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![Pipeline P3 Projects
• I-710 Freight Corridor ($6.7 billion)
(Add two dedicated truck lanes in each direction as well as
one mixed flow lane in each direction, between the Ports of
Los Angeles and Long Beach and State Route 60, near
downtown Los Angeles. Additionally, several interchanges
along this corridor will be improved.)
• I-710 Tunnel ($4.5 to $9 billion)
(Gap closure to connect I-710 to I-210 and is considered
critical to improving traffic and air quality in the area.
Additionally, this gap closure will alleviate traffic on several
local and interstate freeways.)
• High Desert Corridor ($2.5 billion)
Add a four- and six-lane new freeway/highway as well as
widen some segments to eight lanes [including one HOV
lane in each direction].](https://image.slidesharecdn.com/p3-caltrans-fall2011-111103114338-phpapp01/75/Caltrans-Overview-of-Public-Private-Partnerships-P3-11-2048.jpg)
Uploaded byAGC of California
Caltrans: Overview of Public Private Partnerships (P3)
This document provides an overview of public-private partnerships (P3s) for transportation projects in California. It notes that California has one of the largest transportation systems in the country but faces major funding shortfalls to maintain and improve it. It outlines legislation allowing P3s and Caltrans' goals to integrate P3s as a sustainable project delivery method. Several potential P3 "pipeline projects" are described, including improvements to highways in Los Angeles and the Presidio Parkway project in San Francisco. Challenges of valuing P3s and transferring appropriate risk are also discussed.
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Caltrans: Overview of Public Private Partnerships (P3)
- 1. California Department ofTransportation (Caltrans) Overview of P3s in California AGC Engineering Division October 27, 2011 Fall Conference Indian Wells, CA
- 2. California Transp. System California’ssystem is one of the largest and most complex in the country California Roadways SHS Local Lane-Miles 50,500 303,000 Total Annual VMT (billion) 177 146 % Annual VMT 55% 45% •Supports 37 Million…60 Million by 2050
- 3. Transp. Financing Context •California GDP is about $1.8 trillion • Typical Infrastructure Investment – Need 2-2.5% of GDP – $400-500 billion in next 10 years • $13.8 billion in 2010-11 Budget
- 4. Transp. Financing inCA • Limited Traditional Revenue Sources – Excise Tax (Diesel & Gasoline) – Sales Tax (Diesel & Gasoline) – Sales Tax Measures – Tolls – Developer Funds • Bond Funds (GARVEE, Proposition 1B)
- 5. Transp. Financing inCA $13.8 Billion in 2010/11 Funding State 24% Federal 19% Local 57%
- 6. Transp. Financing inCA • Federal Hwy Trust Fund in Crisis – Near Insolvent & Bailed Out Several Times – Reduced Federal Funding – Reduced Buying Power • Between 2008-35 Current Policies only meets… – 44% of Maintenance needs – 36% of Improvements needs
- 7. Current Legislation Senate Bill 4 (SBX2 4) • Authorizes Caltrans and Regional Transportation Agencies to implement P3 Projects • Transportation Projects include Highways, Transit and Rail • No Limit on Number of Projects • Established Public Infrastructure Advisory Commission (PIAC) • Sunsets January 1, 2017
- 8. P3 Program Update TheDepartment’s Goal: Develop a program that is fully integrated as a sustainable element of project delivery process Objectives • Leverage Existing Funding • Accelerate Project Delivery • Transfer Prudent Risk to Private Sector • Capture Private Sector Innovation • Promote Life Cycle Efficiencies/Performance • Create Competitive Tension to Drive Value • Spur Economic Growth
- 9. P3 Program Activities •Play a leadership role to enable projects – Create transparent standards for implementation – Share best practices • Maintain close alignment with Regional Transportation Authorities – Leverage relationships for successful P3s • Build a strong P3 organization – Integrated with the rest of Caltrans • Enhance outreach and relationship building – Develop P3 implementation guidelines – P3 technical specs library & Issue Papers
- 10. Emerging Pipeline… Consists ofProjects that: • meet a high-priority transportation need; • enjoy significant public and political support; • have or soon will have achieved sufficient environmental readiness; • show the promise of greater value – including speed of delivery – than conventional procurement; and • have the potential to generate revenue or enhance program capacity through better leverage or other means. Categories in Pipeline – depend on the level of progress and effort towards P3 delivery • level one (low readiness) through • level four (in procurement)
- 11. Pipeline P3 Projects •I-710 Freight Corridor ($6.7 billion) (Add two dedicated truck lanes in each direction as well as one mixed flow lane in each direction, between the Ports of Los Angeles and Long Beach and State Route 60, near downtown Los Angeles. Additionally, several interchanges along this corridor will be improved.) • I-710 Tunnel ($4.5 to $9 billion) (Gap closure to connect I-710 to I-210 and is considered critical to improving traffic and air quality in the area. Additionally, this gap closure will alleviate traffic on several local and interstate freeways.) • High Desert Corridor ($2.5 billion) Add a four- and six-lane new freeway/highway as well as widen some segments to eight lanes [including one HOV lane in each direction].
