PORT OF MIAMITUNNEL PROJECT

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FDOT & MAT Presentation

PROJECT MAIN PARTIES2

90% Equity Partner

10% Equity Partner

Contractor

VMS

Operator

Public Sponsors

Federal Support

The Port of Miami is the cruise capital of the world, the 12th national cargo port based on containerized shipments, and the top seaport in Florida based on containerized shipments. $14.3 billion in imports/exports 176,000 jobs $6.4 million in wages $17 billion in economic output *Figures from 2007 Local & Regional Economic

Impact of the Port of Miami Study

PORT ACCESS: IMPORTANCE OF THE PORT

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Port of Miami operations directly and indirectly supported*:

17,294 jobs in the City400 jobs on-site during tunnel construction

peak$2.2 billion annually in total economic impact$583 million annually in labor compensation

for City residents$684 million annually in personal income for

City households* Source: The Washington Economics Group, Inc.

PORT ACCESS: ECONOMIC BENEFITS TO THE CITY OF MIAMI

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26,000 vehicles (Nearly 7,000 trucks & buses) travel to/from Port through downtown streets

By 2030, estimated truck traffic will nearly double

PORT ACCESS:TRUCK TRAFFIC WILL INCREASE

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Port growth is constrained by current access

Trucks currently travel through NE 1st and 2nd Avenue, and 5th and 6th Streets

Trucks traverse congested streets and areas of pedestrian activity

PORT ACCESS:EXISTING TRUCK ROUTES THROUGH DOWNTOWN

MIAMI6

Provide direct connection from Port to interstate highways from I-395 via Watson Island

Maintain Port as County’s second-leading economic generator

Relieve congestion from downtown streetsKeep Port competitive

PORT ACCESS: NEEDS & BENEFITS

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OPTION SELECTED8

TUNNEL VERTICAL ALIGNMENT

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TUNNEL BORING MACHINE10

TUNNEL BORING MACHINE11

35-year agreement between FDOT & concessionaire, Miami Access Tunnel: Design-Build-Finance-Operate-Maintain

FDOT begins availability payments once tunnel opens, adjusted for inflation Estimated to be 2014

Payment subject to reduction if tunnel not operational during required hours

Tunnel will be returned to FDOT in first-class condition at end of contract

PUBLIC PRIVATE PARTNERSHIP AGREEMENT

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Cash Flow: $100 million during construction $350 million upon POMT completion Remaining in annual “availability payments”

Covers both remaining capital and annual operations and maintenance costs

Maximum Availability Payment (MAP) was $32.5 million at financial close on October 15, 2009

Amount will be adjusted based on annual inflation

FUNDING THE POMT13

FDOT contributing 50% of capital cost ($432.5 million)

Local partners have matched capital costsFDOT funding tunnel Operations &

Maintenance from statewide maintenance funds (about $200 million over 30 years)

FUNDING THE POMT14

WATSON ISLAND CONSTRUCTION STAGING

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Stages 1 & 2 Construction – May 2010 through September 2010

WATSON ISLAND CONSTRUCTION STAGING

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Shift MacArthur Bridge EB & WB traffic to rightBuild MacArthur Bridge EB & WB 4th lanesBore EB & WB tunnels to Dodge Island

Stages 3 & 4 Construction - September 2010 through March 2014

Tunnel corridor

3-lanes to be maintained in both directions on MacArthur Causeway during peak hours

Temporary lane closures in accordance with approved FDOT procedures

Full-time Communications ManagerFull-time Traffic ManagerFull-time Health & Safety ManagerEmergency Response with Road Rangers

MANAGEMENT OF TRAFFIC17

WATSON ISLAND CONSTRUCTION STAGING

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Stage 5 Construction - Open for traffic May 2014

QUESTIONS?19

THANK-YOU!