LESSONS LEARNED

•  Flexibility in payment structure: FDOT's adoption of availability payments scheme allowed the department to lower the credit risk of the I-595 project to the concessionaire. This project was able to target a completion date approximately 15 years earlier than it would have under a publically financed approach.

•  Availability of public funding: TIFIA's countercyclical lending policies meant that long-term financing for the project was available at affordable interest rates. The TIFIA loan stabilized the project's cost of capital enough to prompt the syndicate of banks to lend the remaining sum, enabling ACS to switch from the bond market to the more affordable bank market.