Project Financing and Implementation
| The I-595 project reached financial close in March 2009. I-595 Express LLC's final sources of financing included $781 million in commercial bank debt, a $603 million TIFIA loan (plus capitalized interest), $208 million in equity, and $10 million in other revenues, as well as $232 million in funding from FDOT. Construction began in June 2009 and the facility opened to traffic in March 2014. In the interim, ACS Infrastructure Development sold a 50 percent stake in I-595 Express LLC to the financial services organization TIAA-CREF in October 2011. | I-595 Corridor Roadway Improvements
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Project debt is being repaid from a $686 million final acceptance payment (year of expenditure [YOE] dollars) made by FDOT upon substantial completion, as well as the annual availability payments. FDOT also made bonus payments to the concessionaire for meeting interim milestones during construction. Annual availability payments are capped at $65.9 million in 2009 dollars, with adjustments for inflation. The total cost of the project, as measured by the present value (2009 dollars) of all final acceptance and availability payments covering capital, operating, and maintenance costs over the 35-year concession term borne by the concessionaire, is $1.83 billion.
FDOT has programmed a total of $4.33 billion (YOE) in state and federal funding through 2044 to cover the final acceptance payments, availability payments, and supplements. FDOT is also incurring $292 million (YOE) in other costs between 2006 and the end of the concession for preliminary engineering, right-of-way, construction inspection, turnpike connector ramps, provision for bus rapid transit, and toll collection and operations.