Construction began in 2015. Substantial completion is scheduled to occur in late 2018.
The Portsmouth Bypass is a $634 million, 16-mile, four-lane, limited-access highway around the City of Portsmouth in Scioto County in South Central Ohio. The project will also provide a largely access controlled alternative to I-77 and I-75 for motorists making trips between southern Ohio and the Columbus region, saving over 70 miles on some trips. The project is being delivered as an availability payment design-build-finance-operate-maintain (DBFOM) concession. The term of the concession is expected to extend for 35 years.
The project is the first availability payment P3 concession in Ohio. According to the project, public benefits include: correcting deficiencies in the existing system, improving regional mobility, enhancing the region’s competitive advantage for businesses, and decreasing crash rates. Designated as State Route 823, the project will improve regional mobility to provide travel time savings of up to 16 minutes per trip compared to the current route. Given the rural nature of the County, this project and subsequent development could also have a material impact on the County’s high unemployment rates. The State estimates the financial structure, including the TIFIA loan, accelerates delivery of the project and benefits by 8 years.
- Appalachian Development Highway System Funds: $97M
- Other Federal & State Funds: $28M
- Private Activity Bonds (PABs): $227M
- PABs Premium: $24M
- TIFIA Loan: $209.3M
- Equity: $49M
To the Borrower:
Technical Advisor: MS Consultants
Financial Advisor: Societe Generale
Counsel to the Borrower: Ashurst LLP
To USDOT TIFIA JPO:
TIFIA Legal Advisor: Skadden, Arps, Slate, Meagher & Flom LLP
TIFIA Financial Advisor: Louis Berger Group
Direct loan: $209.304 million
Ohio Department of Transportation Office of Innovative Delivery