FHWA encourages the consideration of public-private partnerships (P3s) in the development of transportation improvements. Early involvement of the private sector can bring creativity, efficiency, and capital to address complex transportation problems facing State and local governments. The Center for Innovative Finance Support provides information and expertise in the use of different P3 approaches, and assistance in using tools including the SEP-15 program, private activity bonds (PABs), and the TIFIA Federal credit program to facilitate P3 projects.
183-A Turnpike - Austin, Texas
The 183-A Turnpike is an 11.6-mile controlled access north-south tolled highway east of the existing US 183 in metropolitan Austin. This regionally significant project connects to the Central Texas Turnpike System, previously funded in part with TIFIA credit assistance. 183-A was developed by the state's first Regional Mobility Authority - CTRMA - which was legislatively authorized in 2001 to form at the county level if a regional toll authority did not already exist to construct, operate, and maintain toll roads. CTRMA opened a northern 5-mile extension of the 183-A in April 2012, fully funded with the sale of toll revenue bonds.
91 Express Lanes - Orange County, California
The 91 Express Lanes is a 10-mile, barrier-separated, variable priced express lane facility - the first priced managed lane facility in the U.S. The lanes, two in each direction, extend from the Costa Mesa Freeway near Anaheim to the Orange/Riverside County Line in Orange County, California. They were constructed as a private, for-profit project in 1995 and purchased by Orange County Transportation Authority in 2003.
95 Express - Miami, Florida
When fully constructed, the 95 Express will provide two express lanes in each direction and additional general purpose lane capacity for approximately 22 miles along I-95 from I-395 in Miami-Dade County to I-595 in Broward County, Florida. Phase 1 is complete, delivered as a design-build-finance project under a federal Urban Partnership Agreement. Phase 2 is a design-build project.
Airport MAX Red Line - Portland, Oregon
The Airport MAX is a 5.5-mile light rail extension to Portland's existing Red Line, connecting Downtown Portland to the Portland International Airport (PDX). As part of a public-private partnership, Bechtel Enterprises funded $28.2 million (23 percent) of the extension's $125.8 million project costs, delivered the extension under a design-build contract, and received an 85-year, rent-free lease to develop the 120-acre mixed-use commercial site near the airport. In addition, the City of Portland funded its portion of project costs (19 percent) by using a form of Tax Increment Financing (TIF).
Alaskan Way Viaduct - Seattle, Washington
The Alaskan Way Viaduct is an elevated section of State Highway SR 99, one of two major North-South corridors in the City of Seattle. Its reconstruction comprises two sections of replacement, one with a new viaduct section and another with a bored tunnel, as well as repairs and enhancements to a third viaduct section. This major project's financial plan includes Federal, state, and local funding, including revenue from increases in Washington State's motor fuel tax as well as toll proceeds.
Anton Anderson Memorial Tunnel - Porter-Whittier, Alaska
The privately operated, 2.6-mile, dual mode Anton Anderson Memorial Tunnel (aka Whittier Tunnel) connects the cities of Porter and Whittier on Prince William Sound, 65 miles southeast of Anchorage, Alaska. The project was funded on a pay-as-you-go basis.
Border West Expressway - El Paso, Texas
The Border West Expressway project, west of downtown El Paso and south of I-10, will close the Loop 375 gap that currently exists along the border with Mexico and create an alternate high-speed route to I-10. The four-lane, partially tolled highway is being fully financed with state funds and includes a 15-year maintenance contract with the project's design-build developer.
Chicago Skyway - Chicago, Illinois
The Chicago Skyway is a 7.8-mile elevated toll road connecting I-94 (Dan Ryan Expressway) in Chicago to I-90 (Indiana Toll Road) at the Indiana border. It was leased to a consortium of Cintra and Macquarie in 2005 for an upfront payment of $1.83 billion, which the City used to pay down Skyway and city debt and establish reserve funds. The Skyway was sold to a Canadian pension fund consortium in 2015 for $2.8 billion.
Cooper River Bridge Replacement - Charleston, South Carolina
North America's longest cable stay span replaced the existing truss bridges connecting the City of Charleston and the Town of Mount Pleasant along Highway 17. Financing relied on the state's infrastructure bank, which provided a grant and loan backed by TIFIA.
