Port of Miami Tunnel Public Private Partnership (P3)

Port of Miami Tunnel
Public Private Partnership (P3)
Economic Impact
One of Miami-Dade County’s Principal Economic Engines
Ø  207,000 jobs throughout Florida
Ø  $27 billion annual economic activity
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Cruise Capital of the World
PortMiami is the Leading Cruise Port in the World
Ø  4.8 Million Passengers 2013/14
Ø  13 of the World’s Top Cruise Lines Homeport at PortMiami
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Gateway to the Americas
Ø 
#12 U.S. international containerized cargo port
Ø 
#1 container cargo port in Florida 21 of the last 25 years
Ø 
Over 40% of all containerized cargo value in Florida enters through PortMiami
(approximately $24 billion in wholesale value)
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Current Capital Projects
Ø  Deep Dredge
Ø  Tunnel
Ø  Rail and Intermodal
Ø  Super Post-Panamax Gantry Cranes
Super Post-Panamax Cranes
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Tunnel: Direct Access to Interstate
Shifting of EB
MacArthur Cswy
4 Minutes to Interstate
Ø  More efficient, faster
movement of traffic on
and off port.
Ø  Relieve downtown
traffic congestion.
MacArthur Cswy
Bridge Widening
Twin tunnels under
Government Cut
Ø  Direct access to
interstate highway
system in less than 4
minutes.
Ø  “Green lanes” and gate
consolidation.
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Modification of Dodge
Island Roadway System
Construction Images
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Public Private Partnership Overview
Ø  Project procured as a Public-Private Partnership
Ø  35-year agreement between FDOT & Concessionaire
Ø Design-Build-Finance-Operate-Maintain
Ø  Design and construction period is the first 55 months
Ø  Operation and maintenance period is the remaining 30 years and
5 months
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Project Partners
Public Sponsors 90% Equity Partner
Contractor
10% Equity Partner
VMS
Operator
Federal Support 9
Funding Partners
Ø FDOT contributing 50% of capital cost
Ø Miami-Dade County contribution $402.5M
Ø City of Miami contribution $50M
Ø ROW contributions (County & City) $50M
Ø FDOT fully funding Tunnel Operations & Maintenance from
statewide maintenance funds (about $200 million over 30 years)
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Public Private Partnership (P3)
Payments during Construction
Construction Cost $607M
Total Milestone Payments = $450M
$100M during Construction
$350M at Final Acceptance of Construction
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Public Private Partnership (P3)
Payments during O&M
Ø Upon Tunnel opening, FDOT begins making availability payments
adjusted yearly for inflation
Ø Maximum Availability Payment $32.5M/yr
Ø Payment is subject to reduction if Tunnel not operational during
required hours
Ø Contract includes ‘Handback’ requirements to ensure Tunnel is
returned to FDOT in first-class condition
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