How the Center for Innovative Finance Support Office Does Business...
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About Us |
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Capacity Building |
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Outreach/Awareness |
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Research |
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Technical Assistance |
Location |
San Francisco, California |
Project Sponsor / Borrower |
Project Sponsor: California Department of Transportation
(Caltrans) |
Program Areas |
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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:
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. Phase I construction was substantially completed and opened to the public on April 30, 2012. Because Phase I consists of six contracts 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, it is expected that the entire Phase I will be completed by late January 2014/early 2015. This phase will also include final landscaping. While several minor construction activities are underway (e.g. site preparation and stormwater prevention, limited demolition and utility relocation), Phase II major construction has not yet begun. |
Cost |
Estimated Total Cost: $851.6 million |
Funding Sources |
Phase I: $486.9 million
Phase II: $364.7million
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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
Construction Joint Venture (design-build members):
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Project Advisors / Consultants |
Phase I Construction:
Phase II Project Design:
To the Borrower:
To USDOT TIFIA JPO:
To Public Sector Sponsor:
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Lenders |
Banks, USDOT TIFIA |
Duration / Status |
Phase I:
Phase II:
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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 during a 28-year period. The TIFIA loans will be secured by a lien on project collateral. |
Financial Status / Financial Performance |
TIFIA credit agreement was 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 |
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Related Links / Articles |
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Contacts |
Kome Ajise, P3 Program Manager Leroy L. Saage, PE, Deputy Director for Capital Projects Bob Kuo, CEO |
