Introduction to P3 Bootcamp

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Presentation transcript:

Introduction to P3 Bootcamp Michael Bonini, PennDOT Dale Bonner, Plenary Group

Rapid Bridge Replacement Program P3 Connect 2015 Rapid Bridge Replacement Program www.P3forPA.com

RBRP - Project Overview PA has over 31,000 State and Local Bridges Average age is in excess of 50 years PA leads the nation in % of Structurally Deficient (SD) bridges Improvement is key priority for safety and system wide mobility 1,600+ SD bridges have already been replaced 4,350+ SD bridges are still remaining P3 legislation passed in 2012 to accelerate investment and enhance project delivery options Act 89 passed in 2013 provides $2.3 billion per year of additional capital for investment in all modes of transportation www.P3forPA.com

RBRP - Project Overview Rapid Bridge Replacement Program (RBRP) is the first P3 project for the Commonwealth of PA Project was approved by the Commonwealth’s Public Private Transportation Partnership Board in September 2013 Project includes the design, demolition, construction, financing and routine maintenance/ lifecycle maintenance for 558 structurally deficient bridges across Pennsylvania (geographically dispersed) www.P3forPA.com

Why P3? Accelerate replacement of SD bridges Maximize efficiencies / economies of scale to deliver more projects Minimize impact to traveling public Improve connectivity and mobility for commerce Establish P3 as a viable way to get projects done www.P3forPA.com

RBR Program Snapshot www.P3forPA.com Authority Pennsylvania Department of Transportation Consortium Plenary Walsh Keystone Partners Financial Close March 2015 Substantial Completion December 2017 Status Construction Total Capital Cost US$1.1 billion Design-Builder A joint venture of Walsh Construction Company and Granite Construction Company O&M Provider Walsh Infrastructure Mgmt. Equity Provider Plenary Group (80%), Walsh Group (20%) www.P3forPA.com

P3 Arrangement Transaction Highlights: 1 DBFM Contract 558 bridges will be replaced within 3 years PennDOT maintains ownership, but the Development Entity is responsible for maintaining each bridge for 25 years after replacement 28 Year Contract (w/ 25 year maintenance term per bridge) www.P3forPA.com

RBRP Timeline 2013 September P3 Board Approves Project 2014 February 5 Statements of Qualifications (SOQ) Received March Announcement of 4 Short-listed Teams June Approval of $1.2B US DOT PAB’s Allocation August Final Request for Proposals (RFP) Issued September Proposals Received October Announcement of Preferred Bidder 2015 January Commercial Close Achieved March Financial Close Achieved June Construction Begins www.P3forPA.com

Project Costs www.P3forPA.com Cost Element Total Cost Design Costs $80,000,000 Preliminary Engineering Costs $33,700,000 Construction Engineering & Inspection Costs $12,000,000 Right of Way Costs $6,300,000 Utilities Costs $300,000 Approach Costs $205,000,000 Bridge Costs $561,700,000 Design & Construction Costs $899,000,000 Other Costs During Construction Oversight / Development Costs $67,219,740 Maintenance / Lifecycle Costs During Construction $3,205,819 Financing Costs During Construction $144,824,476 Total Project Costs $1,114,250,035 www.P3forPA.com

Contact Information Public-Private Transportation Partnership (P3) Office Michael Bonini, Director (717) 772-4664 mbonini@pa.gov www.P3forPA.com

Key Ingredients of Successful P3s Champion the project and process Sustain political support through broad stakeholder outreach and education Highly Motivated Government Sponsor Clearly defined public and private roles and responsibilities Broadly available through a process that balances transparency and efficiency Appropriate Project Agreement Reflecting broad consensus on need and objectives Clearly Defined, High Priority Project Successful P3 Certainty of completion driven by broad public and political awareness and support Project Predictability Advance preparation including key public and private stakeholders Clear decision-making roles and timetables, communicated to key stakeholders Transparent scoring and selection of winning team Clearly Defined, Fair Process Policymakers’ commit predictable revenues Public understands value received in return for user fees or availability payments Economically Viable