Denver Union Station - Denver, Colorado
The Denver Union Station project is a public-private development venture located on approximately 50 acres in lower downtown Denver. Redevelopment of the site as an intermodal transit district surrounded by transit-oriented development will include light and commuter rail stations, a regional bus facility, new transit service, and pedestrian improvements. The project is being sponsored by a public benefit corporation formed by the City of Denver and its elements will be transferred to the Regional Transportation District as they are completed. Financing includes TIFIA and RRIF loans, federal grants and stimulus funding, and state, regional, and local contributions.
Elizabeth River Tunnels (Downtown Tunnel / Midtown Tunnel / MLK Extension) - Cities of Norfolk and Portsmouth, Virginia
The Downtown Tunnel / Midtown Tunnel / MLK Extension (Elizabeth River Tunnels) consists of five construction components involving three facilities in the Hampton Roads region of Virginia. The $2.1 billion project is being constructed on a design, build, finance, operate, and maintain (DBFOM) concession basis by Elizabeth River Crossings LLC (ERC) composed of Skanska Infrastructure Development and Macquarie Group. ERC will operate the concession for 58 years. Tolling of the existing Midtown and Downtown Tunnels to help finance the project began in February 2014.
Dulles Corridor Metrorail Project - Northern Virginia
The Dulles Corridor Metrorail Project is the new Silver Line extension of the existing Metrorail system that will extend from the Orange Line's East Falls Church Station in Arlington, Virginia to Route 772 in Loudoun County, Virginia. The extension serves Tysons Corner, Virginia's largest employment center, and the Reston/Herndon area, the region's second largest employment concentration. It also will provide a one-seat ride from Washington Dulles International Airport to downtown Washington, DC.
The Dulles Corridor Metrorail Project is being constructed in two phases and includes 11 new stations upon completion. Phase 1 runs from East Falls Church to Wiehle Avenue on the eastern edge of Reston, Virginia and includes four stations in Tysons Corner - McLean, Tysons Corner, Greensboro and Spring Hill - as well as the Wiehle-Reston East station in Reston. Phase 2 will run from Wiehle Avenue to Route 772 in eastern Loudoun County. Phase 2 will serve Reston Town Center, Herndon, Washington Dulles International Airport, Route 606, and Ashburn (Route 772).
The Project will provide high-quality, high-capacity transit service in the Dulles Corridor. The new Metrorail service will help mitigate traffic congestion, expand the reach of the existing regional rail system, offer a viable alternative to automobile travel, and support future transit-oriented development along the corridor. The Project is being financed with an FTA New Starts grant, three TIFIA loans as well as other state, county, and airport revenues.
Dulles Greenway - Loudoun County, Virginia
The Dulles Greenway is a 14-mile, limited-access, privately financed highway extending from the State-owned Dulles Toll Road - which carries traffic between Washington's Capital Beltway and Dulles Airport - to Leesburg. The two roads connect at a toll plaza. Drivers pay one toll, which the operators of the two facilities divide.
E-470 Tollway - Denver, Colorado
The E-470 is a 47-mile orbital toll road running along the eastern perimeter of the Denver metropolitan area. The tollway was financed entirely by private enterprise and the E-470 Public Highway Authority using an innovative mix of revenue sources including: tolls: vehicle registration fees, a highway expansion impact fee, and private sector contributions ranging from office space, to right-of-way, property assessments, and monetary donations.
Eagle Project - Denver Metro Area, Colorado
The East and Gold Line Enterprise (Eagle) Project is part of RTD's FasTracks, a voter-approved program to expand rail and bus transit throughout the Denver metropolitan region. The Eagle Project is being procured through a concession agreement between RTD and Denver Transit Partners to design, build, finance, operate, and maintain the project's components for 34 years.
Foley Beach Express - Baldwin County, Alabama
The Foley Beach Express (Beach Express) is a 13.5-mile limited access, privately-operated four-lane route from the City of Foley to Orange Beach, Gulf Shores, and Perdido Key in Alabama. It is in alternative to the heavily traveled Highway 59.
Foothill/Eastern and San Joaquin Toll Roads - Orange County, California
The Foothill/Eastern and San Joaquin Toll Roads comprise 51 total miles across four public toll roads providing congestion relief and connectivity within Orange County, California. Development impact fees levied on developers of residential and commercial properties are used to supplement toll revenues for debt service payments.
