PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer...

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U.S. Department of Transportation Federal Railroad Administration PPPs for Station Development: Moynihan Train Hall Marc Ricks Vornado Realty Trust 2017 FRA Rail Program Delivery Meeting

Transcript of PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer...

Page 1: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

PPPs for Station Development: Moynihan Train HallMarc RicksVornado Realty Trust

2017 FRA Rail Program Delivery Meeting

Page 2: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

Vornado OverviewPreeminent owner, manager, and

developer of office and retail assetsNYC-focused with sizable assets in

each of Chicago & San FranciscoOver 25MSF of office and nearly

3MSF of retail, plus residential55 years on the NYSE$15B market capitalizationNationally recognized leader in

sustainability

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Page 3: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

Vornado Penn Plaza3

Page 4: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

Penn Station4

Page 5: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

Penn Station: Connectivity5

Page 6: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

Penn Station: Connectivity6

Page 7: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

Penn Station: Connectivity7

Page 8: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

Penn Station8

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U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

Farley Post Office9

Page 10: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

Farley Post Office10

Page 11: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

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1999

Page 12: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

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September 27, 2016

Page 13: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

New Penn Station13

Page 14: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

Moynihan Train Hall14

Page 15: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

Private Development15

Page 16: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

Private Development16

Page 17: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

Deal Structure99-year lease to a Developer JVDeveloper JV control of office and

retail for the duration of the leaseDeveloper JV obligation to construct

the train hall (passed to contractor)Train hall control by a condo board

(including Developer JV, railroads)Amtrak ownership of its unitSublease of space to USPS

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Page 18: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

Deal Structure

Unit owner

State of NY

Developer JV

SkanskaUSPS

Amtrak MTA

Fee owner

Lessee

Sub-Lessee Contractor

Condo board

Lessee

99-year lease for private space

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U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

Funding (Approximate)

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Uses $M Sources $M

Train Hall $1,600 State of NY $700

Miscellaneous Costs >250 Port Authority of NY/NJ 150

Amtrak 105

MTA/DOT/Other 140

TIFIA Loan 525

Developer Contribution 230

Total Uses >$1,850 Total Sources >$1,850

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U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

TIFIA Structure20

PILOT & Rent

Developer JV

State of NY

TIFIA

City of NY

MTA

PILOT Agreement

Credit Support

Page 21: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

Challenges

Transportation requirements vs. commercial imperatives

Multi-party negotiationDistance between Developer JV

and TIFIAReal estate creditGetting anything done

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Page 22: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

Lessons Learned

Public and private capitalPublic and private creditScalability?AttorneysDeadlinesSenior leadership

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Page 23: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

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August 17, 2017

Page 24: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

August 1724

August 17, 2017

Page 25: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

August 3125

August 31, 2017

Page 26: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

October 3126

October 31, 2017

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U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

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January 2021

Page 28: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

U.S. Department of TransportationFederal Railroad Administration

The Future?28

Page 29: PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer Contribution 230 Total Uses >$1,850 Total Sources >$1,850 U.S. Department of Transportation

U.S. Department of TransportationFederal Railroad Administration

Marc RicksSenior Vice President, [email protected](212)-894-7970www.vno.com

Thank you!


The moving image presentation jason moynihan

The moving image presentation jason moynihan

1999: First Two 1,850 MTPD Grassroots Ammonia Plants

1999: First Two 1,850 MTPD Grassroots Ammonia Plants

Moynihan MOU 2010 02 17 (2)

Moynihan MOU 2010 02 17 (2)

April 20, 2020 Brian Moynihan CEO and Chairman...2020/04/20  · April 20, 2020 Bank of America Brian Moynihan CEO and Chairman 100 North Tryon St. Charlotte, NC 28255 Dear Mr. Moynihan:

April 20, 2020 Brian Moynihan CEO and Chairman...2020/04/20  · April 20, 2020 Bank of America Brian Moynihan CEO and Chairman 100 North Tryon St. Charlotte, NC 28255 Dear Mr. Moynihan:

Grand Rapids 2030 District Progress to date. 1,850 Properties *City Assessors Office List 1,850 Properties *City Assessors Office List 1,392 Properties.

