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 |
Miami, Florida |
Project Sponsor / Borrower |
Florida Department of Transportation (FDOT) Miami Access Tunnel (MAT) Miami-Dade County City of Miami |
Program Areas |
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Fiscal Year Approved |
Fiscal Year 2010 |
Mode |
Highway / Tunnel |
Description |
The Port of Miami Tunnel will improve access to and
from the Port of Miami, serving as a dedicated roadway
connector linking the Port (located on an island in Biscayne
Bay) with the MacArthur Causeway (State Road A1A - which
connects Miami to Miami Beach) and I-395 on the mainland.
Currently the Port is linked to the mainland only by the
Port Bridge. The tunnel will: (i) improve access to the
Port helping to keep it competitive and efficient, (ii)
improve traffic safety in downtown Miami by removing cargo
trucks and cruise line buses from congested city streets,
and (iii) facilitate ongoing and future development plans
in and around downtown Miami. The project is being developed as a public-private partnership with Miami Access Tunnel, LLC (MAT). The state has agreed to pay for approximately 50 percent of the capital costs (design and construction) and all operations and maintenance, while the remaining 50 percent of the capital costs will be provided by the local governments. Under the concession agreement, FDOT will provide MAT a total of $100 million in milestone payments during the construction period between 2010 and 2013 and a $350 million final acceptance payment upon construction completion. This will be followed by 30 years of availability payments during the operating period. The annual payment will be $32.479 million (2009$), with adjustments for inflation. Deductions will be made from this amount if MAT's operation of the facility does not meet prescribed performance standards. |
Cost |
Total Project Cost: $1,113 million ($1,072.9 in eligible project costs)
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Funding Sources |
Total Eligible Project Costs: $1,072.9 million
TIFIA capitalized interest during construction is not included in total eligible costs in the amount of $40.1 million |
Project Delivery / Contract Method |
DBFOM (design, build, finance, operate, and maintain) |
Private Partner |
Miami Access Tunnel, LLC (MAT)
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Project Advisors / Consultants |
Barclays Capital Macquarie Infrastructure To USDOT TIFIA JPO:
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Lenders |
USDOT TIFIA 10-bank club (senior bank debt):
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Duration / Status |
Commercial close on June 2, 2009 Construction began in May 2010; substantial completion was achieved on August 3, 2014. |
TIFIA Credit Assistance |
Direct loan: $341.5 million The TIFIA loan holds a second priority security interest in project revenues after senior obligations. The project's senior debt obligations will be fully amortized prior to commencement of TIFIA payments, providing TIFIA with a sole claim on project cash flows available for debt service. |
Financial Status / Financial Performance |
Financial close and TIFIA credit agreement were executed on October 15, 2009. Availability payments are pledged to secure the TIFIA loan. |
Innovations |
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Related Links / Articles |
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Contacts |
Teresa Alvarez, P.E. |
