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
1
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
6
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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