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Project Profile: Teodoro Moscoso Bridge

Teodoro Moscoso Bridge

photo credit: Autopistas de Puerto Rico

Location

San Juan to Carolina, Puerto Rico

Project Sponsor / Borrower

Puerto Rico Highways and Transportation Authority

Program Areas

P3Tolling and Pricing

Mode

Toll Bridge

Description

The Teodoro Moscoso Bridge is a tolled 1.4-mile limited access segment of PR-17, connecting San Juan with the area of Isla Verde in Carolina over the San José Lagoon. The bridge connects Luis Muñoz Marín International Airport and PR-26 in the north to PR-181 south of the San José Lagoon. The bridge has two lanes in each direction with an emergency shoulder on each side. The southern end of the bridge is wider to accommodate ten toll lanes. The toll plaza, from its inception, accepts a variety of payment methods, including cash, credit card, and TAG electronic pass system.

The bridge was constructed under a design-build-operate-maintain concession between the Puerto Rico Highways and Transportation Authority - a government-owned corporation within the Department of Transportation and Public Works - and Autopistas de Puerto Rico, a private partnership.

Cost

$126.8 million (design-build contract = $88.7 million) (1994 $)

Funding Sources

Puerto Rico Highways and Transportation Authority Special Facility Revenue Bonds - $116.8 million (issued 1992 and refinanced with $153.2 million in Special Facility Revenue Refunding Bonds in 2003)

Project Delivery / Contract Method

Design-build-finance-operate-maintain Toll Concession (35 years, extended to 52 years in 2009)

Private Partner

Autopistas de Puerto Rico (APR) - wholly owned by Abertis Infraestructuras S.A. as of 2010

Design-builder - Dycrex Construction and Company (affiliate of APR)

Project Advisors / Consultants

Financial advisor to Authority - Government Development Bank for Puerto Rico (GDB)

Lenders

Puerto Rico Highways and Transportation Authority facilitated a lending facility through the use of a special conduit known as the Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Financing Authority (AFICA) (see Financial Status).

Duration / Status

In December 1991 the Puerto Rico Highways and Transportation Authority entered into a concession agreement with Autopistas de Puerto Rico to design, build, operate and maintain the bridge for 35 years.

The bridge opened on February 28, 1994. In 2010, the concession agreement to operate and maintain the bridge was extended an additional 17 years to 2044 to help the firm recoup losses experienced earlier in the concession.

Financial Status

Under the concession agreement, the Authority's Special Revenue Bonds were loaned to APR, and APR is repaying the loan using net toll revenues of the bridge. The Special Revenue Bonds were issued in the U.S. municipal tax-exempt market though AFICA. The bonds were refunded and reissued in 2003 as Special Facility Revenue Refunding Bonds. The proceeds from the sale of the "new" bonds were transferred by the Authority to APR, in accordance to a new loan agreement executed between the Authority and APR. The bonds are payable from toll revenues collected by APR after paying operating and maintenance expenses. In the event that net toll revenues, and available reserves are insufficient to pay the bonds or if the concession agreement is terminated, the Authority would assume the obligation to pay the bonds.

Innovations
  • First greenfield P3 project in the transportation sector in the U.S.
Related Links / Articles

Autopistas de Puerto Rico (in Spanish)

Special Facility Revenue Refunding Bonds Official Statement
Contacts

Not Available

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