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  1. 1. Commonwealth of Opportunity:Virginia’s Road and Transit Megaprojects 5th Global Infrastructure Leadership Forum February 23, 2012 Sean T. Connaughton Secretary of Transportation
  2. 2. Virginia’s P3 ProgramØ  Virginia enacted PPTA in 1995Ø  Successful P3 track recordØ  Receptive political environment towards P3 projectsØ  Strong institutional knowledge of P3 project deliveryØ  Delivery of tangible benefits
  3. 3. Virginia’s P3 ProgramGovernor McDonnell establishes Office of Transportation Public-Private Partnerships in December 2010 with a dedicated multi-disciplinary team: Ø  Focused on P3 across all modes of transportation: »  Road »  Rail »  Transit »  Transportation Administration/Operations »  Marine / Port »  Aviation
  4. 4. Virginia’s P3 Project Portfolio
  5. 5. Virginia’s P3 Project Portfolio Dulles Metrorail Extension Project
  6. 6. Virginia: Dulles Metrorail Extension ProjectØ  Seamless integration with current 106-mile Metro systemØ  23-mile extension providing direct connections to DC without transfersØ  11 new stations 5 in Phase 1 6 in Phase 2 Ø Phase 1: East Falls Church to Wiehle Avenue in Reston; opens in 2013 Ø Phase 2: Wiehle Avenue through Dulles Airport to Ashburn; complete in 2017
  7. 7. Virginia: Dulles Metrorail Extension Project - Route Map
  8. 8. Dulles Metrorail Extension Project - Phase I ScheduleUtility Work Complete: 2012Final Design Complete: 2012Construction: 2009 – 2013Railcars Delivered: 2013 – 2015Service Start: End of 2013
  9. 9. Virginia: Dulles Metrorail Extension Project - Phase 2Ø 11.6 – mile extension from Reston to AshburnØ 6 stations: Reston Parkway Herndon-Monroe Route 28 Dulles Airport Route 606 Route 772/AshburnØ RailYard & MaintenanceFacility
  10. 10. Virginia: Dulles Metrorail Extension Project - Phase 2 Schedule
  11. 11. Virginia’s P3 Project Portfolio Downtown Tunnel/Midtown Tunnel/Martin Luther King Extension
  12. 12. Virginia: DT / MT / MLK Project Location
  13. 13. Virginia: DT / MT / MLK – Financial Picture Project Funding ($000’s) Ø  PAB’s $620.0 Ø  TIFIA $422.0 Ø  TIFIA Interest $ 37.6 Ø  Equity $322.4 Ø  Contingent Equity $ 60.0 Ø  Virginia’s Contribution $362.0 Ø  Operating Revenue $351.2 Total = $2.175 Billion
  14. 14. Virginia: Qualified and Capable Team Members DESIGN, BUILD DEVELOP, FINANCE, OPERATE U.S. Department Of Transportation Federal Highway Administration13
  15. 15. Virginia: DT / MT / MLK – Timeline for Development Call for conceptual proposals May 2008 Conceptual proposal submittal September 2008 Public Hearings – Independent Review Panel March to June 2009 Positive CTB Recommendation July 2009 Key business points presented to CTB October 2009 Signature of Interim Agreement January 2010 Comprehensive Agreement Negotiations Begin January 2011 Key Business Terms Agreed July 2011 Execute Comprehensive Agreement December 2011 Financial Close April 2012 Construction Starts 2012 Tolling Commences Q3/Q4 2012 Construction Complete 2017
  16. 16. Virginia’s P3 Project Portfolio
  17. 17. Four new High Occupancy Toll Lanes with dynamic tolling3rd most congested roadway in U.S., link to Virginia’s largest employment centerFirst-time reliable carpool and transitReplacement of all major bridges & overpassesConstruction underway
  18. 18. Funding SourcePrivate Equity $350 MillionTransportation Finance Infrastructure and $589 MillionInnovation Act (TIFIA)Private Activity Bonds (PABs) $589 MillionCommonwealth of Virginia grant $409 MillionTOTAL $1.9 Billion
  19. 19. Experienced Partnership Capital  Beltway  Express  LLC  Design-­‐Build  Contractor   Opera:ons  &  Maintenance  
  20. 20. Scoping & Environmental PPTA Proposal & Procurement Commercial Scheduled to be Close complete on time, Financial Close on budget Dec. 2012 Construction2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
  21. 21. Virginia’s P3 Project Portfolio
  22. 22. Upgrade and expansion of existing HOV systemConversion to HOT with dynamic tollingNew option for region with longest commutes in U.S.Improved HOV & transit serviceEnhanced safety, enforcementHome to major Virginia employment and military sites
  23. 23. PreliminaryFunding SourcesCommonwealth $97 MillioncontributionPrivate equity and debt $835 Million -  Equity - PABs -  TIFIATOTAL $932 Million
  24. 24. Experienced Partnership 95  Express  LLC  Design-­‐Build  Contractor   Opera:ons  &  Maintenance  
