Location |
Orlando, Florida |
Project Sponsor / Borrower |
Florida Department of Transportation I-4 Mobility Partners |
Program Areas |
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Fiscal Year Approved |
Fiscal Year 2014 |
Mode |
Highway / Express Lanes |
Description |
The I-4 Ultimate project is the reconstruction and widening of 21 miles of I-4 from west of Kirkman Road in Orange County, Florida through downtown Orlando to east of State Road 434 in Seminole County. The project will:
The existing general purpose lanes, which range from three to four lanes in each direction are approximately 50 years old and experience significant levels of congestion. |
Cost |
$2,877 million |
Funding Sources |
Senior bank debt - $484 million TIFIA Tranche A loan - $127.3 million TIFIA Tranche B loan - $822.2 million Equity contribution - $103 million FDOT milestone payments during construction - $1.035 billion TIFIA capitalized interest and interest income - $306 million |
Project Delivery / Contract Method |
DBFOM (design, build, finance, operate and maintain) |
Private Partner |
I-4 Mobility Partners
Design-build joint venture:
Design joint venture:
Operations and maintenance: Infrastructure Corporation of America |
Project Advisors / Consultants |
To Sponsor (FDOT):
To the Borrower (I-4 Mobility Partners):
To USDOT TIFIA JPO:
|
Lenders |
USDOT TIFIA
|
Duration / Status |
I-4 Mobility Partners were selected by FDOT as the preferred bidder on April 23, 2014. Construction began in February 2015 and is expected to be substantially complete in 2021. |
TIFIA Credit Assistance |
Direct Loan - $949 million The TIFIA loan is structured in two tranches:
|
Financial Status / Financial Performance |
Financial close occurred and TIFIA credit agreement was executed on September 4, 2014. Milestone payments during construction (2015-2019) will total $1,035 million. The balance of FDOT's capital payments will be made in 2020 and 2021 totaling $688 million. |
Innovations |
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Related Links / Articles |
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Contacts |
Loreen C. Bobo, P.E. |