How the Center for Innovative Finance Support Office Does Business...
 |
About Us |
|
Capacity Building |
|
Outreach/Awareness |
|
Research |
|
Technical Assistance |
Location |
San Juan, Puerto Rico Metropolitan Area |
Project Sponsor / Borrower |
Puerto Rico Highway and Transportation Authority (PRHTA) |
Program Areas |
|
Fiscal Year Approved |
Fiscal Year 1999, Retired (paid in full) |
Mode |
Heavy Rail |
Description |
The Tren Urbano is a single-line, 10.7-mile fixed-guideway rapid transit system that serves the municipalities of San Juan, Bayamón, and Guaynabo in Puerto Rico. It opened in December 2004 and began revenue service in June 2005. Tren Urbano includes 16 stations, a vehicle maintenance and storage facility, 74 rail cars, operations control center, traction power, train control, and communications systems. Most of the system is elevated with a 1.1-mile tunnel section in the Rio Piedras district. The project was implemented to provide a solution to the continually rising vehicle traffic levels and to bring a new mode of transportation to the most congested sections of the San Juan metropolitan area. |
Cost |
$2,250 million |
Funding Sources |
Federal grants - $828.8 million Bond proceeds - $637.8 million TIFIA loan - $300.0 million Other sources - $483.4 million |
Project Delivery / Contract Method |
Design-Build (stations and 6 alignment sections) Design-Build-Operate (1 alignment section with 2 stations, maintenance facility, operations control center, and storage yard; rolling stock; and all track, traction power and train control systems) |
Private Partner |
Siemens AG |
Project Advisors / Consultants |
AECOM - Owner's representative Kiewit Construction Company - Tunnel construction To USDOT TIFIA JPO:
|
Lenders |
Bondholders, USDOT TIFIA |
Duration / Status |
Construction began in 1997; operation began December 2004. The project is 100 percent complete. Revenue service began June 6, 2005. |
TIFIA Credit Assistance |
Direct loan: $300 million. The TIFIA loan received a subordinate pledge of certain tax revenues (including the proceeds of motor fuel taxes, tire taxes, and vehicle registration fees) accruing to PRHTA. |
Financial Status / Financial Performance |
TIFIA Credit Agreement August 4, 2000. The USDOT disbursed the $300 million loan in its entirety on August 7, 2000. Taking advantage of the low interest rate environment, PRHTA refinanced the loan with tax-exempt debt in April 2003, fully prepaying TIFIA in the amount of $305.6 million. In keeping with the TIFIA objective of encouraging prepayments when feasible, this loan was paid off 32 years earlier than its scheduled final maturity. The bonds issued to refund the TIFIA loan have an interest rate of 4.97 percent, slightly more than 75 basis points lower than the interest rate on the TIFIA loan. The authority expects to save $31.7 million, based on net present value, when compared to maintaining the TIFIA loan. |
Innovations |
|
Related Links / Articles |
USDOT Office of the Inspector General - Project Audit (Sept. 29, 2004) |
Contacts |
N/A |
