PORT OF MIAMI TUNNEL PROJECT 1 FDOT& MAT Presentation FDOT & MAT Presentation.
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Transcript of PORT OF MIAMI TUNNEL PROJECT 1 FDOT& MAT Presentation FDOT & MAT Presentation.
PROJECT MAIN PARTIES2
90% Equity Partner
10% Equity Partner
Contractor
VMS
Operator
Public Sponsors
Federal Support
The Port of Miami is the cruise capital of the world, the 12th national cargo port based on containerized shipments, and the top seaport in Florida based on containerized shipments. $14.3 billion in imports/exports 176,000 jobs $6.4 million in wages $17 billion in economic output *Figures from 2007 Local & Regional Economic
Impact of the Port of Miami Study
PORT ACCESS: IMPORTANCE OF THE PORT
3
Port of Miami operations directly and indirectly supported*:
17,294 jobs in the City400 jobs on-site during tunnel construction
peak$2.2 billion annually in total economic impact$583 million annually in labor compensation
for City residents$684 million annually in personal income for
City households* Source: The Washington Economics Group, Inc.
PORT ACCESS: ECONOMIC BENEFITS TO THE CITY OF MIAMI
4
26,000 vehicles (Nearly 7,000 trucks & buses) travel to/from Port through downtown streets
By 2030, estimated truck traffic will nearly double
PORT ACCESS:TRUCK TRAFFIC WILL INCREASE
5
Port growth is constrained by current access
Trucks currently travel through NE 1st and 2nd Avenue, and 5th and 6th Streets
Trucks traverse congested streets and areas of pedestrian activity
PORT ACCESS:EXISTING TRUCK ROUTES THROUGH DOWNTOWN
MIAMI6
Provide direct connection from Port to interstate highways from I-395 via Watson Island
Maintain Port as County’s second-leading economic generator
Relieve congestion from downtown streetsKeep Port competitive
PORT ACCESS: NEEDS & BENEFITS
7
35-year agreement between FDOT & concessionaire, Miami Access Tunnel: Design-Build-Finance-Operate-Maintain
FDOT begins availability payments once tunnel opens, adjusted for inflation Estimated to be 2014
Payment subject to reduction if tunnel not operational during required hours
Tunnel will be returned to FDOT in first-class condition at end of contract
PUBLIC PRIVATE PARTNERSHIP AGREEMENT
12
Cash Flow: $100 million during construction $350 million upon POMT completion Remaining in annual “availability payments”
Covers both remaining capital and annual operations and maintenance costs
Maximum Availability Payment (MAP) was $32.5 million at financial close on October 15, 2009
Amount will be adjusted based on annual inflation
FUNDING THE POMT13
FDOT contributing 50% of capital cost ($432.5 million)
Local partners have matched capital costsFDOT funding tunnel Operations &
Maintenance from statewide maintenance funds (about $200 million over 30 years)
FUNDING THE POMT14
WATSON ISLAND CONSTRUCTION STAGING
16
Shift MacArthur Bridge EB & WB traffic to rightBuild MacArthur Bridge EB & WB 4th lanesBore EB & WB tunnels to Dodge Island
Stages 3 & 4 Construction - September 2010 through March 2014
Tunnel corridor
3-lanes to be maintained in both directions on MacArthur Causeway during peak hours
Temporary lane closures in accordance with approved FDOT procedures
Full-time Communications ManagerFull-time Traffic ManagerFull-time Health & Safety ManagerEmergency Response with Road Rangers
MANAGEMENT OF TRAFFIC17