PPP Experience on the Canada Line

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1 PPP Experience on the Canada Line International Practicum on Innovative Transit Funding & Financing June 13, 2014 Fred Cummings, P.Eng. President and General Manager BC Rapid Transit Co.

2 Outline TransLink 101 Project Background Structure Process Achieving Value for Money Lessons Learned

3 Metro Vancouver Urban Region 21 cities in regional federation (GVRD) 2.5 million residents, 3.0 million by 2031 Multi-cultural, diverse population Major gateway for sea and air Prior to 1999, no regional transportation agency 3

4 Most Important Local Issues

5 TransLink creates and implements plans to meet the transportation needs of Metro Vancouver

6 A shared vision (1975)

7 Projected population and employment 18% 28% 74% 11% 240,000 95, , ,000 53% 19% 78% 730, ,000 48% 420, ,000 56% 78% 79% 160,000 50,000 37% 49% 250, ,000 69% 835, ,000 56% 89% 230, ,000 Note: these projections are currently being reviewed as part of Metro Vancouver s regional growth strategy review process. Source: Metro Vancouver

8 We Need to Travel in Different Ways Today In 30 years 6M 9M Car will still play important role. But we don t physically have the space to accommodate all of these new trips by car

9 50% of Trips by Walking, Cycling, Transit 1.6 M trips 27% 50% 4.4 M trips 73% 50% 4.4 M trips 4.4 M trips Today In 30 years

10 Chicago

11 Current funding mechanisms Hydro Levy, $19, 1% Parking Sales Tax, $57, 4% Grants, $85, 6% Other, $60, 4% Transit Fares, $496, 35% Property Tax, $316, 22% Fuel Tax, $349, 25% Bridge Tolls, $39, 3% Total Revenues in 2013 $1.444 billion

12 History of Innovation in Delivering Transportation Projects 1985 Expo Line ICTS Demonstration Project 2002 Millennium Line Design-Build Rapid Implementation 2009 Golden Ears Bridge Public Private Partnership: Design-Build-Finance-Operate-Maintain 2009 Canada Line Public Private Partnership: Design-Build-Finance-Operate-Maintain 2016 Evergreen Line Public Private Partnership: Design-Build-Finance

13 Rapid Transit Network UBC Rapid Transit Line Millennium Line Evergreen Line West Coast Express Canada Line Expo Line Surrey Rapid Transit

14 Canada Line A Vital Transportation Link Waterfront Vancouver City Centre Yaletown - Roundhouse Broadway - City Hall Olympic Village King Edward Tunnel Elevated At-grade Station Oakridge - 41 st Ave. Langara - 49 th Ave. Marine Drive Templeton Bridgeport YVR - Airport Sea Island Centre Aberdeen Lansdowne Richmond - Brighouse

15 High Level Scope Technology: Automated Light Metro System Length of Line: 19 km No. of Stations (2009): 16 Estimated Daily Riders (2010): 100,000 Water Crossings: 2 bridges + 1 tunnel Equivalent Road Capacity: 10 lanes Project Cost: $2.054 billion

16 Project Timeline STUDIES COMPETTITION NEGOTIATION CONSTRUCTION START OF SERVICE AUG MAR JUL SEP NOV JUL AUG FEB Teams Short-listed Commercial Close Winter Olympic Games Proposals Requested Final Offers Invited Preferred Team Selection Opening Day Studies Final Offers Submitted

17 Implementation Schedule Finalize contract with SNC Mar. Acquire Right of Way Design Guideway and Stations Road & Utility Relocations Construct Bridge Construct Guideway and Stations Construct Tunnel on Cambie Street Testing and Commissioning In Service Aug.