- 12. Pipeline P3 Projects •MTC Express Lane Network ($6 billion) (Expand mobility options by creating a seamless 800-mile network of unobstructed lanes to provide a faster commute for travelers who use them.) • Route 101 Doyle Drive (Presidio Parkway) ($954 million) (Replace existing Doyle Drive facility, constructed in 1936-1937, with a new six-lane facility. The Project will improve the seismic, structural, and traffic safety of this roadway which serves over 120,000 vehicles per day.)
- 13. Other Opportunities… • OCTAI-405 Managed Lanes • SANDAG SR 11 Otay Mesa • SR 152 Freight Corridor
- 14. Presidio Parkway P3Project KEY DATES: • Issued RFQ on February 2, 2010 • Shortlist Announcement on April 8, 2010 • Issued Draft RFP on May 25, 2010 • Proposals Due September 2010 • Notice of Intent to Award - October 2010 • Submission of final Agreement to PIAC and Legislature pursuant to Section 143(c)(5) • Award and Execution of Agreement – Jan 3, 2011 • Financial Close Delayed by Litigation
- 15. Presidio Parkway P3Project
- 16. Presidio Parkway P3Project • Replace deficient facility • New tunnels • Wide landscaped • New direct access to median Presidio Parkway • Continuous shoulders
- 17. Presidio Parkway P3Project
- 18. Example of P3sin US North Tarrant Expressway (Dallas-FW) • Term of Concession agreement: 52 years • Existing Volumes: up to 200,000 vehicles per day Scope of Work: • Design, construct, finance, maintain, and operate 13 miles of roadway (~169 lane-miles) Improvement include: • Reconstruction of General Purpose Lanes (GPL) and frontage roads • Addition of 2/3 Managed Lanes per direction • Addition of 1 GPL per direction in segment 1
- 19. Example of P3sin US LBJ Expressway (Dallas-FW) • Term of Concession agreement: 52 years • Existing Volumes: up to 270,000 veh per day Scope of Work: • Design, construct, finance, maintain, and operate 17 miles of roadway (~185 lane-miles) Improvement include: • Reconstruction of the IH-635 GPL & frontage roads • Addition of 3 below surface ML per direction on IH635 • Addition of 3 elevated ML along I-35E with direct connectors
- 20. Example of P3sin US NTE LBJ Total Investment: $2.05b $2.7b Private Equity: $427m $665m Total Debt: $1.05b $1.47b •PABs: $400m $615m •TIFIA: $650m $850m Public Funds: $537m $496m
- 21. Challenges… •Valuation of AlternativeApproaches •Appropriate Risk Transfer •Transparency and Public Participation •Unavoidable Complexity of Transactions •Perceptions …needing correction • Non-compete clauses are always part of P3s • A PPP is a synonym for tolls and with that toll increases are inevitable…windfall profits. • The public sector loses total control of the facility
- 22. Conclusion… • Infrastructure fundingand delivery will continue to lag behind need • P3s are not cure all solutions and not applicable to all projects • P3s will not solve the serious lack of infrastructure funding • P3s are necessary tools for infrastructure delivery now and in the future
- 23.