Staten Island, New York to Elizabeth, New Jersey
|Project Borrower / Sponsor||
The Port Authority of New York & New Jersey
The Goethals Bridge carries I-278 over the Arthur Kill, connecting Staten Island to New Jersey and providing critical access for commuters and freight carriers between New Jersey and New York. The project replaces the existing 85-year-old bridge, which is functionally obsolete, with a new six-lane, cable-stayed bridge directly south of the existing bridge. The current bridge will be demolished upon completion of the new bridge.
The replacement bridge will consist of six, 12-foot travel lanes, 12-foot outer shoulders, and 5-foot inner shoulders, as well as a 10-foot bike/pedestrian path along the northern edge of the New Jersey-bound side. The bridge design also includes a central area between the eastbound and westbound roadways to accommodate future transit service.
The replacement bridge is being delivered as a design-build-finance-maintain (DBFM) P3 under a 40-year concession, a first for the Port Authority. The Port Authority will continue to operate the facility, set and collect tolls. It will make annual availability payments of $56.5 million to the concessionaire.
$1.436 billion in eligible project costs
TIFIA loan - $473.7 million (amount does not include $31.6 million in capitalized interest)
Private Activity Bonds - $453.3 million
Equity - $106.8 million
Port Authority Milestone Payments - $125.0 million
Pre-development costs funded by the Port Authority - $300.2 million
|Project Delivery / Contract Method||
DBFM (design, build, finance, and maintain)
NYNJ Link Partnership - Joint venture between Macquarie Infrastructure & Real Assets and Kiewit Development
|Project Advisors / Consultants||
To the Port Authority
To USDOT TIFIA JPO
Bondholders, USDOT TIFIA
|Duration / Status||
Port Authority awarded the P3 contract in April 2013 to NYNJ Link.Construction began in May 2014 and is expected to reach substantial completion in late 2017.
|TIFIA Credit Assistance||
Direct Loan - $473.674 million
TIFIA will be repaid from and secured by availability payments received by the NYNJ Link from the Port Authority.
The TIFIA credit agreement was executed on November 5, 2013.
Financial close for the senior debt occurred on November 8, 2013.
|Related Links / Articles|
Port Authority of New York & New Jersey