18

19

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23 Who Did/Does What? TransLink/ CLCO InTransitBC Cities Acquire Right of Way Environmental Assessment Community Liaison Monitor Construction & Operating Performance Payment Fares, policing/ security, network communications, shared customer ownership System and Station design Traffic Planning & Management Construction Communication and Notification Construction Operation of Line Station Precinct Plans Design Advisory Process $$ Contribution Canada Line Rapid Transit Inc. (CLCO), InTransitBC and the Cities of Vancouver and Richmond coordinated activities to build the line

24 Organization Structure YVR South Coast BC Transportation Authority (TransLink) Province of BC Canada $ $ $ $ Canada Line Rapid Transit (CLCO) $ Vancouver

25 Governance Structure With multiple agencies funding the project, with varying objectives, a unique governance model was required. A wholly-owned subsidiary of TransLink was created and charged with implementing the project. Although a subsidiary of TransLink, it operated with a separate Board with nine Directors: 5 nominated by TransLink; 2 nominated by Vancouver Airport Authority; and 2 nominated by the Province of B.C. In addition to the Board, one senior representative from both the City of Vancouver and the City of Richmond.

26 Funding/Financing $29 $720 Vancouver $450 Federal InTransitBC Canada Province British Columbia YVR TransLink SCBCTA (TransLink) Vancouver Airport YVR $252 Private Sector Vancouver $343 $259

27 Agreement Framework - Construction British Columbia GVTA (TransLink) YVR Vancouver CLCO Canada Concession Agreement Milestone payments Independent Engineer SNC-Lavalin bcimc CDP InTransitBC Lenders Construction Contract (SNC-Lavalin) Operating Contract

28 Independent Oversight An Independent Engineer was appointed by: Federal Government InTransitBC; and the private partner s lenders. Certify completion of work for purpose of making payments to Concessionaire Review progress reports for design, procurement, construction and start-up Provide opinion on defects and deficiencies as to reasonably expected

29 Agreement Framework - Operations Fare revenue GVTA (TransLink) Bus cost Savings British Columbia Provincial Deferred Contribution CLCO Concession Agreement Operating payments Debt Service InTransitBC Operating costs Shareholder distributions

30 P3 Contract Strategy Canada s Largest Transit Public Private Partnership Design Build Finance Operate Maintain 35-year Concession Agreement In Service by November 30, 2009 Construction Payments: Milestone-based Operating Payments: Performance-based Public Domain: Fixed assets, fares, police, bus integration Private Domain: Non-fixed assets, build and operate

31 Risk Allocation RISK CLCO Private Partner Environmental/Regulatory Approvals Land/Right-of-Way Acquisition Undisclosed contaminated soils Inflation during Construction Period Construction (cost and schedule) Changed soil conditions (tunnelling) Systems and Civil Works Integration

32 Risk Allocation RISK CLCO Private Partner Utilities Relocation Systems Performance Ridership and Revenue * Operations and Maintenance Inflation during Operating Period Change in Law Financing

33 Ridership and Revenue Risk Payments based on three components: Availability (70%) Quality (20%) Volume (10%) Volume payment includes base amount (agreed to in agreement) plus bonus/penalty based on actual ridership vs. forecast Forecasts prepared at various confidence levels (P50/P90) Commercial dispute over interpretation and recurring costs of revising ridership forecasts

34 Ridership and Revenue Risk Amendment: Base ridership premium on system operator performance and Actual ridership compared to previous year Both are better measures of contractor influence Balances the original intent with the factors contractor can control Premium/penalty cap introduced = $250,000 annually Provides financial certainty

35 Value for Money Procurement process was fair and competitive delivering a good outcome Expected Net Cost $92m NPV less than Public Sector Comparator Expected to deliver higher transportation benefits (differential ridership estimates)

36 Lessons Learned Extremely difficult to manage and implement but highly rewarding Political/project champion is a necessity Owners need to accept a certain amount of loss of control Focus on likely outcomes ensure appropriate measures included in agreements Separate project office focused Obtain environmental approvals early Consider fee simple vs. SRW

37 Lessons Learned There will be disputes ensure resolution process is clear and acceptable Ensure appropriate risk transfer retain those that are important to your organization Define clear objectives Agree on funding framework before legal involvement No amount of consultation is too much - engage stakeholders regularly

38 Lessons Learned Develop an outcome driven governance structure Distance project decisions from politics Create a transition plan to operations early in the process bring the accountable stakeholders in early Be able to react to early completion Ensure that partners have clear and common understanding of each other s expectations Affordability private dollars, but not too much

39 Lessons Learned Independent Engineer adds value to a milestone payment process Embed operations personnel in construction project team Discussion

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