GATEWAY PROGRAM UPDATE
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1 March 16, 2018 GATEWAY PROGRAM UPDATE John D. Porcari, Interim Executive Director Francis Sacr, Interim Finance Director
2 Gateway Program Update»Gateway Program a Responsible, Rational, and Realistic Approach»Focusing on Phase 1 Portal Bridge & Hudson Tunnel» Local Share Commitment» Financial Submittals» Expediting Construction»Getting Ready for Construction Additional funding and early work to be shovel-ready Gateway Program Development Corporation 2
3 More Portal Bridge Failures: More Delays and Cancellations 3
4 Gateway Phase 1 is Our Primary Focus»The Gateway Partners are focusing on Phase 1 of the Gateway Program, which addresses the most critical, time-sensitive elements:» Two new Hudson River tubes - $11.1 B» Rehabilitation of the two existing 107-year old tubes - $1.6 B» The replacement of the 107-year old Portal Bridge - $1.5 B»GDC and the Gateway Partners are dedicated to focusing on, implementing, and constructing the two Phase 1 projects to eliminate the most significant single points-of-failure»because of the phased approach to the Gateway Program, the scopes and costs of projects in later phases will be evaluated in the future 4
5 The Gateway Program has Evolved Over a Period of Time As Time Goes On, the Tunnel & Portal Bridge are More Likely to Fail» 2012: Inundated with millions of gallons of salt water» 2014: Amtrak Engineering Report Massive rebuilding needed due to on-going corrosion & crumbling of infrastructure» Summer 2015: Electrical failures in the existing tunnels created massive delays for hundreds of thousands of commuters and national rail travelers for almost a full week» Trains stalled under the Hudson River and passengers endured endless waiting in crowded Penn Station New York» November 2016: The Gateway Development Corporation created to advance the Gateway Program, with a priority focus on the NEC s two single points of failure» December 2017: New York and New Jersey commit to $5.55 billion of the $11.1 billion for the Tunnel Project 5
6 NY & NJ s $5.5 Billion Commitment is Local Share Funding» A Dollar of Grants and a Dollar of Loans are Not The Same» USDOT has noted in the FY19 president s budget that each dollar of loan subsidy provided for TIFIA can provide approximately $14 in credit assistance.» Local Funds will pay back 100% of the RRIF loan» Win-Win: This low interest loan decreases project costs, benefiting the nation & region Funding Source To GDC NJ TRANSIT New York Port Authority of NY & NJ TOTAL Net Proceeds $1.9 B $1.75 B $1.9 B $5.55 B 50% of the construction cost of the new tunnel» GDC s financial modeling assumes it pays upfront fees on the RRIF loans in cash from local sources» USDOT has consistently considered loans from Build America Bureau as part of the Local Share in accordance with statute 1 and pronouncements 2.» As just one of several examples, the USDOT December 2017 Project Profile for the Maryland Purple Line, which has both FTA grants and a TIFIA loan, includes the TIFIA loan in the State/Local category of sources of funds for that project 1. TIFIA Statute (23 USC 603): 2. INFRA Grant NOFO: 6
7 Build America Loans are Dependent on the Local Revenue Stream» Every Build America Bureau loan is dependent on the credit quality of the local revenue stream required to repay the loan, rather than who provides the loan.» For example, typical primary sources of local repayment include:» Toll Revenues from local users on a toll road or» Availability payments from a state or other local public authority» TIFIA loans made in 2017 had credit ratings varying from BBB- to AA+, because the source of repayment is always local» Build America Bureau makes loans supported by local revenue streams, with full expectation of repayment» As the independent rating agency Fitch has noted in its analysis credit considerations relating to projects with TIFIA loans: 1» TIFIA takes on risks of a typical project finance lender.» TIFIA does have a history of protecting its interests more like a commercial lender in a distressed situation than a governmental grant providing agency. 1. TIFIA: Critical for U.S. Infrastructure Funding by Fitch Ratings Inc. October 29,
8 Multiple Financial Submissions to USDOT for Phase 1» The Gateway Program Partners are seeking federal grants and federal loans repaid by local cashflows» Hudson Tunnel Project Submission Type Month/Year Status FTA Grants Local/USDOT RRIF Loan Sept./Dec. 2017» Portal North Bridge Project Submission Type Month/Year Status FTA Medium-Low rating did not account for the December 2017 submittal Follow-up information in development Documentation in development based on FTA Grant Submittal FTA Grants Sept FTA Medium-High Rating FTA Grants Local/USDOT TIFIA Loan Sept./Dec FTA Medium-Low rating did not account for the December 2017 submittal Follow-up information submitted & in development Sept USDOT BAB Feedback received March 2018 Follow-up information in development Gateway Program Development Corporation 8
9 The Gateway Partners are Taking Action to Expedite and Advance Phase 1 Projects» Delays to both Phase 1 projects can cause cost escalations that are costly to everybody therefore GDC and its partners are taking action to expedite construction of Phase 1» New Hudson Tunnel: $1.2 million/day (starting mid-2019)» New Portal North Bridge: $150,000/day (starting mid-2018)» Critical Early Work and Funding:» Portal North Bridge Early Work: Utility Relocation & Site Access» Hudson Yards Concrete Casing Section 3: LIRR ESB Utility Relocation» $63M committed by PANYNJ and Amtrak for engineering, design, and program management services» Continuing to Leverage Private Sector Industry Feedback» Continuing industry engagement through RFI from fall
10 Phase 1 Progress towards Shovel Readiness Project Portal North Bridge New Hudson River Tunnel Design/ Engineering Environmental Review Local Financial Commitment Complete Complete 100% Yes Reaching level of Design and Engineering needed for Design-Build in Spring 2018 All local documentation and analysis completed on schedule Awaiting Federal Agency review and USDOT sign-off of Record of Decision (ROD) Shovel Ready 100% Pending completion of Environmental Review and Design/Engineering 10
11 The Hudson Tunnel Project Has Expedited Environmental Review to 24 Months» NEPA Environmental Review & Permitting Process was expedited to advance the Project as quickly as possible» All necessary analyses and public outreach completed in less than 2 years» This is half the time of typical large infrastructure projects» Final EIS/Record of Decision expected to be issued by FRA in March 2018» FTA Record of Decision to follow 11
12 Making Real Progress on Portal North Bridge» Construction on essential early work activities, including site access pier/road and utility relocation, started in
13 Progress on Tunnel and Hudson Yards Concrete Casing Hudson Yards Concrete Casing 13
14 Funding Identified for LIRR Emergency Services Building Early Works Utility Relocation» Hudson Yards Concrete Casing Section 3» Essential Right-of-Way Preservation under Hudson Yards Development Project» First Element is to move the Long Island Rail Road (LIRR) Emergency Services Building (ESB) out of the construction area» Scope: Utility Relocation» Cost: $25 M» Port Authority: $12.5M» Amtrak: $12.5M» Contract Award and Construction Start for LIRR ESB- Summer
15 Gateway Program Development Corporation 24
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