Goethals Bridge Replacement -Staten Island, New York to Elizabeth New, Jersey
The Goethals Bridge project is the reconstruction of a new six-lane, cable-stayed bridge adjacent to the existing bridge and the demolition and removal of the existing bridge. The reconstructed bridge will include a bicycle/pedestrian lane along the northern edge of the New Jersey bound side, as well as a central area between eastbound and westbound lanes to accommodate future transit service. The project is being delivered as a 40-year, design-build-finance-maintain (DBFM) public-private partnership (P3) concession by the NYNJ Link Partnership. The project was financed with a TIFIA loan, private activity bonds, and equity from the private partner.
Grand Parkway (SH 99) Segments D-G - Houston Metropolitan Area, Texas
Grand Parkway (SH 99) Segments D-G is a four lane, 53-mile segment of the planned 180-mile circumferential Grand Parkway toll highway around the Greater Houston Metropolitan Region. This portion includes five segments, situated along the northwest portion of the parkway alignment from just south of I-10 to I-69/US 59N (Eastex Freeway). Project financing includes a TIFIA loan and toll revenue bonds.
Heartland Corridor - Virginia, West Virginia, Kentucky, Ohio
Due to the Norfolk Southern's rail network, the Port of Virginia (Newport News) has always had good rail access to the Midwest markets. The Heartland Corridor project makes the most direct rail route to the major markets of Columbus and Chicago accessible to double-stack container trains and shortens trip-times. Extending through Virginia, West Virginia, Kentucky and Ohio, the Heartland Corridor consists of series of five separate intermodal projects designed to improve mobility and increase freight capacity.
Hiawatha Light Rail Transit - Minneapolis/St. Paul, Minnesota
The 12-mile, 17-station Hiawatha Light Rail system links downtown Minneapolis with Minneapolis-St. Paul International Airport and the Mall of America. The project utilized two separate design-build contracts for light: one for rail vehicles and one to place rail and signal and communication equipment along the alignment. Due to high risk levels, tunnels and stations bored below the airport were procured using the traditional design-bid-build model.
Hudson-Bergen Light Rail - Hudson/Bergen Counties, New Jersey
The $1.0 billion, 9.5-mile initial operating segment was procured using innovative 15-year DBOM contract, resulting in an estimated 8 years in savings compared to a traditional multiple design-bid-build approach. The contract was later renegotiated to cover Segments II ($1.2 billion) and III ($100 million) that extended the rail another 7 miles, adding 8 stations.
I-4 / Selmon Expressway Connector - Tampa, Florida
The I-4 Connector is an elevated north-south toll road that will connect I-4 with the Selmon Expressway, two major east-west corridors in the Tampa region. The Connector will have exclusive truck lanes to provide direct access to the Port of Tampa and remove commercial traffic from local roads in Ybor City. The project is being delivered using a design-build-finance approach.
I-4 Ultimate - Orlando, Florida
The I-4 Ultimate project is the reconstruction and widening of 21 miles of I-4 from west of Kirkman Road in Orange County, Florida through downtown Orlando to east of State Road 434 in Seminole County. The project is adding four express toll lanes to median of the rebuilt stretch of interstate through a 40-year design-build-finance-operate-maintain availability payment concession, financed in part by a senior bank debt, a TIFIA loan, and private equity.
I-15 Corridor Reconstruction Project - Salt Lake City, Utah
The Interstate 15 reconstruction was the Utah Department of Transportation's first design-build procurement. The project involved the reconstruction of 16.2 miles of interstate mainline and the addition of new general purpose and high-occupancy-vehicle (HOV) lanes through the Salt Lake City metropolitan area.
I-69 Section 5 - Bloomington to Martinsville, Southwest Indiana
Indiana's second availability payment P3 concession, I-69 Section 5, will extend I-69 from Bloomington to Martinsville, bringing the four-lane highway 21 miles closer to Indianapolis. The project is being implemented as a 35-year availability payment DBFOM concession.
I-75 Roadway Expansion (iROX) - Collier and Lee Counties, Florida
iROX was a design-build-finance project that resurfaced and widened 30 miles of I-75 through Collier and Lee counties in Florida and included one interchange reconstruction. The $458 million project used a combination of federal, state, and local funds and was delivered one year ahead of schedule.
I-77 HOT Lanes - Charlotte, North Carolina
The I-77 HOT Lanes project will add 26 miles of variably priced managed lanes along I-77 and I-277 in Charlotte, North Carolina north through Mecklenburg and Iredell Counties. The project is being delivered as a 50-year design, build, finance, operate and maintain concession between the North Carolina Department of Transportation and Cintra Infraestructuras, S.A. Financing includes a mix of Private Activity Bonds, a TIFIA loan, public funding, and an equity contribution.
