under both the PPP model and the traditional model. Primarily, this funding will be used as progress payments to the contractor during the design and construction phase of the project.

Checkbox Checked

From Private Capital Markets Directly to Producers as Debt: DEPFA Bank plc and Dexia Credit Local provide the senior debt funding for the project. If the contractor refinances the initial senior debt amount, any gains will be shared on a 50-50 basis between the public and private sectors.

Checkbox Checked

From Producers as Equity: Innisfree, Acciona Concessions and Lark Group are a part of the financing arm for the contractor and together provide equity finance for 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? No
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
32
2
Forms
Description
Other
Custom Document 

Project Value (If and As Known)

Date of Estimated Project Value: May 27, 2011
Project Value
Hard Cost
Hard & Soft Costs
Construction
$250 Million - 1 Billion US
(none)
Operations & Maintenance
$200-500 Million US
(none)
Total
$200-500 Million US
(none)

Warning!!!

You are about to delete: .

Confirm Deletion Cancel