I-4 Mobility Partners was selected by FDOT as the preferred bidder on April 23, 2014. Construction began in February 2015; substantial completion is expected in 2021.
The I-4 Ultimate project is the reconstruction and widening of 21 miles of I-4 from west of Kirkman Road in Orange County, Florida through downtown Orlando to east of State Road 434 in Seminole County. This public-private partnership (P3) project will: fully reconstruct the existing general purpose lanes; add four express toll lanes in the median; reconstruct 15 major interchanges; and reconstruct, construct, or widen 140 bridges.
The existing general purpose lanes, which range from three to four lanes in each direction, are approximately 50 years old and experience significant levels of congestion. The Florida Department of Transportation (FDOT) will set toll rates and collect all revenue. Access and egress will be provided at five exchange areas (crossover zones) and by direct connectors at major intersections.
The project includes numerous aesthetic treatments, including a pedestrian bridge, accent lighting, fountain illumination, art sculptures and monuments, and other architectural treatments. According to the Project Sponsor, congestion and travel time will be reduced through the addition of four Express Lanes and improved interchange capacity, resulting in a projected average travel speed increase of approximately 15 miles per hour in the peak hours for drivers in the general use lanes. The project will also implement numerous safety enhancements, including but not limited to the widening of shoulders, removal of weaving sections and left-hand exits, and improvements to interchange signaling, which are estimated to reduce the number of crashes by 13 percent. The project is expected to generate $1.8 billion in economic development benefits and create approximately 2,000 jobs. By using TIFIA financing and utilizing the P3 delivery method, the Florida Department of Transportation estimates that they will complete the project 25 years sooner and with financing savings of approximately $250 million in net present value when compared to conventional financing methods.
- Senior Bank Debt: $484M
- TIFIA Tranche A Loan: $127.291M
- TIFIA Tranche B Loan: $822.174M
- Equity Contribution: $103.5M
- FDOT Milestone Payments during Construction: $1,035M
- TIFIA Capitalized Interest and Interest Income: $136.8M
- Financial Acceptance Payments $168.4M
To Sponsor (FDOT):
- Nossaman - Legal Advisor
- KPMG - Financial Advisor
- Reynolds Smith and Hill - Technical Advisor
To the Borrower (I-4 Mobility Partners):
- Société Générale - Financial Advisor
- Ashurst - Legal Advisor
To USDOT TIFIA JPO:
- TIFIA Legal Advisor: Hawkins Delafield & Wood
- TIFIA Financial Advisor: Scully Capital Services, Inc.
Direct loan: $949.465 million; the TIFIA loan is structured in two tranches: $127.291 million of TIFIA debt (TIFIA Tranche A) will be repaid in full by the second Final Acceptance Payment from FDOT in 2021; and $822.174 million of TIFIA debt (TIFIA Tranche B), which is repaid from the Availability Payments made by FDOT through final maturity in 2052.
- The project includes numerous aesthetic treatments, including a signature pedestrian bridge, accent lighting, fountain illumination, art sculptures and monuments, and other architectural treatments
- The project incorporates 25 approved technical concepts that exceed the minimum requirements established by FDOT for basic configuration, project scope, and design criteria. These include innovations in traffic flow, safety, community connections, sustainability, and use of technology. Further detail can be found on the project website.
Loreen C. Bobo, P.E.
I-4 Ultimate Construction Program Manager
Florida Department of Transportation