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<channel>
	<title>Public Works Financing Newsletter</title>
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	<link>http://pwfinance.net</link>
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	<lastBuildDate>Mon, 06 May 2013 20:39:33 +0000</lastBuildDate>
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		<title>WIFIA Request Unleashes  Joint Tax Committee Hounds</title>
		<link>http://pwfinance.net/wifia-request-unleashes-joint-tax-committee-hounds/</link>
		<comments>http://pwfinance.net/wifia-request-unleashes-joint-tax-committee-hounds/#comments</comments>
		<pubDate>Mon, 06 May 2013 19:28:03 +0000</pubDate>
		<dc:creator>Bill Reinhardt</dc:creator>
				<category><![CDATA[Take Back Infrastructure]]></category>

		<guid isPermaLink="false">http://pwfinance.net/?p=2242</guid>
		<description><![CDATA[Supporters of a TIFIA-like program for water projects inadvertently let the cat out of the bag this month when, in response to their WIFIA pilot program, the Joint Tax Committee and Congressional Budget Office prohibited the coupling of a federal &#8230; <a href="http://pwfinance.net/wifia-request-unleashes-joint-tax-committee-hounds/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
			<content:encoded><![CDATA[<p>Supporters of a TIFIA-like program for water projects inadvertently let the cat out of the bag this month when, in response to their WIFIA pilot program, the Joint Tax Committee and Congressional Budget Office prohibited the coupling of a federal loan with tax-exempt bonds for the same project.</p>
<p>When asked why they had not imposed the same constraint on the TIFIA program during the passage of MAP-21 last year, the budget experts reportedly said it was an inadvertent mistake that they would fix in the next highway reauthorization in 2014.</p>
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		<title>TIFIA Seeks Bad Loan Workout Help</title>
		<link>http://pwfinance.net/tifia-seeks-bad-loan-workout-help/</link>
		<comments>http://pwfinance.net/tifia-seeks-bad-loan-workout-help/#comments</comments>
		<pubDate>Mon, 06 May 2013 19:27:32 +0000</pubDate>
		<dc:creator>Bill Reinhardt</dc:creator>
				<category><![CDATA[Take Back Infrastructure]]></category>

		<guid isPermaLink="false">http://pwfinance.net/?p=2240</guid>
		<description><![CDATA[As it has every five years, the TIFIA projects office at USDOT issued a solicitation for financial advisors on April 16, but this time the federal transportation lender is seeking high-level expertise in project finance loan workouts and bankruptcy.]]></description>
			<content:encoded><![CDATA[<p>As it has every five years, the TIFIA projects office at USDOT issued a solicitation for financial advisors on April 16, but this time the federal transportation lender is seeking high-level expertise in project finance loan workouts and bankruptcy.</p>
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		<title>Goethals Bridge Goes to Macquarie/Kiewit</title>
		<link>http://pwfinance.net/goethals-bridge-goes-to-macquariekiewit/</link>
		<comments>http://pwfinance.net/goethals-bridge-goes-to-macquariekiewit/#comments</comments>
		<pubDate>Mon, 06 May 2013 19:27:01 +0000</pubDate>
		<dc:creator>Bill Reinhardt</dc:creator>
				<category><![CDATA[Take Back Infrastructure]]></category>

		<guid isPermaLink="false">http://pwfinance.net/?p=2236</guid>
		<description><![CDATA[Almost two years after beginning its Goethals Bridge procurement, the Port Authority of New York and New Jersey awarded a 40-year DBFM availability-pay, performance-based contract on Apr. 24 to NYNJ Link, a partnership of Macquarie and Kiewit, with Parsons Transportation/Weeks &#8230; <a href="http://pwfinance.net/goethals-bridge-goes-to-macquariekiewit/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
			<content:encoded><![CDATA[<p>Almost two years after beginning its Goethals Bridge procurement, the Port Authority of New York and New Jersey awarded a 40-year DBFM availability-pay, performance-based contract on Apr. 24 to NYNJ Link, a partnership of Macquarie and Kiewit, with Parsons Transportation/Weeks Marine/Massman Construction as subcontractors.</p>
<p>Until recently, Australia’s Transfield Services had been the maintenance subcontractor for the NYNJ Link Partnership project company. It pulled out, however, leaving Macquarie to price that work in the group’s bid, which was won on the basis of the lowest-priced, qualifying proposal.</p>
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		<title>SNC Debarred For 10 Years By The World Bank</title>
		<link>http://pwfinance.net/snc-debarred-for-10-years-by-the-world-bank/</link>
		<comments>http://pwfinance.net/snc-debarred-for-10-years-by-the-world-bank/#comments</comments>
		<pubDate>Mon, 06 May 2013 19:26:17 +0000</pubDate>
		<dc:creator>Bill Reinhardt</dc:creator>
				<category><![CDATA[Take Back Infrastructure]]></category>

