The Port Authority Board of Commissioners awarded a 40-year design-build-finance-maintain contract to NYNJ Link Partnership earlier this year as part of the PPP to replace the Goethals Bridge. NYNJ Link Partnership comprises Macquarie Infrastructure & Real Assets and Kiewit Development, together with lead contractors Kiewit Infrastructure, Weeks Marine and Massman Construction.
The bridge construction will be financed with US$461 million in tax-exempt private activity bonds, a US$474 million TIFIA loan and equity contributions from the Developer. The Port Authority will make certain payments to the developer as the project approaches substantial completion, once construction milestones are met. Once the bridge reaches substantial completion, the developer will receive periodic payments from the Port Authority over the course of the 35-year operating period, subject to performance deductions.
Project reports
11 Nov 13
Financial close reached on $1.5bn Goethals Bridge
The Port Authority of New York and New Jersey and NYNJ Link Partnership have reached financial close on a US$1.5 billion public-private partnership (PPP) to replace the Goethals Bridge in the north eastern USA.
Construction of the new cable-stayed bridge will begin later this year.
