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United States Department of Transportation United States Department of Transportation

Gerald Desmond Bridge Replacement

Gerald Desmond Bridge Replacement
Project Type
Roads and Bridges
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
Port of Long Beach
Project Description

The Gerald Desmond Bridge is a major access point to the Port of Long Beach from downtown Long Beach, California and surrounding communities, carrying I-710 over the Port's Inner Harbor to Terminal Island. The replacement bridge will be a six-lane, cable-stayed design, with a 205-foot clearance to allow the newest generation of cargo ships to enter the Port. The bridge will include emergency lanes on the inner and outer shoulders, as well as a bicycle/pedestrian path. The new bridge is being built alongside the current bridge to maintain traffic flow. The replacement bridge is scheduled to open in late 2018.

Construction of the new bridge will provide an economic boost to Long Beach and the region. The more than $1 billion in spending is estimated to generate economic activity of more than $2 billion in Southern California, and the project is anticipated to support 3,000 jobs per year for five years.

Project Details
TIFIA Assistance
$325.00M
Primary Revenue Pledge
Port Revenues
Project Cost
$1288.00M
Fiscal Year Closed
FY2014
Duration/Status
Construction is expected to reach substantial completion in late 2018.
Funding Sources
TIFIA Loan: $325M
LA Metro: $17.3M
Port of Long Beach: $117M
State/Caltrans Funds: $153.7M
Federal Funds: $675M
Project Delivery/Contract Method
Design-Build
Project Participants
Design-builder: SFI (Shimmick Construction Company, Inc., FCC Construction SA, Impreglio S.p.A. joint venture); Arup North America Ltd. - lead design; Biggs Cordosa Associates Inc. - lead design
Project Advisers/Consultants
To the borrower:

Public Resources Advisory Group - Financial Advisor
Kutak Rock - Counsel to the Borrower
Additional Advisors
To USDOT TIFIA JPO:

TIFIA Legal Advisor: Shearman & Sterling
TIFIA Financial Advisor: IMG Rebel
Project Lender
USDOT TIFIA
Credit Assistance Detail
Direct loan: $325 million. The TIFIA loan will be repaid with port revenues.
Financial Status
TIFIA credit agreement was executed with the Harbor Department of the City of Long Beach, California in May 2014. Interest and principal payments are set to begin in 2018; final loan maturity is expected to occur in 2051.
Innovations
Port of Long Beach and Caltrans jointly procured the project.
Application Details
Applicant
Port of Long Beach
LOI Fiscal Year Received
FY2014
LOI Received Date
Application Received Fiscal Year
FY2014
Credit Agreement Executed
Initial Eligibility Review
Review complete
Creditworthiness Review
Review complete
Application Review
Review complete
Estimated Project Cost
$1288.00M
TIFIA Request
$325.00M
Instrument Type
Direct Loan