		<guid isPermaLink="false">http://pwfinance.net/?p=2234</guid>
		<description><![CDATA[he World Bank Group on Apr. 17 announced the debarment of SNC-Lavalin Inc. and 100 affiliates for 10 years following a bribery investigation in relation to the Padma Multipurpose Bridge Project in Bangladesh, as well as a Rural Electrification and &#8230; <a href="http://pwfinance.net/snc-debarred-for-10-years-by-the-world-bank/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
			<content:encoded><![CDATA[<p>he World Bank Group on Apr. 17 announced the debarment of SNC-Lavalin Inc. and 100 affiliates for 10 years following a bribery investigation in relation to the Padma Multipurpose Bridge Project in Bangladesh, as well as a Rural Electrification and Transmission project in Cambodia.</p>
<p>Montreal-based SNC-Lavalin Inc. is a subsidiary of SNC-Lavalin Group and represents more than 60% of its business. This debarment is the longest ever agreed to in a World Bank settlement and followed an investigation by the Royal Canadian Mounted Police.</p>
<p>&#8220;This case is testimony to collective action against global corruption,&#8221; said Leonard McCarthy, World Bank Integrity Vice President.</p>
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		<title>Allentown Water PPP Fizzles</title>
		<link>http://pwfinance.net/allentown-water-ppp-fizzles/</link>
		<comments>http://pwfinance.net/allentown-water-ppp-fizzles/#comments</comments>
		<pubDate>Mon, 06 May 2013 19:25:47 +0000</pubDate>
		<dc:creator>Bill Reinhardt</dc:creator>
				<category><![CDATA[Take Back Infrastructure]]></category>

		<guid isPermaLink="false">http://pwfinance.net/?p=2231</guid>
		<description><![CDATA[Responding to fears that privatization would wreck havoc with their water system, the city council in Allentown, Pa. voted 6-1 on April 25 to sign a 50-year lease with a regional public authority that will increase city rates by at &#8230; <a href="http://pwfinance.net/allentown-water-ppp-fizzles/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
			<content:encoded><![CDATA[<p>Responding to fears that privatization would wreck havoc with their water system, the city council in Allentown, Pa. voted 6-1 on April 25 to sign a 50-year lease with a regional public authority that will increase city rates by at least 50%.</p>
<p>The mayor’s insistence on selling the distressed city’s utilities apparently convinced the Lehigh Valley Authority (LCA), the city’s largest water customer, that it needed to prevent a private takeover. The result was a dangerously aggressive bid on an onerous contract, says an equity analyst.</p>
<p>“My advice to investors would have been negative if one of the private bidders had won,” he says. “They’d never recover their capital, and the ratepayers are going to take it in the neck.”</p>
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		<title>Texas Ramps Up New  PPPs Quickly</title>
		<link>http://pwfinance.net/texas-ramps-up-new-ppps-quickly/</link>
		<comments>http://pwfinance.net/texas-ramps-up-new-ppps-quickly/#comments</comments>
		<pubDate>Mon, 06 May 2013 19:25:22 +0000</pubDate>
		<dc:creator>Bill Reinhardt</dc:creator>
				<category><![CDATA[Take Back Infrastructure]]></category>

		<guid isPermaLink="false">http://pwfinance.net/?p=2229</guid>
		<description><![CDATA[Still waiting for legislative approval of availability pay contracts, Texas DOT has adopted an alternative “pass-through” approach for competing its SH 183 managed lanes project in Dallas. Rather than ask developers to take revenue risk, TxDOT will ask DBFM teams &#8230; <a href="http://pwfinance.net/texas-ramps-up-new-ppps-quickly/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
			<content:encoded><![CDATA[<p>Still waiting for legislative approval of availability pay contracts, Texas DOT has adopted an alternative “pass-through” approach for competing its SH 183 managed lanes project in Dallas. Rather than ask developers to take revenue risk, TxDOT will ask DBFM teams for their best offers in terms of scope and concession term based on a guaranteed minimum revenue stream to be paid annually by the state from its toll collections.</p>
<p>The team offering the most scope, shortest concession period between 30 and 40 years and lowest guaranteed revenue stream takes the prize.</p>
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		<title>FDOT’s I-4 Ultimate On A Fast Track</title>
		<link>http://pwfinance.net/fdots-i-4-ultimate-on-a-fast-track/</link>
		<comments>http://pwfinance.net/fdots-i-4-ultimate-on-a-fast-track/#comments</comments>
		<pubDate>Mon, 06 May 2013 19:24:44 +0000</pubDate>
		<dc:creator>Bill Reinhardt</dc:creator>
				<category><![CDATA[Take Back Infrastructure]]></category>