  25. 25. Gov. McDonnell announces in-principle agreement Dec. 2012 Environmental PPTA Proposal & Procurement Anticipated Commercial Close Anticipated Financial Close Construction2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
  26. 26. Virginia’s P3 Project Portfolio Route 460 – I-85 Connector Project27
  27. 27. Virginia: U.S. 460 Corridor Improvement ProjectØ  Accommodate increases in freight movements along corridorØ  Short term job creation during construction ~4,000+ jobs/yrØ  Long term job creation ~13,000+ jobs/yrØ  Three teams have submitted P3 bidsØ  Project cost estimate of $1.5 to $2.0 billion for design and construction28
  28. 28. Virginia: U.S. 460 Corridor Improvements Project Procurement Phase Date Issue Request for Detailed Proposals Addendum March 15, 2012 Detailed Proposal Submission Deadline September 2012 Evaluation/Selection of Best-Value Proposal October 2012 Presentation of Major Business Points to CTB November 2012 Execute Comprehensive Agreement November 2012 Begin Construction 2013 Construction Complete 201829
  29. 29. Virginia’s P3 Pipeline Projects Under Development
  30. 30. Virginia’s P3 Pipeline: Tolling Interstate 95Ø Opened to Traffic in the 1950’sØ 178 Miles from NC to DCØ Crosses 17 JurisdictionsØ 40% of the Interstate Traffic in VirginiaØ Some of the Worst Congestion in the USØ Serves 45% of PopulationØ Links 1.7 Million JobsØ Connects Virginians to the World’s Largest Regional EconomyØ Links 8 Million Square Feet of Warehouse/Distribution FacilitiesØ Access to 3 International AirportsØ Serves Ports of Richmond and Norfolk
  31. 31. Virginia’s P3 Pipeline: Tolling Interstate 95Ø FHWA’s Interstate System Reconstruction and Rehabilitation Pilot Program (ISRRPP) permits a State to toll an interstate facility Limited to three facilities in three different statesØ April 2010: VDOT submitted a proposal to toll I-95Ø January 2011: VDOT submitted an expression of interestØ September 2011: FHWA granted conditional provisional approvalØ With a single collection facility and at $2 per axle per vehicle, tolling I-95 could generate a minimum of $50 million annuallyØ The tolling revenue will be used to make pavement, structural, operational, and safety improvements throughout the corridor
  32. 32. Virginia’s P3 Pipeline: Traffic Operation CentersØ  Statewide services for 5 regional Traffic Operation CentersØ  Financing, developing, implementing, operating, and maintaining new statewide Automatic Traffic Management SystemØ  Maintaining ITS/IT field devices and communication systemsØ  Operating TOC system, dispatch services, incident management project, and emergency operationsØ  RFI issued in January 2012Ø  RFP anticipated in Summer 201233
  33. 33. Virginia’s P3 Pipeline: Hampton Roads Crossing Improvement ProjectØ  Improvements include elements of Third Crossing project, Patriot’s Crossing, as well as Hampton Roads Bridge Tunnel project. Provides best overall improvement to total mobility, moving goods and people efficiently within the Hampton Roads region.Ø  Detailed-level screening of candidate PPTA project will consider elements of a business case including traffic & revenue analysis, risks, cost benefit analysis, and preliminary cost analyses.Ø  PPTA Steering Committee will determine whether project is a good candidate PPTA project and priority for Commonwealth to advance into procurement phase.34
  34. 34. Virginia’s P3 Pipeline: I-66 Corridor Multimodal Improvement Project Ø  Identifying potential multimodal improvements between I-495 and Route 15. Study considering possible improvements to I-66, Metrorail, Virginia Railway Express, and express bus service. Ø  Initial environmental studies to be complete in late 2012. Ø  Detailed-level screening of candidate PPTA project will consider elements of a business case including traffic & revenue analysis, risks, cost benefit analysis, and preliminary cost analyses.35
  35. 35. Virginia’s P3 Pipeline: I-64 Peninsula Improvement ProjectØ  75-mile long I-64 corridor from I-95 Richmond to I-664 Hampton is a designated corridor of statewide significance.Ø  Project targets for capacity, roadway deficiencies, safety, freight traffic, economic development, emergency preparedness, and military connectivity.Ø  Detailed-level screening of candidate PPTA project will consider elements of business case including traffic & revenue analysis, risks, cost benefit analysis, and preliminary cost analyses.36
  36. 36. Virginia: Commonwealth of Opportunity Questions?