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Opportunities and Challenges Series

Project Profiles

Presidio Parkway

Location	San Francisco, California
Project Sponsor / Borrower	Project Sponsor: California Department of Transportation (Caltrans), San Francisco County Transportation Authority Borrower: Golden Link Concessionaire, LLC (GLC)
Program Areas
Fiscal Year Approved	Fiscal Year 2012
Mode	Highway
Description	The Presidio Parkway project is a replacement of Doyle Drive, a 1.6-mile segment of Route 101 in San Francisco that is the southern access to the Golden Gate Bridge, connecting Marin and San Francisco counties and providing a major regional traffic link between the peninsula and North Bay Area counties. The current structure, built in 1936, does not meet current highway standards and is seismically deficient. The Presidio Parkway project area extends from the Golden Gate Bridge Toll Plaza on the west to Broderick Street on the east, and includes Richardson Avenue, Gorgas Avenue and Marina Boulevard. The Presidio Parkway will be a six-lane facility with a southbound auxiliary lane between the Park Presidio Interchange and the new Presidio access at Girard Road. The roadway will consist of various sections (from the toll plaza east to Richardson Avenue) with a landscaped median: a high-viaduct between the Park Presidio Interchange and the San Francisco National Cemetery (Presidio Viaduct) shallow cut-and-cover tunnels past the cemetery to Battery Blaney (Battery Tunnels) at-grade roadways to the Main Post cut-and-cover tunnels from the Main Post to east of Halleck Street (Main Post Tunnels) a low causeway from Halleck Street to Girard Road at-grade connection to Richardson Avenue The project is being developed in two phases. Caltrans is responsible for the design, financing and construction of Phase I, currently nearing completion. Phase I, delivered through a traditional design-bid-build process, consists of a replacement bridge at the Park Presidio Interchange, the new southbound Presidio Viaduct, the southbound Battery Tunnel, and a temporary bypass east of the Main Post to allow construction of the Main Post Tunnels and roadway to Richardson Avenue. Through a competitive procurement process, Caltrans selected a private consortium, the Golden Link Concessionaire, to deliver Phase II as a design, build, finance, operate, and maintain (DBFOM) availability-pay concession. The P3 Project Agreement with GLC was executed on January 3, 2011. GLC will receive milestone payments following substantial completion and quarterly availability payments through the concession period, based on performance. Major construction will begin in late 2012 to complete the remaining elements of the Presidio Parkway, including the northbound Presidio Viaduct and Battery Tunnel, the Main Post Tunnels, and the new Girard Road Interchange with a direct connection to the Presidio. This phase will also include final landscaping.
Cost	Estimated Total Cost: $851.6 million
Funding Sources	Phase I: $486.9 million Federal funds - $70.8 million ARRA grant - $83.3 million State funds - $229.0 million Local funds - $103.9 million Phase II: $364.7million Bank Loan - $166.6 million TIFIA Tranche A Loan - $89.8 million TIFIA Tranche B Loan - $60.2 million Parent Company Contribution - $2.6 million Private Equity - $43.0 million TIFIA Capitalized Interest - $2.5 million
Project Delivery / Contract Method	Phase I: Design-bid-build Phase II: DBFOM (design, build, finance, operate, and maintain)
Project Partner	Phase II Golden Link Partners, LLC HOCHTIEF PPP Solutions North America Meridiam Infrastructure Construction Joint Venture (design-build members): Flatiron West, Inc. Kiewit Infrastructure West, Co.
Project Advisors / Consultants	Phase I Construction: C.C. Myers R&L Brosamer Phase II Project Design: HNTB Corporation To the Borrower: Scotia Capital, Inc. – Financial advisor Milbank, Tweed, Hadley & McCloy LLP – Legal Counsel Moore-McNeil, LLC – Insurance Consultant To USDOT TIFIA JPO: TIFIA Legal Advisor – Bryant Miller Olive TIFIA Financial Advisor – Montague DeRose and Associates, LLP/High Street Consulting Group, LLC To Public Sector Sponsor: Sperry Capital, Inc. – Financial Advisor KPMG Corporate Finance LLC – Financial Advisor Nossaman, LLP – Legal Advisor
Lenders	Banks, USDOT TIFIA
Duration / Status	Phase I: Construction to be completed Summer 2012 Phase II: P3 Agreement with Golden Link Concessionaire signed January 3, 2011 (commercial close). Pre-construction began mid-2011 Financial close: June 14, 2012 Major construction start: late 2012 Expected completion: September 2015 Duration of concession: 30 years
TIFIA Credit Assistance	Direct Loan: $150.0 million TIFIA credit assistance totals $150 million and is structured into two tranches, to reflect the two distinct sources of repayment and state and local funding limitations. The $89.8 million short-term loan (Tranche A) is to be repaid fully following substantial completion in the form of a milestone payment. The $60.2 million long-term loan (Tranche B) is to be repaid using the non-Federal portion of the quarterly availability payments to GLC over a 28 year period. The TIFIA loans will be secured by a lien on project collateral.
Financial Status / Financial Performance	TIFIA credit agreement executed on June 14, 2012 The first TIFIA interest payment is scheduled for June 2016. Principal repayments are scheduled to begin in December 2018. Level debt service payments commence in 2019. The final maturity of the TIFIA loan is December 2045.
Innovations	California’s first P3 transaction under its new (2009) legislation and since the development of the South Bay Expressway and SR 91 Express Lanes California’s first availability payment contract for transportation infrastructure First project with direct Federal-aid participation in availability payments. First TIFIA loan to be repaid in part with a milestone payment following substantial completion. Incorporation of numerous Context Sensitive Design features to minimize traffic impacts and to protect and enhance environmental and cultural resources
Related Links / Articles	Project Website Caltrans P3 Website Caltrans Construction Contracting Website
Contacts	Kome Ajise, P3 Program Manager California Department of Transportation 1120 N Street, MS 49, Sacramento, CA 95814 Tel: (916) 654 4227 Leroy L. Saage, PE, Deputy Director for Capital Projects San Francisco County Transportation Authority 1455 Market Street, 22nd Floor, San Francisco, CA 94103 Tel: (415) 522-4800 Fax: (415) 522-4829 www.sfcta.org lee.saage@sfcta.org Bob Kuo, CEO Golden Link Concessionaire, LLC Tel: (925) 899-6421 bob.kuo@GLC-presidioparkway.com