		<guid isPermaLink="false">http://pwfinance.net/?p=2227</guid>
		<description><![CDATA[The Florida Department of Transportation (FDOT) April 19 accepted qualifications from seven proposers for the I-4 managed lanes project in Orlando. FDOT says it intends to shortlist three teams on May 10 for the $2.1-billion availability-pay project, but reserves the &#8230; <a href="http://pwfinance.net/fdots-i-4-ultimate-on-a-fast-track/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
			<content:encoded><![CDATA[<p>The Florida Department of Transportation (FDOT) April 19 accepted qualifications from seven proposers for the I-4 managed lanes project in Orlando. FDOT says it intends to shortlist three teams on May 10 for the $2.1-billion availability-pay project, but reserves the right to select four to submit proposals in early 2014. All unsuccessful, responsive bidders will be paid a $2 million stipend.</p>
<p>Funding is lined up, and environmental permits and 97% of the right-of-way are in hand for a major expansion of the highly congested 21-mile corridor. URS is updating favorable toll revenue forecasts, and the design is 60% complete.</p>
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		<title>Developers Taking O&amp;M Price Risk</title>
		<link>http://pwfinance.net/developers-taking-om-price-risk/</link>
		<comments>http://pwfinance.net/developers-taking-om-price-risk/#comments</comments>
		<pubDate>Mon, 06 May 2013 19:24:17 +0000</pubDate>
		<dc:creator>Bill Reinhardt</dc:creator>
				<category><![CDATA[Take Back Infrastructure]]></category>

		<guid isPermaLink="false">http://pwfinance.net/?p=2224</guid>
		<description><![CDATA[As shown in the I-4 teaming and in Macquarie’s assumption of the 40-year maintenance risk on the Goethal’s Bridge DBF-M contract in New York, some equity investors—Meridiam, Macquarie and Fluor, with Infrared likely to follow—are moving toward self-performing O&#38;M on &#8230; <a href="http://pwfinance.net/developers-taking-om-price-risk/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
			<content:encoded><![CDATA[<p>As shown in the I-4 teaming and in Macquarie’s assumption of the 40-year maintenance risk on the Goethal’s Bridge DBF-M contract in New York, some equity investors—Meridiam, Macquarie and Fluor, with Infrared likely to follow—are moving toward self-performing O&amp;M on large, complex PPPs.</p>
<p>They may no have a choice. Spanish and French concession developers have vast experience operating and maintaining toll roads. But only four U.S. maintenance specialists are capable of bidding PPPs—Transfield Services, Roy Jorgensen Associates, Infrastructure Corporation of America, and DBI Services. That’s not enough for the increasingly long bid lists in the over-heated PPP market in the U.S.</p>
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		<title>PennDOT Plans PPP Bridges Fix</title>
		<link>http://pwfinance.net/penndot-plans-ppp-bridges-fix/</link>
		<comments>http://pwfinance.net/penndot-plans-ppp-bridges-fix/#comments</comments>
		<pubDate>Mon, 06 May 2013 19:23:47 +0000</pubDate>
		<dc:creator>Bill Reinhardt</dc:creator>
				<category><![CDATA[Take Back Infrastructure]]></category>

		<guid isPermaLink="false">http://pwfinance.net/?p=2222</guid>
		<description><![CDATA[Pennsylvania DOT has hired two sets of technical consultants and will be seeking more soon to help it screen deficient bridges across the state that need reconstruction. Once a bid list is prepared in late summer or fall, PennDOT expects &#8230; <a href="http://pwfinance.net/penndot-plans-ppp-bridges-fix/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
			<content:encoded><![CDATA[<p>Pennsylvania DOT has hired two sets of technical consultants and will be seeking more soon to help it screen deficient bridges across the state that need reconstruction. Once a bid list is prepared in late summer or fall, PennDOT expects to issue an RFQ for an availability-pay PPP bundling up to 1,000 state, county and local bridges under a single contract for replacement over three to five years.</p>
<p>PennDOT is moving quickly to make good on a promise by the governor to address Pennsylvania’s embarrassing position of having more deficient bridges than any other state.</p>
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		<title>Calif. HSRail—An Inauspicious Start</title>
		<link>http://pwfinance.net/calif-hsrail-an-inauspicious-start/</link>
		<comments>http://pwfinance.net/calif-hsrail-an-inauspicious-start/#comments</comments>
		<pubDate>Mon, 06 May 2013 19:23:19 +0000</pubDate>
		<dc:creator>Bill Reinhardt</dc:creator>
				<category><![CDATA[Take Back Infrastructure]]></category>

		<guid isPermaLink="false">http://pwfinance.net/?p=2220</guid>
		<description><![CDATA[The all-important first contract awarded by the California High-Speed Rail Authority went to the lowest bidder with the worst technical score after a change in the procurement rules favored Tutor Perini’s bid over a foreign offer by one point out &#8230; <a href="http://pwfinance.net/calif-hsrail-an-inauspicious-start/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
			<content:encoded><![CDATA[<p>The all-important first contract awarded by the California High-Speed Rail Authority went to the lowest bidder with the worst technical score after a change in the procurement rules favored Tutor Perini’s bid over a foreign offer by one point out of 100.</p>
<p>The technical score of the Spanish-South Korean joint venture led by Dragados was ranked 20% higher than that of Tutor/Zachry/Parsons. But Tutor’s low bid of $985 million won the day with a combined price (70%) / technical (30%) score of 90.55 vs. 89.68 for Dragados.</p>
<p>“Seems like an inauspicious start,” says a California transportation veteran. “They were going to do a public opening of the price but didn’t, and then it ends up this close!”</p>
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