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Results Chart for Delivery Method and Financing
From Public (Government) Sources to Producers: The P3 mechanism will allow FDOT to share financial risk with a team of private companies, who will finance a portion of the project much like a home mortgage. FDOT plan includes committing public funds through its work program to finance a portion of the project. Federal, state, local and private funding sources that may be used to make payments to the P3 concessionaire include toll revenue, Central Florida Expressway Authority (CFX) and Turnpike. Revenues from the 4 Express Lanes will fund more than half of the project during the 40-year partnership.
Direct Cash Support: The funds for construction were secured and committed upfront, prior to the start of construction, according to strict terms set by the lenders. The project is fully funded, underway and on track for completion in 2021.
From Private Capital Markets Directly to Producers as Debt: The concessionaire will finance a portion of the project, and be repaid for this financing much like a home mortgage. Toll revenues from the 4 Express Lanes through downtown Orlando are expected to fund more than half of the $2.3 Billion project during the 40 year concession. Here is how FDOT describes its decision to use a 40-year concession arrangement. "FDOT did not have enough funding available for the I-4 Ultimate project. In fact, FDOT had approximately half of the $2.3 billion needed for the project in 2014. Due to inflation and increases in fuel efficiency, FDOT is unable to keep pace with growing demands on the statewide interstate system. A public-private partnership (P3) allows FDOT to bring this project to the public now to meet current needs. An analysis was done showing if we built the project as funding became available, it would take 27 years to complete. By using the P3 procurement method, we are designing and constructing in less than seven years."
From Producers as Equity: I-4 Mobility Partners is the concessionaire: Here is how FDOT describes the team: The Best Value Proposal team, I-4 Mobility Partners, features two equity members: Skanska Infrastructure Development Inc., a Swedish company founded in 1887, and John Laing Investments Limited, which opened its doors in England in 1848. Both companies are leaders in privately financed infrastructure and will be the financial arm of the I-4 Ultimate project. The team also features several United States-based firms with local Orlando offices, including Skanska USA Civil Southeast Inc.; Granite Construction Company; The Lane Construction Corporation; HDR Engineering, Inc.; Jacobs Engineering Group, Inc. and Infrastructure Corporation of America (ICA).