- Briefing Room
San Francisco, California
|Project Sponsor / Borrower||
Project Sponsor - California Department of Transportation
|Value Capture Techniques||Sales Tax Districts|
The Presidio Parkway project is a replacement of Doyle Drive, a 1.6-mile segment of Route 101 in San Francisco that is the southern access to the Golden Gate Bridge, connecting Marin and San Francisco counties and providing a major regional traffic link between the peninsula and North Bay Area counties. The existing structure, built in 1936, did not meet current highway standards and was seismically deficient.
The Presidio Parkway project area extends from the Golden Gate Bridge Toll Plaza on the west to Broderick Street on the east, and includes Richardson Avenue, Gorgas Avenue and Marina Boulevard. The Presidio Parkway is a six-lane facility with a southbound auxiliary lane between the Park Presidio Interchange and the new Presidio access at Girard Road. The roadway consists of various sections (from the toll plaza east to Richardson Avenue) with a landscaped median:
The project has been developed in two phases. Caltrans was responsible for the design, financing and construction of Phase I. Phase I, delivered through a traditional design-bid-build process, consisted of a replacement bridge at the Park Presidio Interchange, the new southbound Presidio Viaduct, the southbound Battery Tunnel, and a temporary bypass east of the Main Post to allow construction of the Main Post Tunnels and roadway to Richardson Avenue.
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 was executed on January 3, 2011. GLC is receiving milestone payments as construction activities reach substantial completion and will continue to receive quarterly availability payments through the concession period, based on performance. These payments are sourced from state and local transportation funds from a number of regional entities. These agencies include the San Francisco County Transportation Authority, which manages administration of a local transportation sales tax; the Golden Gate Bridge, Highway and Transportation District, which operates the bridge; the region's metropolitan planning organization - Metropolitan Transportation Commission; and two other regional planning and local tax-administering agencies - the Transportation Authority of Marin County and the Sonoma County Transportation Authority.
Phase I construction was substantially completed and opened to the public on April 30, 2012. Phase II major construction began after the completion of Phase I and concluded in July 2015. Final landscaping and restoration continues through 2016.
Estimated Total Cost - $851.6 million
Phase I - $486.9 million
Phase II - $364.7million
|Project Delivery / Contract Method||
Phase I - Design-bid-build
Phase II - Design-build-finance-maintain Availability Payment Concession (30 years)
Golden Link Partners, LLC
Construction Joint Venture (design-build members)
|Project Advisors / Consultants||
Phase I Construction
Phase II Project Design
To the Borrower
To USDOT TIFIA JPO
To Public Sector Sponsor
Banks, USDOT TIFIA
|Duration / Status||
|TIFIA Credit Assistance||
Direct Loan - $150.0 million
TIFIA credit assistance totals $150 million and is structured into two tranches, to reflect the two distinct sources of repayment and state and local funding limitations. The $89.8 million short-term loan (Tranche A) is to be repaid fully following substantial completion in the form of a milestone payment. The $60.2 million long-term loan (Tranche B) is to be repaid using the non-Federal portion of the quarterly availability payments to GLC during a 28-year period. The TIFIA loans will be secured by a lien on project collateral.
|Financial Status / Financial Performance||
TIFIA credit agreement was executed on June 14, 2012
The first TIFIA interest payment is scheduled for June 2016. Principal repayments are scheduled to begin in December 2018. Level debt service payments commence in 2019. The final maturity of the TIFIA loan is December 2045.
|Related Links / Articles|
Nizar Melehani, PE, P3 Program Manager, Acting
Eric Cordoba, Deputy Director for Capital Projects
Peter van der Waart van Gulik, CEO