I-95 HOV/HOT Lanes - Fairfax, Prince William, and Stafford Counties, Virginia
The I-95 Express Lanes will be the second step in creating a regional network of tolled managed lanes in Northern Virginia. The project consists of the development, design, finance, construction, maintenance and operation of 29.4 miles of high occupancy toll lanes along I-95 and I-395 from Garrisonville Rd. in Stafford County to Edsall Rd. in Fairfax County over a 76-year concession period.
I-485 Charlotte Outer Loop - Charlotte, North Carolina
The I-485 Charlotte Outer Loop involves the construction of a new 5.1-mile, eight-lane section of interstate from west of NC 115 (Old Statesville Rd.) to west of I-85 north of Charlotte, North Carolina. This is the last segment of the I-485 Outer Belt around Charlotte and will connect I-77 to I-85. The project is being financed with GARVEE bonds, State Transportation Trust Fund disbursements, and contractor financing to be repaid by future General Assembly appropriations.
I-285/SR 400 Interchange Reconstruction - Fulton and DeKalb Counties, Georgia
The I-285/SR 400 Interchange Reconstruction project will rebuild the I-285/SR 400 Interchange and make improvements along 10 miles of I-285 and SR 400 roughly 13 miles north of Atlanta. The improvements will be made to an interchange that handles over 400,000 vehicles daily while maintaining all travel lanes and movements in the peak period. In December 2015, the Georgia State Transportation Board announced that it had selected North Perimeter Contractors to design, build and partially finance the project. Construction is expected to begin in late 2017 and be completed in mid-2020. The state will provide the concessionaire with funds to cover roughly one-quarter of the project cost upfront. North Perimeter Contractors will finance the remaining project cost and will be repaid by the state following project completion.
I-495 Capital Beltway HOT Lanes - Fairfax County, Virginia
The I-495 Capital Beltway HOT Lanes project is a P3 between VDOT and Capital Beltway Express, LLC, a joint venture of Fluor and Transurban. Improvements include 14 miles of twin HOT lanes in each direction, the replacement of more than 50 bridges and overpasses, and interchange upgrades. Financing includes the first-ever combination of TIFIA credit assistance and private activity bonds (PABs).
I-595 Corridor Roadway Improvements - Broward County, Florida
The I-595 Corridor Roadway Improvements project consists of the reconstruction and widening of 10.5 miles of the I-595 mainline from the I-75/Sawgrass Expressway to I-95. The project is being implemented as a P3 between FDOT and a private concessionaire, I-595 Express, LLC, to design, build, finance, operate, and maintain the roadway for a 35-year term. FDOT will make availability payments backed by Federal and state resources for the concessionaire's successful completion of construction and ongoing operations. The concessionaire's financing, backed by these availability payments, includes senior bank debt, a TIFIA loan, and private equity.
IH 635 Managed Lanes - Dallas County, Texas
The IH-635 (LBJ Freeway) Managed Lanes Project will relieve congestion north of Dallas on a 13-mile stretch of the LBJ Freeway with reconstruction of its main lanes and frontage roads and the addition of six managed lanes along I-635 (subsurface) and I-35E (elevated). The project is being built as a P3 (Comprehensive Development Agreement [CDA]) between TxDOT and LBJ Infrastructure Group, which will operate and maintain the facility for 52 years.
Indiana Toll Road - Indiana
In operation since 1956, the Indiana Toll Road stretches 157 miles across the northernmost part of Indiana from its border with Ohio to the Illinois state line, where it provides the primary connection to the Chicago Skyway and downtown Chicago. The Indiana Toll Road was leased to a consortium of Cintra and Macquarie in 2006 for an upfront payment of $3.8 billion, which is primarily being reinvested in statewide roadway and bridge improvement projects.
Innerbelt Eastbound Bridge - Cleveland, Ohio
The Innerbelt Eastbound Bridge consists of the construction of a new eastbound Innerbelt Bridge over Cuyahoga River in to the City of Cleveland, to be delivered as a design-build-finance project. A new westbound bridge is currently under construction through traditional means. Each new bridge will carry five lanes of traffic increasing capacity by 25 percent.