Grand Rapids 2030 District Progress to date. 1,850 Properties *City Assessors Office List 1,850 Properties *City Assessors Office List 1,392 Properties.

Created by McLure-Moynihan Inc. © 2002 MMI All rights reserved. Case Studies in HIPAA Compliance Critical Factors in Success or Failure Jim Moynihan McLure-Moynihan.

Created by McLure-Moynihan Inc. © 2002 MMI All rights reserved. Case Studies in HIPAA Compliance Critical Factors in Success or Failure Jim Moynihan McLure-Moynihan.

Implementing Transit P3s: Leveraging TIFIA and …...2009/03/26  · • Transit-oriented development Implementing Transit P3s: Leveraging TIFIA and Private Equity 3 Capital Beltway

Implementing Transit P3s: Leveraging TIFIA and …...2009/03/26  · • Transit-oriented development Implementing Transit P3s: Leveraging TIFIA and Private Equity 3 Capital Beltway

the moynihan report revisited

the moynihan report revisited

TIFIA Credit Program Overview Updated April 2012 T ransportation I nfrastructure F inance and I nnovation A ct (TIFIA)

TIFIA Credit Program Overview Updated April 2012 T ransportation I nfrastructure F inance and I nnovation A ct (TIFIA)

The Moynihan Report Revisited - Urban Institute

The Moynihan Report Revisited - Urban Institute

TIFIA Loan Agreement

TIFIA Loan Agreement

Administration & Society 2007 Moynihan 803 32

Administration & Society 2007 Moynihan 803 32

Governance of a Stroke Thrombolysis Service Barry Moynihan.

Governance of a Stroke Thrombolysis Service Barry Moynihan.

Created by McLure-Moynihan Inc © 2002 MMI All rights reserved. March 14, 2002 Jim Moynihan McLure-Moynihan Inc. Agoura Hills, CA The Basics.

Created by McLure-Moynihan Inc © 2002 MMI All rights reserved. March 14, 2002 Jim Moynihan McLure-Moynihan Inc. Agoura Hills, CA The Basics.

...C DOT TM COLORADO Department of Transportation COLORADO HPTE PARTNER. INNOVATE. ACCELERATE. The FAST Act and HPTE Feb. 17, 2016 TIFIA Continues TIFIA for the next five years Creates

...C DOT TM COLORADO Department of Transportation COLORADO HPTE PARTNER. INNOVATE. ACCELERATE. The FAST Act and HPTE Feb. 17, 2016 TIFIA Continues TIFIA for the next five years Creates

NCDOT Finance Overview · Financing PPP’s GARVEEs, SIBs, TIFIA, BABs, PABs, Section 129, Toll Credits, etc. GARVEE –Grant Anticipation Revenue Vehicles TIFIA - Transportation

NCDOT Finance Overview · Financing PPP’s GARVEEs, SIBs, TIFIA, BABs, PABs, Section 129, Toll Credits, etc. GARVEE –Grant Anticipation Revenue Vehicles TIFIA - Transportation

UNITED STATES DEPARTMENT OF TRANSPORTATION TIFIA …...Oct 08, 2020  · web attachment 2 (b) united states department of transportation tifia loan agreement for up to $8,449,000 with

UNITED STATES DEPARTMENT OF TRANSPORTATION TIFIA …...Oct 08, 2020  · web attachment 2 (b) united states department of transportation tifia loan agreement for up to $8,449,000 with

MAY 2020 - njleg.state.nj.us...financing shall be provided with a combination of up to 80% financing from TIFIA at the TIFIA cost of funds (generally, 50% of the U.S. Treasury interest

MAY 2020 - njleg.state.nj.us...financing shall be provided with a combination of up to 80% financing from TIFIA at the TIFIA cost of funds (generally, 50% of the U.S. Treasury interest

TIFIA and Private Activity Bonds

TIFIA and Private Activity Bonds

The Moynihan Report (1965)

The Moynihan Report (1965)