I-77 Express Lanes Project Project Update. Rodger Rochelle October 2014
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1 I-77 Express Lanes Project Project Update Rodger Rochelle October 2014
2 Project Description In 2009, NCDOT conducted a Fast Lanes Study that analyzed 12 corridors in a 10 county region. The Charlotte City council identified the I-77 corridor in Charlotte-Mecklenburg as a candidate for High Occupancy Toll (HOT) lanes. The I-77 corridor is critical to the region as the only major North-South connection in the vicinity. The Project is critical for improving mobility and long term economic growth in the region; currently I-77 is one of the most congested corridors in the state. The Project scope addresses a comprehensive long-term congestion management solution for the corridor through the use of HOV3+ policy, HOT lanes and supports future expansion of transit. The Project implements Express lanes through a Public-Private Partnership (P3). Section HOT Lanes Section Limits South miles on I-77 and 1.25 miles on I-277 with direct HOT lane connector to I-277 Central 2 15 miles from I-77/I-85 interchange to Exit 28 (Catawba Avenue) North 1 8 miles generally from Exit 28 to Exit 36 (NC 150) 2
3 Where are Managed Lanes being implemented? In Operation In Planning/ Design North Tarrant Express Dallas I-635 LBJ Dallas Loop 375 El Paso I-595 Express Fort Lauderdale
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8 Key benefits of this P3 model Risk transfer Developer responsible for design, construction, financing, operation and maintenance (O&M) risks Developer is responsible for cost overruns during construction and operating phases Private sector accepts revenue risk Accelerate schedule and improve schedule certainty Performance-based technical requirements High level of customer service Whole-life cost optimization Private capital at risk and known/capped public investment Private sector expertise and innovation
9 Project Structure Users $ Financial Responsible Party Ferrovial Agromán, S.A. Tolling Authority ( NCTA) Tolling Contract $ Construction Contract NCDOT Contribution ($) $ NCDOT Project Agreement Developer I-77 Mobility Partners, LLC $ O&M Contract $ Debt Proceeds Debt Service Equity Dividends Cintra Infraestructuras, S.A. (100% Equity) Toll (Integration) Services Contract Debt PABS TIFIA DB Joint Venture (Lead Contractor) FA Southeast (70%) W.C. English (30%) O&M Contractor Cintra Infraestructuras, S.A. Toll System Integrator Cintra Toll Services, LLC 9
10 Summary of Commercial Terms Term Toll Concession Revenue Risk Exempt vehicles Dynamic Pricing All Electronic Tolling Standards Comment Construction + 50 years (operations) Assumed by Concessionaire HOV3+ CATS Buses Emergency Vehicles Trucks are excluded from the lanes To be used for Congestion Management To be Interoperable with NC Quick Pass & Eastern Transponders (E-ZPass, etc.) To be met or exceeded: OSPS - Average Speed of no less than 10 miles-per-hour under the posted speed limit on the HOT Lanes 90% of the time Federal standards per Title 23, United States Code (USC) Section 166: Average Speed of no less than 45 mph on the HOT Lanes 90% of the time 10
11 NCDOT Public Funds Contribution I-77 Mobility Partners Public Funds Amount (bid) was $88.2 million Notably below the amount ($170 million) anticipated by NCDOT Proposed infusion of public funds in latter stages of construction I-77 Mobility Partners assumes contingent $75 million Developer Revenue Adjustment Mechanism DRAM used to satisfy the rating agencies in the revenue downside case No DRAM draw in base case projections Fixed annual payment ($1 Million) for maintenance of corridor fence-to-fence Commensurate with current maintenance contract 11
12 I-77 Express Lanes Key Dates March 30, 2012: April 26, 2013: March 31, 2014: April 11, 2014: June 26, 2014: December, 2014: Late 2018: Four proposers shortlisted Initial indicative investment grade rating from Fitch Ratings Technical and financial proposal due date Cintra Infraestructuras, S.A. (I-77 Mobility Partners) selected as Apparent Best value Proposer Commercial Close (execution of contract) Financial Close (sale of bonds, secure equity) Express Lanes open 12
13 QUESTIONS???
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