Mayer Brown advises TxDOT on $847.6 million public-private partnership for Texas SH 183 managed lanes project
2 December 2014
Mayer Brown, a leading global law firm, represented the Texas Department of Transportation (TxDOT) in a competitive procurement for and structuring of a public-private partnership (PPP) for the design, construction, financing, operation and maintenance of Texas SH 183 managed lanes project, located in the Dallas/Ft. Worth area.
SouthGate Mobility Partners LLC (SouthGate), a Kiewit led team, was conditionally awarded the project in May 2014 and TxDOT and SouthGate achieved closing for the project on November 20, 2014. SouthGate will design and construct the project for $847.6 million, finance $250 million of deferred construction payments and operate and maintain a portion of the project for 25 years after completion. The deal is a first-of-its-kind for TxDOT and for the United States PPP market – no procurement process has previously packaged all of the elements of the SH 183 transaction in a single PPP deal structure.
The Mayer Brown team was led by Government & Global Trade partner Joe Seliga (Chicago) and included: Tax Transactions & Consulting – partner Bob Kelman (Chicago); Banking & Finance – partner George Miller (New York); and Government & Global Trade – associates Stephanie Wagner, Matt Simmons and Sara Hess (all Chicago).