July 25, 2014 Massachusetts Public- Private Partnership Oversight Commission PROJECT SPAN: Third Crossing of the Cape Cod Canal P3 Process Update
Today s Agenda Sector overview SPAN progress to date Next steps 1
Recent Activity in the U.S. Toll Bridge/Tunnel Sector Midtown Tunnel P3 $2.1 billion Toll Revenue TIFIA/PABs March 2012 Goethals Bridge Replacement P3 $1.5 billion Availability/Milestone Payments TIFIA/PABs November 2013 East End Crossing P3 $763 million Availability/Milestone Payments PABs March 2013 Mid-Currituck Bridge P3 $549 million (est.) Toll Revenue/NCDOT Support Funding Structure TBD On Hold for NCDOT Prioritization Port of Miami Tunnel P3 $860 million Availability/Milestone Payments TIFIA/Bank Debt October 2009 2
Progress to Date Financial advisors hired Kickoff meeting including MassDOT Planning, Environmental, Highways and consultants Preliminary traffic and revenue analysis Meeting with FHWA Meeting with MEPA RFP process for legal counsel under way 3
Coordinated, Parallel Focus of Efforts Planning & Environmental Evaluation of possible bridge locations Considering Sagamore Twin and Mid-Canal alternatives Investigating possible changes to traffic routing Framing the environmental review process Preparing for community outreach Traffic & Revenue Identification of possible toll structures and resulting traffic patterns and volumes Analysis of revenue drivers in support of financial modeling Financial & Process Preparing financial model based on input from other groups Evaluating next steps including potential investor outreach 4
Next Steps Joint meeting with FHWA and Army Corps of Engineers Formal investor outreach anticipating RFI and Industry Day Ongoing efforts in each of the three focus areas 5
Investor Outreach RFI and Investor Day Input on: Overall interest in the Project Preferences for financial structure Infrastructure Funds / Operators Construction Companies Preferred timing of key elements of the procurement process Other issues and concerns Engineering Firms Lenders 6
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