INNOVATIVE STAND-ALONE FINANCING FOR MID-BAY BRIDGE ACROSS CHOCTAWHATCHEE BAY

Innovative stand-alone financing in the form of an $81 million unrated, revenue bond project was a first of a kind for transportation and resulted in the successful completion of a 5876-m (19,265-ft) bridge for a Florida coastal community. The development of this project incorporates part of the suggestions of the Intermodal Surface Transportation Efficiency Act. The bridge is owned by a special authority and is being financed completely through the use of tolls backed by 5,000 vehicles a day. There is no full faith and credit backing of any state, federal, or local government. Partnerships were developed, with loan monies received from the Florida Toll Facilities Revolving Trust Fund, the Florida Department of Transportation, and the county. Partnering was done with property owners and the community. This major bridge was accomplished from conception through construction in 6 years. The bonds were unrated and were supported with special unique insurance. They sold in less than 10 min, and offers were made for twice the amount needed, resulting in lower interest rates. The partnership approach, design, and financing contributed to the project speed and resulted in many unique features: A world record for span-by-span construction was set. Seven spans were completed in 7 days (952 ft of completed bridge in 1 week). A simplified post-tensioning design resulted in greater speed of construction. The bridge was built in 25 months, 5 months ahead of schedule, and opened on June 26, 1993. The bridge cost $44/sq ft. The project was selected as the top bridge project for 1993 by the Florida Department of Transportation. The award was given by the Florida Transportation Builders Association.

• Record URL:
  http://onlinepubs.trb.org/Onlinepubs/conf/1995/cp7/cp7v1-005.pdf
• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/isbn/0309061091
• Supplemental Notes:
  • Distribution, posting, or copying of this PDF is strictly prohibited without written permission of the Transportation Research Board of the National Academy of Sciences. Unless otherwise indicated, all materials in this PDF are copyrighted by the National Academy of Sciences. Copyright © National Academy of Sciences. All rights reserved
• Corporate Authors:

  Transportation Research Board

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  Washington, DC  United States  20001
• Authors:
  • Figg Jr, E C
  • McCallister, L F
• Conference:
  • Fourth International Bridge Engineering Conference
  • Location: San Francisco, California
  • Date: 1995-8-28 to 1995-8-30
• Publication Date: 1995

Language

• English

Media Info

• Features: Figures; Photos;
• Pagination: p. 38-43
• Monograph Title: FOURTH INTERNATIONAL BRIDGE ENGINEERING CONFERENCE, SAN FRANCISCO, CALIFORNIA, AUGUST 28-30, 1995. CONFERENCE PROCEEDINGS, 2 VOLUMES
• Serial:
  • Transportation Research Board Conference Proceedings
  • Issue Number: 7
  • Publisher: Transportation Research Board
  • ISSN: 1073-1652

Subject/Index Terms

• TRT Terms: Bonds; Bridge construction; Bridges; Conferences; Construction; Costs; Financing; Partnerships; Tolls
• Geographic Terms: Florida
• Subject Areas: Bridges and other structures; Construction; Finance; Highways; I10: Economics and Administration;

Filing Info

• Accession Number: 00711671
• Record Type: Publication
• ISBN: 0309061091
• Files: TRIS, TRB
• Created Date: Sep 5 1995 12:00AM