Phase I construction was completed prior to TIFIA close in March 2012. With respect to Phase II construction, the public-private partnership (P3) Agreement with GLC was signed on January 3, 2011. Pre-construction began mid-2011. Substantial completion was achieved during September 2015, and the road was opened to traffic. The duration of the concession is 30 years.
The Presidio Parkway project is a replacement of Doyle Drive, a 1.6-mile segment of Route 101 in San Francisco that is the southern access to the Golden Gate Bridge, connecting Marin and San Francisco counties and providing a major regional traffic link between the peninsula and North Bay Area counties. Originally built in 1936, the project did not meet highway standards and was seismically deficient. The project area extends from the Golden Gate Bridge Toll Plaza on the west to Broderick Street on the east, and includes Richardson Avenue, Gorgas Avenue, and Marina Boulevard. The Presidio Parkway will be a six-lane facility with a southbound auxiliary lane between the Park Presidio Interchange and the new Presidio access at Girard Road.
The project is being developed in two phases. Caltrans is responsible for the design, financing, and construction of Phase I. Phase I, delivered through a traditional design-bid-build process. Through a competitive procurement process, Caltrans selected a private consortium, the Golden Link Concessionaire, to deliver Phase II as a design, build, finance, operate, and maintain availability-pay concession.
The project’s focus was to improve public safety hazards. At the project’s inception, the facility carried approximately 120,000 auto trips per day, but it presented significant public risk as it was seismically vulnerable and structurally deficient. In concert with safety improvements, the Presidio Parkway Project Sponsor estimates it will save commuting motorists 30 minutes in travel time with the addition of new access points, valued at approximately $1.095 billion annually. The project is expected to generate 400 construction phase jobs and a total economic impact of approximately $362 million. TIFIA financing allows for the realization of these benefits at financing cost savings of approximately $2.35 million.
- Phase I:
- Federal Funds: $70.8M
- ARRA Grant: $83.3M
- State Funds: $229M
- Local Funds: $103.9M
- Phase II:
- Bank Loan: $166.6M
- TIFIA Tranche A Loan: $89.8M
- TIFIA Tranche B Loan: $60.2M
- Parent Company Contribution: $2.6M
- Private Equity: $43M
- TIFIA Capitalized Interest: $2.5M
Phase I: Design-Bid-Build; Phase II: Design-Build-Finance-Operate-Maintain
Phase I Construction:
- C.C. Myers
- R&L Brosamer
Phase II Project Design:
- HNTB Corporation
To the Borrower:
- Scotia Capital, Inc. - Financial advisor
- Milbank, Tweed, Hadley & McCloy LLP - Legal Counsel
- Moore-McNeil, LLC - Insurance Consultant
To USDOT TIFIA JPO:
- TIFIA Legal Advisor - Bryant Miller Olive
- TIFIA Financial Advisor - Montague DeRose and Associates, LLP/High Street Consulting Group, LLC
To Public Sector Sponsor:
- Sperry Capital, Inc. - Financial Advisor
- KPMG Corporate Finance LLC - Financial Advisor
- Nossaman, LLP - Legal Advisor
- Arup - Technical Advisor to Caltrans
- Arup-Parsons Brinckerhoff Joint Venture - Technical and Financial Advisor to SFCTA
Direct loan: $150 million. The $89.8 million short-term loan (Tranche A) is to be repaid in the form of a milestone payment. The $60.2 million long-term loan (Tranche B) is to be repaid using the non-Federal portion of the quarterly availability payments to GLC during a 28-year period.
- California's first P3 transaction under its new (2009) legislation (prior P3 projects include the South Bay Expressway and SR 91 Express Lanes)
- California's first availability payment contract for transportation infrastructure
- First project with direct Federal-aid participation in availability payments.
- First TIFIA loan to be repaid in part with a milestone payment following substantial completion.
- Incorporation of numerous Context Sensitive Design features to minimize traffic impacts and to protect and enhance environmental and cultural resources.
Kome Ajise, P3 Program Manager
California Department of Transportation
1120 N Street, MS 49, Sacramento, CA 95814
Tel: (916) 654 4227
Leroy L. Saage, PE, Deputy Director for Capital Projects
San Francisco County Transportation Authority
1455 Market Street, 22nd Floor, San Francisco, CA 94103
Tel: (415) 522-4800
Fax: (415) 522-4829
Bob Kuo, CEO
Golden Link Concessionaire, LLC
Tel: (925) 899-6421