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Project Profiles

95 Express

Location

Southern Indiana / Louisville, Kentucky

Project Borrower / Sponsor

Indiana Finance Authority

Indiana Department of Transportation

Program Areas

Project Delivery
Project FinanceP3Revenue - Road Pricing Revenue

Mode

Bridge/Tunnel/Highway

Description

The East End Crossing project includes a new bridge facility across the Ohio River, and associated roadway, tunnel, and facilities, connecting Clark County, Indiana and Jefferson County, Kentucky, approximately eight miles east of Louisville. The project is one half of the bi-state Ohio River Bridges project, which also includes the new Downtown River Bridge that expands the capacity of I-65 across the Ohio River into downtown Louisville and the reconstruction of the Kennedy Interchange between I-65, I-64, and I-71. The State of Indiana is leading the East End Crossing project, and the Commonwealth of Kentucky is leading the Downtown Crossing project.

The East End Bridge will be an approximately 2,500-foot-long cable-stayed bridge featuring two convex diamond towers, two lanes in each direction, expandable to three, and a 13-foot-wide pedestrian and bicycle path. The Kentucky approach will be an extension of I-265 (Gene Snyder Freeway) from U.S. 42 to the new bridge, 3.3 miles long and two lanes in each direction, including a 1,680-foot tunnel under U.S. 42 and a redesigned interchange at U.S. 42 to allow traffic to enter and exit KY 841. The Indiana approach will be a 4.1-mile extension of I-265/SR 265 (Lee Hamilton Highway) from IN 62 to the new bridge. The extension will be two lanes in each direction and include the addition of a new full interchange at Old Salem Road and reconstruction of the I-265/IN 62 interchange. The East End Crossing project will complete the I-265/KY 841/SR 265 corridor in the eastern part of the Louisville metropolitan area.

The East End Crossing project is being delivered as an availability-pay design-build-finance-operate-maintain concession with a four-year construction and a 35-year operation term. The concessionaire will be responsible for the operations and maintenance of the project with the exception of the Kentucky approach’s tunnel, which will be maintained by the Commonwealth of Kentucky. The East End Bridge (and Downtown River Bridge) will be tolled, with operations and toll collection managed by the State of Indiana. The concessionaire will be compensated with milestone payments during construction and availability payments during operation of the facility supported by tolls and traditional state revenues.

Cost

$980.7 million ($1,276 million YOE)

Funding Sources

Private Activity Bonds - $676.8 million

Equity contribution - $78.1 million

Milestone payments (from Indiana Finance Authority) - $392 million

Interest income - $2.7 million

Project Delivery/Contract Method

DBFOM (design, build, finance, operate and maintain)

Private Partner

WVB East End Partners (Concession Company)

  • Walsh Infrastructure, LLC
  • VINCI Highways SAS
  • Bilfinger Project Investments International Holding GmbH

Construction Joint Venture (design-build members)

  • Walsh Construction Company
  • VINCI Construction Grands Projects

Project Advisors/Consultants

Project design: Jacobs Engineering

Oversight assistance (construction oversight, inspection, and quality control) (Section 4A)

  • HDR, Inc.
  • Greenman-Pedersen, Inc.
  • FIGG Bridge Inspection, Inc.

S&ME, Inc.

Technical Advisor: Granherne Inc.

Financial Advisors/Underwriters:

  • Bank of America Merrill Lynch
  • J.P. Morgan
  • Goldman Sachs
  • RBC Capital Markets

Bond Counsel: Barnes & Thornburg LLP

Special Counsel to Indiana Finance Authority: Ice Miller LLP

Counsel to Concession Company:

  • Mayer Brown LLP
  • Bingham Greenebaum Doll LLP
Special Counsel to Underwriters: Latham & Watkins LLP

Lenders

Bondholders

Duration/Status

Commercial close on December 27, 2012.

Construction began May 28, 2013.

Substantial completion expected by October 2016.

Conclusion of concession in 2052.

Financial Status

Financial close reached on March 28, 2013. The Indiana Finance Authority submitted in September 2012 a TIFIA Letter of Interest for a direct loan under MAP-21 FY2013 funding.

Innovations

The East End Crossing is part of the Ohio River Bridges project, which also includes the Downtown Crossing in Louisville. Together, the Louisville and Southern Indiana Bridges Authority, a bi-state agency, has been responsible for the financing of the $2.6 billion Ohio River Bridges. Indiana has chosen to finance the East End Crossing through an availability-pay P3, while Kentucky is delivering the Downtown Crossing through a more traditional design-build contract. These innovative delivery approaches have combined significant cost savings.

Related Links/Articles

Ohio River Bridges Project Website

Indiana Finance Authority Project Website

Louisville and Southern Indiana Bridges Authority Website

Initial Financial Plan Update – July 2012

Contacts

Kendra York
Public Finance Director
Indiana Finance Authority
Tel: (317) 233-4332
keyork@ifa.in.gov