| Location |
Orlando, Florida |
| Project Sponsor / Borrower |
Florida Department of Transportation
I-4 Mobility Partners |
| Program Areas |
   
|
| Mode |
Highway / Express Lanes |
| Description |
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 will:
- Fully reconstruct the existing general purpose lanes
- Add four express toll lanes in the median
- Reconstruct 15 major interchanges
- Reconstruct, construct, or widen 140 bridges
The existing general purpose lanes, which range from three
to four lanes in each direction are approximately 50 years old
and experience significant levels of congestion.
The Florida Department of Transportation (FDOT) will set toll
rates and collect all revenue. Access and egress will be provided
at five exchange areas (crossover zones) and by direct connectors
at major intersections.
The project is being procured as a 40-year design-build-finance-operate-maintain
availability payment concession, with the private partner receiving
milestone and completion payments during and immediately following
construction completion. These milestone payments and availability
payments during the operational period are not tied to toll
revenue collections and will come from a variety of regional, state, and federal revenue sources. |
| Cost |
$2,877 million |
| Funding Sources |
Senior bank debt - $484 million
TIFIA Tranche A loan - $127.3 million
TIFIA Tranche B loan - $822.2 million
Equity contribution - $103 million
FDOT milestone payments during construction - $1.035 billion
TIFIA capitalized interest and interest income - $306 million |
| Project Delivery / Contract Method |
Design-build-finance-operate-maintain Availability Payment Concession (40 years) |
| Private Partner |
I-4 Mobility Partners
- John Laing Investments Limited (29% equity partner,
50% project owner)
- Skanska Infrastructure Development (71% equity partner,
50% project owner)
Design-build joint venture
- Skanska USA Civil Southeast, Inc. (40%)
- Granite Construction Company (30%)
- Lane Construction Corporation (30%)
Design joint venture
- HDR Engineering
- Jacobs Engineering Group
Operations and maintenance - Infrastructure Corporation of
America |
| Project Advisors / Consultants |
To Sponsor (FDOT)
- Nossaman - Legal Advisor
- KPMG - Financial Advisor
- Reynolds Smith and Hill - Technical Advisor
To the Borrower (I-4 Mobility Partners)
- Société Générale - Financial
Advisor
- Ashurst - Legal Advisor
To USDOT TIFIA JPO
- TIFIA Legal Advisor - Hawkins Delafield & Wood
- TIFIA Financial Advisor - Scully Capital Services, Inc.
|
| Lenders |
USDOT TIFIA
6-bank club (senior bank debt)
- Société Générale
- MUFG
- Canadian Imperial Bank of Commerce
- KfW-IPEX Bank
- Svensk Exportkredit
- Credit Agricole
|
| Duration / Status |
I-4 Mobility Partners were selected by FDOT as the preferred
bidder on April 23, 2014.
Construction began in February 2015 and is expected to be
substantially complete in 2021. |
| TIFIA Credit Assistance |
Direct Loan - $949 million
The TIFIA loan is structured in two tranches:
- $127.3 million of TIFIA debt (TIFIA Tranche A) will
be repaid in full by the second Final Acceptance Payment
from FDOT in 2021; and
- $822.2 million of TIFIA debt (TIFIA Tranche B) which
is repaid from the Availability Payments made by FDOT through
final maturity in 2052.
|
| Financial Status / Financial Performance |
Financial close occurred and TIFIA credit agreement was executed
on September 4, 2014. Milestone payments during construction
(2015-2019) will total $1,035 million. The balance of FDOT's
capital payments will be made in 2020 and 2021 totaling $688
million. |
| Innovations |
- The project includes numerous aesthetic treatments,
including a signature pedestrian bridge, accent lighting,
fountain illumination, art sculptures and monuments, and
other architectural treatments
- The project incorporates 25 approved technical concepts
that exceed the minimum requirements established by FDOT
for basic configuration, project scope, and design criteria.
These include innovations in traffic flow, safety, community
connections, sustainability, and use of technology. Further
detail can be found on the project website.
|
| Related Links / Articles |
FDOT Project
Website
FDOT
I-4 Express PD&E Study
FDOT Contract Documents |
| Contacts |
Loreen C. Bobo, P.E.
I-4 Ultimate Construction Program Manager
Florida Department of Transportation
Tel: (386) 943-5541
loreen.bobo@dot.state.fl.us |