Intercounty Connector - Maryland
The Intercounty Connector (ICC) is a toll highway linking existing and proposed development areas between the I-270/I-370 and I-95/US 1 corridors within central and eastern Montgomery County and northwestern Prince George's County, Maryland. The project is largely supported by GARVEE and toll revenue bonds, as well as a TIFIA loan and State Transportation Trust Fund and General Fund revenues.
Iway (I-195 Relocation Project) - Providence, Rhode Island
The Iway was composed of 16 individual projects to relocate a 45-year-old 1.6-mile stretch of I-195 and an adjacent 0.8-mile portion of I-95 through Providence, Rhode Island. This $610 million project was financed through GARVEE and motor fuel tax revenue bonds and has won national acclaim for its project management and bridge design and construction.
Las Vegas Monorail - Las Vegas, Nevada
The Las Vegas Monorail was originally a joint venture between MGM Grand and Bally's Hotel, creating a one-mile system linking the hotels in 1993. Plans for expansion further along the Strip led to the State of Nevada in 1997 passing legislation that enabled a private company to own, operate, and charge a fare as a public monorail system.
Loop 202 South Mountain Freeway - Phoenix, Arizona
The Loop 202 freeway, also known as the South Mountain Freeway, is a 22-mile, 8-lane freeway that will complete the Loop 202 and Loop 101 freeway system in the southwestern quadrant of the Phoenix metropolitan area. The $1.8 billion project has been procured as a P3 where the selected design-build team will also maintain the roadway under a 30-year agreement once it opens in late 2019 or early 2020.
Midtown Express (SH 183 Managed Lanes) - Dallas-Fort Worth Metroplex
The Midtown Express, formerly the SH 183 Managed Lanes Project, will add tolled express lanes and reconstruct portions of State Highway (SH) 183, SH 114 and Loop 12 northwest of Dallas, Texas. The project will be delivered using an innovative public-private partnership structure that combines design-build with a short-term receivables (gap) financing and long-term operations and maintenance.
Missouri Safe and Sound Bridge Improvement Program - State of Missouri
There were 10,405 bridges on the Missouri Department of Transportation system with at least 1,093 in Condition 3 (serious) or Condition 4 (poor). The Missouri Safe and Sound Bridge Improvement Program has replaced or rehabilitated 802 of these bridges using both a modified design-bid-build and design-build approaches.
Monroe Bypass - Mecklenburg and Union Counties, North Carolina
The Monroe Bypass will be a new, 20-mile all-electronic toll road in Mecklenburg and Union Counties, North Carolina. The Bypass will provide a high-speed alternative to US 74 in the region. The project is supported through a variety of bond proceeds, including GARVEEs.
New Mexico SR-44 - Northwest New Mexico
US 550/NM SR 44 runs from I-25 in Bernalillo north and west to the New Mexico/Colorado state line. This project involved the widening from two to four lanes of a 118-mile section running northwest from San Ysidro to just outside of Bloomfield, near the Four Corners. New Mexico law did not allow for design-build procurement at the time NM 44 was widened. However, the New Mexico State Highway and Transportation Department was able to create many of the efficiencies of design-build through a professional services contract.
New NY Bridge (Tappan Zee Bridge Replacement) - Westchester to Rockland Counties, New York
The "New NY Bridge" will replace the Tappan Zee Bridge spanning the Hudson River between Westchester and Rockland Counties 20 miles north of New York City. The new bridge is a tolled, eight-lane, dual-span twin bridge, being constructed alongside the current bridge to provide the least traffic disruption to users. The project is being delivered under a design-build contract and is financed with a combination of bonds and a TIFIA loan. The project is expected to be completed in 2018.
NoMa - Gallaudet U Metrorail Station - Washington, DC
The NoMa - Gallaudet U station, formerly known as the New York Avenue station, opened in 2004 as the Washington Metrorail's first infill station. The station was funded through a unique partnership between the District of Columbia, developers and property owners, community leaders, and WMATA. The private sector and local property owners funded $35 million (34 percent) of the $104 million project cost through land donations ($10 million) and the creation of a special assessment district ($25 million).
North Tarrant Express Segments 1 and 2A - Dallas-Fort Worth Metroplex
TxDOT awarded two Comprehensive Development Agreements (CDA - equivalent to a P3) for the North Tarrant Express project to NTE Mobility Partners. The Concession CDA for Phase 1 includes the design, development, construction, finance, maintenance, and operation of 13 miles along Interstate (IH) 820 and SH 121/SH 183 north and east from Fort Worth. The duration of the concession is 52 years. The roadway is being reconstructed with the addition of two managed lanes and an additional general purpose lane in each direction. The CDA for Segments 2-4 includes developing master plans for the remainder of the NTE.
