Abstract: The United States (US) is using new financing models in order to deliver key infrastructure projects with the state of Florida being a model. The Florida Department of Transportation’s (FDOT's) public-private partnership (PPP) program has made impressive progress, setting precedents for US transportation planning and funding. Several projects have been completed using these new models over the past year. The opening of the I-595 and Port of Miami Tunnel projects are of great significance and represent a shift in how public agencies in the US are delivering transportation infrastructure. This is because FDOT delivered the projects through the first two availability payment (AP) concession agreements in the US. Both projects were completed on schedule and on (or under) budget. The success of these two projects, which reached financial close in the heart of a recession, can be attributed to the ingenuity and perseverance of FDOT and the projects’ concessionaires. Based on FDOT’s success, other US public agencies have now procured AP concession agreements of their own. Specifically, the California Department of Transportation executed an AP concession agreement for the Presidio Parkway Project and the Indiana Finance Authority executed AP concession agreements for the East End Crossing and I-69 Section 5 projects.
Publication Year: 2014
Publication Date: 2014-10-01
Language: en
Type: article
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