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: April 10, 2009

Project Name: Pocahontas Pkwy, VA (Round 1 - 63-20 Corp)
Year in Operation: 2002
Sector: Transportation
Subsector: Roads
Status: In Operation
Type: New Facility
Description: Four lane 8.8 miles toll road connecting Chippenham Parkway at I-95 with I-295 near Richmond Airport built by JV as Design Build project for the Pocahontas Parkway Association (a 63-20 Corp).
Delivery Method as described in the country where it's located: Public Private Partnership
Is the project still active: Yes
Comments: Design Build project, financed by 63-20 corporation that, in the end, was backed by the State of Virginia. Unsolicited proposal in 1995 from Fluor Daniel/Morrison Knudsen JV.

Project Locations

Address:
City: Richmond
State: Virginia
Country: United States of America

Souces of Project Support (Non-monetary)

Checkbox Checked Land
Checkbox Checked Revenue Stream (Cash Flow) Created Through Initial Commitment of Public Sponsor(s): Authority to run the facility as a toll road under Public Private Transportation Act of 1995.

Souces of Project Support (Monetary)

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From Public (Government) Sources to Producers

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Credit Enhancements

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From Public Sponsor of Project: $18 million in loans from State Infrastructure Fund of Virginia. $9 million contributed by State of Virginia toward initial design of the facility.

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From Private Capital Markets Directly to Producers as Debt: $348 million generated through sale of bonds by the Pocahontas Parkway Association (a non-profit 63-20 corporation). $315 million in Senior Lien Bonds $33 million in Junior Lien Bonds

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Rated by Fitch: BBB- for both series of bonds.

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Rated by Moody's: Baa3 for Senior Unsecured Bonds, Ba1 for Subordinate bonds

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
Other
Design Build Contract with FD/MK JV. 

Project Value (If and As Known)

Date of Estimated Project Value: October 1, 1998
Project Value
Hard Cost
Hard & Soft Costs
Construction
$250 Million - 1 Billion US
(none)
Total
$200-500 Million US
(none)

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