North Tarrant Express Segments 3A and 3B - Dallas-Fort Worth Metroplex
Segments 3A and 3B of the North Tarrant Express (NTE) are part of a planned 36-mile network of managed lanes and widened and rebuilt freeways in the Dallas-Fort Worth area. The project includes design, construction, operations, and maintenance of approximately 12 miles of managed lanes, associated improvements to adjacent cross-roads, frontage roads, and ramps, and the intelligent transportation systems (ITS) and tolling systems on IH-35W in Tarrant County, Texas. Segment 3A will be designed and constructed via a public-private partnership between the Texas Department of Transportation (TxDOT) and the NTE Mobility Partners Segments 3, LLC. TxDOT is responsible for the financing and construction of Segment 3B, excluding Tolling and ITS. The concessionaire will perform operations and maintenance for the entire facility, including the 3B portion constructed by TxDOT.
Northwest Corridor - Atlanta, Georgia
The Northwest Corridor project will include extensions of existing HOV lanes and the addition of reversible tolled managed lanes along sections of nearly 30 miles of I-75 and I-575 northwest of Atlanta. The nearly $850 million project will delivered using a design-build-finance approach.
Northwest Parkway - Denver Metro Region, Colorado
The Northwest Parkway is an 8-mile segment of the Denver Beltway System, connecting E-470 in northern Denver to U.S. 36 in Broomfield. The project was developed by a three-municipality joint powers agency and opened in 2003. It was subsequently leased in 2007 to a private consortium for 99 years after four years of lower than expected toll revenues.
Ohio River Bridges Downtown Crossing - Louisville, Kentucky/Southern Indiana
The Ohio River Bridges Downtown Crossing project is one half of the bi-state Ohio River Bridges project, which also includes the East End Crossing project, that together are addressing cross-river capacity and mobility needs in the greater Louisville-Southern Indiana region. The project consists of a new Downtown Bridge carrying northbound I-65 across the Ohio River between Louisville and Southern Indiana. In the background is the existing Kennedy Bridge that will carry the southbound lanes. The Downtown Crossing project also includes the reconstruction of the Kennedy Interchange in downtown Louisville to eliminate design deficiencies and safety hazards. The project is being delivered an availability-pay design-build-finance-operate-maintain concession.
Ohio River Bridges East End Crossing - Southern Indiana/Louisville, Kentucky
The Ohio River Bridges East End Crossing project is one half of the bi-state Ohio River Bridges project, which also includes the Downtown Crossing project, that together are addressing cross-river capacity and mobility needs in the greater Louisville-Southern Indiana region. The project consists of a new East End Bridge and approaches connecting I-265/KY 841 in Kentucky to I-265/SR 265 in Indiana. The project is being delivered an availability-pay design-build-finance-operate-maintain concession.
Orchard Pond Parkway - Tallahassee, Florida
The Orchard Pond Parkway is a 5.2-mile privately constructed toll road north of Tallahassee, Florida. The road was developed by a private landowner as a means to preserve the surrounding region from suburban development, and it incorporates a number of features to protect wildlife and the natural environment. The Florida Department of Transportation is supporting the project financially with a State Infrastructure Bank loan that covers 80 percent of the $17 million project cost. Leon County will own the road and lease it to the developer for 99 years.
Pennsylvania Rapid Bridge Replacement Project - Pennsylvania (statewide)
The Pennsylvania Rapid Bridge Replacement Project will replace 558 structurally deficient bridges throughout the commonwealth over a three-year period. The private partner, Plenary Keystone Partners, will design, construct, and finance the project; and then maintain the bridges for 25 years. The project is financed with the largest transportation private activity bond issued to date in the U.S., together with PennDOT milestone payments and private partner equity.
Pocahontas Parkway / Richmond Airport Connector - Greater Richmond, Virginia
This $354 million project was financed by tax-exempt toll revenue bonds issues by a 63-20 corporation. It is the first transportation project implemented under Virginia's Public-Private Transportation Act of 1995. The Parkway was leased to a private toll road operator in 2007. The deal defeased its underlying debt and included the construction of the 1.6-mile Richmond Airport Connector, which opened in January 2011.
