Broward County, Florida
|Project Sponsor / Borrower||
Florida Department of Transportation (FDOT)
I-595 Express, LLC
Highway / Managed Lanes
The I-595 corridor originally opened to traffic in 1989, coordinating the movement of high traffic volumes between the developable areas in the western parts of the Southeast Florida region with the established north-south freeway and principal roadways to the east, including I-75, Florida's Turnpike, SR 7, I-95 and US 1. However, travel demand within the corridor has increased at a pace where the long-range traffic forecasts for the current highway would be reached in the short term.
The I-595 Corridor Roadway Improvements project consisted of the reconstruction and widening of the I-595 mainline and all associated improvements to frontage roads and ramps from the I-75/Sawgrass Expressway interchange to the I-595/I-95 interchange, for a total project length of approximately 10.5 miles. The project passes through, or lies immediately adjacent to, six jurisdictions: City of Sunrise; Town of Davie; City of Plantation; City of Fort Lauderdale; Town of Dania; and unincorporated areas of Broward County.
A major component of the project is the construction of three at-grade reversible express toll lanes known as 595 Express, serving express traffic to/from the I-75/Sawgrass Expressway from/to east of SR 7, with a direct connection to the median of Florida's Turnpike. These lanes are operated as managed lanes with variable tolls to optimize traffic flow, and reverse direction in peak travel times (eastbound in the AM and westbound in the PM).
The project is a public-private partnership between FDOT and a private concessionaire to design, build, finance, operate, and maintain the roadway for a 35-year term. FDOT provides management oversight of the contract; installed, tested, operates and maintains all tolling equipment for the express lanes; and sets the toll rates and retains the toll revenue.
$1,833.6 million (present value in 2009 dollars, given a 5% discount rate) - total final acceptance and availability payments over the 35-year contract to design, build, finance, operate and maintain the roadway
State and federal resources
Concessionaire's financing sources for repayment
|Project Delivery / Contract Method||
DBFOM (Design, build, finance, operate, and maintain)
I-595 Express, LLC (ACS Infrastructure Development and TIAA (50/50 split of the equity portion on loan)) as Concessionaire
|Project Advisors / Consultants||
To USDOT TIFIA JPO
12-bank club (senior bank debt)
|Duration / Status||
Construction began in June 2009; substantial completion was achieved on March 26, 2014.
|TIFIA Credit Assistance||
Direct Loan - $603 million
USDOT has a subordinate lien on availability payments made by FDOT to I-595 Express, LLC.
|Financial Status / Financial Performance||
TIFIA loan agreement was executed on March 2, 2009. Financial close reached on March 3, 2009
The first interest payment was made in December 2014. Principal repayments are scheduled to begin in 2031. The final maturity of the TIFIA loan is June 2042. A six-month debt service reserve based on senior and TIFIA interest and principal will be available until the final maturity of the TIFIA loan. A $9 million contingency reserve was available until six months after scheduled substantial completion to cover construction cost overruns and help maintain target minimum DSCR.
|Related Links / Articles|