Mayer Brown advises TxDOT on public-private partnership for State Highway 288 toll road project valued over $815 million
13 May 2016
Mayer Brown advised the Texas Department of Transportation (TxDOT) on the successful commercial and financial close of the State Highway (SH) 288 toll lanes public-private partnership project, a toll revenue concession in the Houston metropolitan area.
Blueridge Transportation Group LLC, a consortium of six equity members led by ACS Infrastructure Development Inc. and Shikun & Binui Concessions USA, Inc., will design and construct the new toll lanes and operate and maintain both the existing general purpose lanes and new toll lanes for a 52-year term.
SH 288 is the first US toll lane or managed lane project for which the procuring authority has received a concession payment (approximately $25.5 million) from the private developer. The project is being financed by the private developer with an approximately $357 million federal TIFIA loan, approximately $273 million in private activity bonds and approximately $375 million in equity contributions.
The Mayer Brown team of Government & Global Trade lawyers was led by partner Joe Seliga (Chicago) and included partner Stephanie Wagner (Chicago), counsels Joe Castelluccio (New York) and Bob Morgan (Houston), and associates Sara Hess, Rachel Smith and Nick Vallorano (all Chicago).