Financial close for Michigan road project
The $1.4B I-75 Modernization P3 in Detroit (United States) is now financially closed. The project represents a number of milestones: Our team were able to deliver AECOM Capital’s first ever P3 win/close.
Oakland Corridor Partners LLC (OCP), a special purpose limited liability company formed to develop and operate the project, is formed by five private sector sponsors: John Laing Investments Limited (40%), AECOM Capital, Inc. (30%), Ajax Paving Industries, Inc. (10%), Dan’s Excavating, Inc. (10%), and Jay Dee Contractors, Inc. (10%).
The Michigan Strategic Fund has issued around US$622.2 million Limited Obligation Revenue Bonds to finance the project.
Under a design-build-finance-maintain agreement with the Michigan Department of Transportation (MDOT), OCP will reconstruct, widen and improve a 5.5 mile (8.85 km) segment of Interstate Highway 75 (I-75) in Oakland County, Michigan, located in the Midwestern region of the USA. The segment consists of 1.5 miles of rural freeway and 4 miles of urban depressed freeway.
Country updates
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November 19, 2018
RFI launched for commercial truck parking P3 project in Pennsylvania
The Pennsylvania Department of Transportation's Public-Private Partnership (P3) Office has launched a Request for Information (RFI) seeking private-sector feedback on development, design, co...
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November 19, 2018
UNCW seeks backing for $152m bond
The University of North Carolina Wilmington is venturing a public-private partnership to finance and develop its on-campus student housing that aims to provide 1,800 new beds with both...
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November 16, 2018
EPCOR USA to operate Vista Ridge Project
EPCOR USA Inc. (EPCOR USA), a wholly owned subsidiary of EPCOR Utilities Inc. (EPCOR) has been approved by the San Antonio Water System (SAWS) to operate the Vista Ridge Project (Vista Ridg...
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November 09, 2018
UMass to issue campus development RFP
UMBA issued RFP for development of 1000 bed student housing of studio and one- and two-bedroom spaces at Massachusetts Avenue. UMass Building Authority (UMBA) is a public organization f...
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November 08, 2018
No bids for Snow College student housing P3
The Snow College in Richfield, Utah has failed to receive any responses to the request for proposal (RFP) for a 100-bed student accommodation to be built in the university campus. Th...
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