Massachusetts PublicPrivate Partnership
Oversight Commission
PROJECT SPAN:
Third Crossing of the
Cape Cod Canal
P3 Process Update
July 25, 2014
Today’s Agenda
• Sector overview
• SPAN progress to date
• Next steps
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Recent Activity in the U.S. Toll Bridge/Tunnel Sector
Midtown Tunnel P3
$2.1 billion
Toll Revenue
TIFIA/PABs
March 2012
East End Crossing P3
$763 million
Availability/Milestone Payments
PABs
March 2013
Port of Miami Tunnel P3
$860 million
Availability/Milestone Payments
TIFIA/Bank Debt
October 2009
Goethals Bridge Replacement P3
$1.5 billion
Availability/Milestone Payments
TIFIA/PABs
November 2013
Mid-Currituck Bridge P3
$549 million (est.)
Toll Revenue/NCDOT Support
Funding Structure TBD
On Hold for NCDOT Prioritization
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
Financial &
Process
•Preparing financial model based on input from other groups
•Analysis of revenue drivers in support of financial modeling
•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
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Notice and Disclaimer
Contact Information:
William Blair & Company
222 West Adams
Chicago, IL 60606
312.236.1600
125 High Street
Boston, MA 02110
617.235.7500
www.williamblair.com
Mark Morehouse
Managing Director
mmorehouse@williamblair.com
Phone: (312) 364-8097
Thomas E. Lanctot
Managing Director
tlanctot@williamblair.com
Phone: (312) 364-8120
Jonathan Skinner
Managing Director
jskinner@williamblair.com
Phone: (617) 235-7522
Nathan M. Flynn
Managing Director
nflynn@williamblair.com
Phone: (312) 364-8541
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providing the information contained in this
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