Port of Miami Tunnel - Florida
The Port of Miami Tunnel will improve access to and from the Port of Miami, serving as a dedicated roadway connector linking the Port (located on an island in Biscayne Bay) with the MacArthur Causeway and I-395 on the mainland. The project is being developed as a P3 with Miami Access Tunnel, LLC (MAT). The state has agreed to pay for approximately 50 percent of the capital costs (design and construction) and all operations and maintenance, while the remaining 50 percent of the capital costs will be provided by the local governments. FDOT will make milestone payments to MAT at various stages of project development, followed by availability payments during a 30-year concession. Senior bank debt, a TIFIA loan, and private equity have been used to finance the project.
Presidio Parkway - San Francisco, California
The Presidio Parkway project is a replacement of Doyle Drive, the southern access to the Golden Gate Bridge. The current structure, built in 1936, does not meet current highway standards and is seismically deficient. Through a competitive procurement process, Caltrans selected a private consortium, the Golden Link Concessionaire, to deliver Phase II as a design, build, finance, operate, and maintain (DBFOM) availability-pay concession. The P3 Project Agreement with GLC allows for milestone payments following substantial completion and quarterly availability payments through the concession period, based on performance.
Puerto Rico PR-22 and PR-5 Lease - Puerto Rico
PR-22 and PR-5, heavily traveled toll roads stretching about 55 miles along the northern coast of Puerto Rico from Bayamon westward through San Juan to Arecibo, are being leased to consortium of Goldman Sachs and Abertis. The total $1.436 billion administrative concession will finance, rehabilitate, operate, and maintain the facilities over 40 years. Of that total, $1,080 million is an upfront payment of which at least 90% will be used to defease all outstanding tax-exempt toll-revenue debt ($902 million), and approximately $350 million will be expended on expected upgrades over the concession period, $56 million of which will be spent in the first three years on "accelerated safety improvements."
Reno Transportation Rail Access Corridor (ReTRAC) - Reno, Nevada
Traffic congestion and safety concerns brought about the largest public works project ever undertaken in Northern Nevada, the Reno Transportation Rail Access Corridor, or ReTRAC. The project depressed a 2.3-mile stretch of freight rail that ran through downtown, eliminating 10 at-grade street crossings.
Route 3 North - Boston, Massachusetts
Financed using tax-exempt 63-20 debt and leveraging lease payments pledged by the Massachusetts Highway Department, the Route 3 North project involved widening an existing 21-mile highway northwest of Boston from two to three lanes in each direction. The project included the creation of a 30-foot median to accommodate fiber optic line and other utilities, and the replacement of 40 bridges.
Route 28 Corridor Improvements - Northern Virginia
Property owners in Fairfax and Loudon Counties agreed to establish an additional property tax through the creation of a special assessment. Revenue was dedicated to major highway improvements along the Route 28 corridor.
SH 130 (Segments 5-6) - Austin, Texas Metropolitan Area
SH 130 is a four-lane, 91-mile toll road east and south of Austin designed to relieve congestion on the heavily traveled I-35, the primary north-south route through Central Texas. Segments 5 and 6 have been developed through a 50-year concession (Comprehensive Development Agreement) with the SH 130 Concession Company (a joint venture of Cintra and Zachry American Infrastructure). They were financed with senior bank debt, a TIFIA loan, and private equity. Segments 1-4 were constructed under a design-build project as part of the Central Texas Turnpike System.
SH 288 Toll Lanes - Houston, Texas
The SH 288 Toll Lanes project is located in Harris County, Texas and involves the development, design, construction, financing, operation, and maintenance of four new toll lanes that stretch 10.3 miles along the median of SH 288, which extends from downtown Houston south toward the Gulf of Mexico. The P3 DBFOM concession also includes the maintenance of the existing general purpose lanes along the corridor. The concessionaire's financing includes a combination of private activity bonds, a TIFIA loan, private equity, and public funding for direct connector ramps to the Texas Medical Center.
South Bay Expressway (formerly SR 125 South Toll Road) - San Diego County, California
The South Bay Expressway toll road is a 9.2-mile privately-funded southern extension of SR 125, extending from SR 905 near the International Border to SR 54 near Sweetwater Reservoir in San Diego, California. The original operator, South Bay Expressway, L.P., held a 35-year franchise with the State of California under which it financed and built the highway, then transferred ownership to the State. The concessionaire emerged from bankruptcy in April 2011 as South Bay Expressway, LLC, and sold the toll road to the San Diego Association of Governments in December 2011.
