|Project Sponsor / Borrower||
Florida Department of Transportation (FDOT)
Miami Access Tunnel (MAT)
City of Miami
Highway / Tunnel
The Port of Miami Tunnel improves 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 (State Road A1A - which connects Miami to Miami Beach) and I-395 on the mainland. Previously the Port was linked to the mainland only by the Port Bridge. The tunnel: (i) improves access to the Port helping to keep it competitive and efficient, (ii) improves traffic safety in downtown Miami by removing cargo trucks and cruise line buses from congested city streets, and (iii) facilitates ongoing and future development plans in and around downtown Miami.
The project has been developed as a public-private partnership with Miami Access Tunnel, LLC (MAT). The state 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 is provided by the local governments.
Under the concession agreement, FDOT paid MAT a total of $100 million in milestone payments during the construction period between 2010 and 2013 and a $350 million final acceptance payment upon construction completion. This is followed by 30 years of availability payments during the operating period from a combination of federal and state funds. The annual payment is $32.479 million (2009$), with adjustments for inflation. Deductions are made from this amount if MAT's operation of the facility does not meet prescribed performance standards.
Total Project Cost - $1,113 million ($1,072.9 in eligible project costs)
Total Eligible Project Costs - $1,072.9 million
TIFIA capitalized interest during construction is not included in total eligible costs in the amount of $40.1 million
|Project Delivery / Contract Method||
Design-build-finance-maintain Availability Payment Concession (30 years)
Miami Access Tunnel, LLC (MAT)
|Project Advisors / Consultants||
To USDOT TIFIA JPO
10-bank club (senior bank debt)
|Duration / Status||
Commercial close on June 2, 2009
Construction began in May 2010; substantial completion was achieved on August 3, 2014.
|TIFIA Credit Assistance||
Direct Loan - $341.5 million
The TIFIA loan holds a second priority security interest in project revenues after senior obligations. The project's senior debt obligations will be fully amortized prior to commencement of TIFIA payments, providing TIFIA with a sole claim on project cash flows available for debt service.
|Financial Status / Financial Performance||
Financial close and TIFIA credit agreement were executed on October 15, 2009.
Availability payments are pledged to secure the TIFIA loan.
|Related Links / Articles|
Teresa Alvarez, P.E.