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 16, 2009

Project Name: New Cooper River Bridge, SC
Year in Operation: 2005
Sector: Transportation
Subsector: Bridge
Status: In Operation
Type: New Facility
Description: Cable stayed replacement bridge over the Cooper River in Charleston, SC. Two steel truss bridges were demolished upon opening of the new bridge. The Grace Memorial Bridge opened in 1929 and the Pearman Bridge opened in 1966. Both were obsolete in terms of height for shipping. Poor maintenance of Grace had resulted in load restrictions. Neither bridge had emergency lanes.
Delivery Method as described in the country where it's located: Design Build
Is the project still active: Yes
Comments: Ravenel Bridge. Eight lanes for traffic, one lane for bicycles and pedestrians. 13,200 foot cable stayed bridge with two towers 575 feet high. Design Build project was completed under budget and one year ahead of schedule.

Project Locations

Address:
City: Charleston
State: South Carolina
Country: United States of America

Souces of Project Support (Non-monetary)

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Souces of Project Support (Monetary)

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From Public (Government) Sources to Producers

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Direct Cash Support

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From Public Sponsor of Project - Direct Expenditure of Appropriated Public Funds

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Borrowed from Capital Markets: $334.5 million dollars in proceeds from sale of tax exempt bonds issued by the South Carolina Transportation Infrasructure Bank (SCTIB) and the South Carolina Dept of Transportation. $215 million in additional bonds. On July 6, 2004, the SCTIB terminated the TIFIA loan agreement without drawing down any of the TIFIA funds, and issued new tax-exempt bonds backed. The bonds are secured by: (i) payments from the South Carolina Department of Transportation ($8 million per year for 25 years) and (ii) certain revenues from hospitality fees levied by Horry County as well as an intercept of state funds collected by the County, if needed. (The hospitality fee comprises a 1.5 percent tax on sales of lodging, admissions, and restaurants.)

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From Other Public Entities - Direct Grant of Appropriated Public Funds: $127.5 million in federal grants.

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Credit Enhancements: $215.0 million dollars in available credit from a TIFIA direct loan to the SC Transportation Infrastructure Bank. On July 6, 2004, the USDOT and the SCTIB terminated the loan agreement so the SCTIB could issue new tax-exempt bonds backed by the revenues pledged to the TIFIA loan. The new bonds carry a lower interest rate than the TIFIA loan, the proceeds of which the SCTIB had yet to draw.

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? Yes

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
Form of contract issued by the state of SC. 

Project Value (If and As Known)

Date of Estimated Project Value: July 1, 2004
Project Value
Hard Cost
Hard & Soft Costs
Total
$500 Million - 2 Billion US
(none)

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