Southern Connector - South Carolina
The Southern Connector is a 16-mile toll road connecting I-85 to I-395 in Greenville, SC. The project is a DBFOM P3 developed by Connector 2000 Association Inc., a 63-20 non-profit corporation that holds a 50-year license with the state and issued tax-exempt toll revenue bonds to finance the project.
Southern Ohio Veterans Memorial Highway - Portsmouth to Lucasville, Scioto County, Ohio
The Southern Ohio Veterans Memorial Highway is a 16-mile, four-lane, limited access highway providing motorists with an alternative route around the city of Portsmouth in South Central Ohio, saving 10 miles of travel and up to 16 minutes per trip. The project is Ohio's first DBFOM availability payment concession and has benefited from TIFIA and PAB financing, as well as Appalachian Development Highway System funds.
SR 91 Corridor Improvement Project - Riverside County, California
The SR 91 Corridor Improvement Project is an eight-mile extension of the Orange County SR 91 express lanes into Riverside County through conversion of existing HOV lanes. Two general purpose lanes will also be added, along with improvements made to interchanges and bridges. The project is supported by a TIFIA loan, and project is almost exclusively paid for with local funding through a combination of toll revenue and voter-approved county-level sales tax proceeds.
State Street Redevelopment Project - West Lafayette, Indiana
The City of West Lafayette, Indiana and Purdue University are jointly delivering the State Street Redevelopment Project to provide aesthetic and functional improvements to gateways into West Lafayette and Purdue University. The project improved the streetscape and provides pedestrian amenities to enhance community and campus resident cohesiveness, and expanded transportation infrastructure to accommodate planned and future growth of West Lafayette and the University. The project is being delivered through an innovative design-build-finance-maintain availability payment P3 backed by tax increment finance district revenue.
Teodoro Moscoso Bridge - San Juan to Carolina, Puerto Rico
The Teodoro Moscoso Bridge spans the San JosÃ© Lagoon, running from San Juan to Carolina. It was constructed in 1994 as a design, build, operate, and maintain P3 project. The bridge is tolled, and at its opening featured an electronic tolling system capable of accepting, cash, credit cards, and electronic tag system.
Tren Urbano - San Juan, Puerto Rico
The Tren Urbano is a 10.7-mile, fully automated rapid transit that serves the metropolitan area of San Juan, which includes the municipalities of San Juan, Bayamón, and Guaynabo. The Tren Urbano consists of 16 stations along a single line, a vehicle maintenance and storage facility, rolling stock, and other supporting infrastructure.
U.S. 183 South / Bergstrom Expressway - Austin, Texas
The US 183 South / Bergstrom Expressway project will be an 8-mile highway and express toll facility in Austin, Texas, connecting US 290 and SH 71. The project consists of six tolled main lanes in the median of US 183 and four to six upgraded general purpose lanes. The $860 million project will provide a reliable north-south alternative to congested I-35 and direct access to Austin's airport. The project is financed with a combination of toll-backed bonds, loans and grants from TxDOT, and a TIFIA loan.
Triangle Expressway - Raleigh-Durham, North Carolina
The 18.8-mile Triangle Expressway, composed of three sections, provides congestion relief on existing north-south routes serving the Research Triangle Park region (including I-40) between Raleigh and Durham. The project is being financed with toll and state revenue bonds and a $386 million TIFIA loan.
U.S. 36 Managed Lane/Bus Rapid Transit Project: Phase 1 - Denver Metro Area, Colorado
The U.S. 36 Managed Lane Project Phase I is an initial 10-mile phase of improvements along 16 miles of roadway between Denver and Boulder, Colorado. This $306 million first phase is being delivered under a design-build contract.
U.S. 36 Managed Lane/Bus Rapid Transit Project: Phase 2 - Denver Metro Area, Colorado
Phase 2 of a 15-mile reconstruction and expansion of U.S. 36, a four-lane divided highway connecting Denver and Boulder, extends the 10-mile Phase I project five miles further northwest to Boulder. The corridor is being reconstructed and augmented with a single HOT lane in each direction. The project also includes the reconstruction or rehabilitation of three bridges, accommodations for bus rapid transit, provision for ITS, improvements to a commuter rail station, and a bikeway. Phase 2 is being delivered as a DBFOM P3. In addition to the Phase 2 construction, the concessionaire will operate and maintain the entire U.S. 36 HOT lane corridor as well as the existing I-25 Express Lanes that start at its southern terminus.
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