Project Details

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Results Chart for Delivery Method and Financing

Delivery Method

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

Background informationProject Created: November 30, -0001

Project Name: I-4 Ultimate Improvement Project (Orlando, FL)
Year in Operation: 2021
Sector: Transportation
Subsector: Roads, Bridge
Status: Design / Construction
Type: Substantial Alteration of Existing Facility
Description: $2.3 Bill, 21-mile substantial rebuild and refurbishment of I-4 from Kirkman Road in Orange County to east of State Road 434 in Seminole County. Along the route, 13 bridges will be widened, 74 replaced, and 53 added, for a total of 140 permanent bridges. 15 major interchanges will be completed reconstructed. New Express Lanes with dynamic toll pricing will be added to the center portion of I-4 (two in each direction) and general use and auxiliary lanes will be rebuilt. Posted speeds will increase from 50 to 55 mph.
Delivery Method as described in the country where it's located: Public Private Partnership
Is the project still active: Yes
Comments: I-4 Ultimate will be built through a 40-year public-private partnership (P3) with a concessionaire responsible for funding the design and construction of the project. The concessionaire will earn payments during construction, final acceptance payments following construction and annual performance-based availability payments during the operations and maintenance period.

Project Locations

Address: S Kirkman Rd & FL-435 & I-4
City: Orlando
State: Florida
Country: United States of America

Souces of Project Support (Non-monetary)

Checkbox Checked Access to Land
Checkbox Checked Revenue Stream (Cash Flow) Protected Through Long Term Commitment(s) of Public Sponsor(s)
Checkbox Checked Environmental Clearance

Souces of Project Support (Monetary)

Checkbox Checked

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.

Arrow Right
Checkbox Checked

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.

Checkbox Checked

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."

Checkbox Checked

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).

Project Delivery & Finance Method

Project Delivery:
Design Build Operate Maintain (Partially Public Finance). Public Sponsor contracts for initial design, construction, and for long term operations and maintenance with a single entity. At the end of the term, Public Sponsor regains control of the facility.
Is there an independant checking engineer? Yes
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
Design Build Operate and Maintain
X
X
Project Component
Yes
No
Is Negotiation of the Price Permitted After Selection of the Winner?
X
Is Negotiation of the Scope of Services Permitted After Selection of the Winner?
X

Term for Key Components & Forms of Contract

Project Component
Years
Quarters
Combined Term: Initial Design, Construction, O&M Period
47
0
Forms
Description
Other
FDOT has employed a construction oversight team to act as an independent checking team. FDOT and its Construction Oversight Services (COS) team (comprised of HNTB, Elipsis Engineering & Consulting, the Corradino Group and New Millennium, among other companies) oversees the concessionaire, ensuring they are adhering to all requirements in the contract through regular check-ins and audits of processes and procedures, as well as a review of materials and workmanship. 

Project Value (If and As Known)

Date of Estimated Project Value: January 11, 2017
Project Value
Hard Cost
Hard & Soft Costs
Pre-Feasibility (Public Sponsor Expense)
(none)
> $50 Million US
Construction
$1-5 Billion US
$1-5 Billion US
Total
$2-10 Billion US
$2-10 Billion US

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