OCTOBER CONRAD NEW YORK BOOK OF THE NIGHT.

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1 OCTOBER CONRAD NEW YORK BOOK OF THE NIGHT

2 CONTENTS Introduction 3 Best Government Agency 4 Best Legal Advisor 6 Best Financial Advisor 7 Best Insurance/Risk Advisor 8 Best Bond Arranger 9 Best Technical Advisor 10 Best Sponsor 11 Best Individual Contribution 13 Best Rail/Transit Project 15 Best Road/Bridge/Tunnel Project 16 Best Social Infrastructure Project 17 Best Water or Wastewater Project 18 Best Operational Project 19 Best Designed Project 20 Projects Grand Prix 21 P3 AWARDS BOOK OF THE NIGHT

3 INTRODUCTION New can be scary. And the fear of new and different can hold people, companies and markets back. In our industry alone, fears of a new way of procuring, building and financing infrastructure have taken a while to dispel. So launching our first Awards for the Americas region was a little scary. But entries from across Canada, US and Latin America were coming in thick and fast for the London-based Partnerships Awards and we knew it was an opportunity to give the Americas region its own event. And it seems that the time was right. We welcomed over 80 entries and our panel of 50 judges had a tough task voting for the winners in each category. As such, for some categories where the scores were almost too close to call we have awarded silver and gold winners. Perhaps the spread of entries tells a story about the progress of P3 across the Americas regions. As a mature market, Canada has been very strong in the Best Operational Project category, the US with its large transportation investment program dominates Best Road/Rail/Bridge Project and the diverse Latin American market has entries in almost all project categories. But one of the most encouraging signs for P3 was the number and quality of the entries for Best Government Agency. This was one of the most fiercely fought categories with the judges hugely impressed with both the standard of entries and the examples of work being done to push the industry forward. If the P3 Awards really does reflect the industry itself, then these examples of the public procurers doing such a good job should mean we all have much to look forward to in the coming years. And finally, to all tonight s winners, congratulations and enjoy your hard-won success. Amanda Nicholls Publisher - Partnerships Bulletin P3 Awards would like to thank its sponsors Sponsors Official Technology supplier Supporters P3 AWARDS BOOK OF THE NIGHT

4 Best Government Agency Agencia Nacional de Infraestructura Colombia Agência Nacional de Transportes Terrestres Brazil Autoridad para las Alianzas Público-Privadas de Puerto Rico City of Gary and Gary/Chicago International Airport P3 Team USA Colorado High Performance Transportation Enterprise USA Indiana Finance Authority/Indiana Department of Transportation USA Maryland Department of Transportation/Office of the Lieutenant Governor USA Ohio Department of Transportation Division of Innovative Delivery USA Pennsylvania Department of Transportation Office of Policy and Public Private Partnerships USA PPP Canada Sponsored by Agencia Nacional de Infraestructura, Colombia Colombia s procurement agency has been at the forefront of developing a strong P3 pipeline over the past year. It has launched 20 road projects as part of its 4G program, of which three had been awarded at the time of submission. The agency has managed to attract a strong field of international players to the program and has been working closely with the International Finance Corporation to deliver a series of investable projects. It has worked to deliver a proactive response to the country s financing challenges, including consolidating the FDN, a recently transformed development bank, to provide subordinated debt and liquidity guarantees. The judges were impressed with the scale and ambition of the ANI s pipeline, and welcomed the fact that this was already being turned into a series of deals. They praised the agency for successfully demonstrating a significant capacity to expand their portfolio over a very short period of time. SILVER AWARD PPP Canada As one judge simply put it, they deliver. The judges wished to recognise the agency for its wide range of activity and its continued position as a center of excellence for P3s across the world. Its ability to deliver fiscal discipline as well as growth into new areas such as water-based P3s was highlighted by the judges as an example for the entire continent. P3 AWARDS BOOK OF THE NIGHT

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6 Best Legal Advisor Allen & Overy Davis DLA Piper Durán & Osorio Abogados Asociados Faegre Baker Daniels Fasken Martineau Mayer Brown McCarthy Tétrault Norton Rose Fulbright Nossaman Orrick, Herrington & Sutcliffe Seyfarth Shaw Allen & Overy With a list of projects that reads as a highlights reel of some of the most important and biggest schemes in the Americas, Allen & Overy has demonstrated its continued leadership in the P3 field. Working across both the public and private sectors on these deals, the firm is well positioned to understand the perspectives of the different sides in projects, and work to find solutions and common ground. Among the projects worked on by the firm is the Goethals Bridge scheme in New York, which was the first to involve TIFIA during the procurement process and has since become a template for TIFIA-funded projects across the US. The judges were impressed with the team s diverse range of experience and its demonstration of leadership in the market. They welcomed Allen & Overy s ability to go beyond simply providing legal advice to offer bankable solutions to bidders that are designed to reduce the need for protracted negotiations. SILVER AWARD Norton Rose Fulbright Praised for its outstanding contribution to P3 development both across the US and Latin America, Norton Rose Fulbright was recognized by the judges as having in-depth knowledge across several diverse markets. Among its notable innovations over the past 12 months was the first refinancing of a greenfield P3 project in the US, and the judges agreed that public sector agencies would benefit from engaging with the firm s specialists on a regular basis. P3 AWARDS BOOK OF THE NIGHT

7 Best Financial Advisor CPCS EY KPMG Taylor-DeJongh EY It has been a busy year for EY, as its expansion across the Americas has continued at pace. Among its milestones in terms of its business, it has successfully integrated Jeffrey Parker & Associates in the US, built a new team in Mexico, and continued to grow its teams across South and Central American markets, including the key market of Brazil. It has worked on some vitally important, groundbreaking deals, such as the Goethals Bridge P3 in New York the first time the Port Authority will build a new bridge since It has also seen a number of deals in the US through to completion, with projects such as Florida s I-595 Corridor Improvements and Express Lanes scheme, plus the Port of Miami tunnel both opening in Its breadth and strength of experience were welcomed by the judges, who were also pleased to see the commitment to the market demonstrated through its growth plans. EY s progress in the US market was particularly commended by the judges. P3 AWARDS BOOK OF THE NIGHT

8 Best Insurance/Risk Advisor Aon Cook Advisory Services Willis North America Aon Aon has developed an innovative insurance program alongside Canada s Infrastructure Ontario, creating a sponsored construction insurance program for the latter s projects. Known as the IOCIP, this program offers the broadest construction insurance for the lowest possible cost to the agency. It has also worked on some of the largest P3 projects anywhere in the Americas, including the complex Ohio River Bridges P3 in the US. Recognizing that one of the needs of the project was off market, Aon benchmarked the provision and ensured that the client was able to change the contract to bring it into line with global PPP practice. The judges welcomed the way in which Aon had used benchmarking to improve contract terms and contribute to the adoption of best practices within the sector. They also praised Aon for considering all stakeholders in a deal, rather than focusing solely on the best deal for the client. P3 AWARDS BOOK OF THE NIGHT

9 Best Bond Arranger Goldman, Sachs & Co. ING Financial Markets J.P. Morgan Securities Goldman, Sachs & Co A key supporter of the infrastructure market across the Americas, Goldman Sachs has been involved in significant bond transactions in Colorado, Peru and Puerto Rico among others over the past year. It has supported a whole range of bond deals, from tax-exempt private activity bonds to taxable financings, covering both greenfield and existing assets. In the US, the work on the US36 and I-25 Managed Lanes project delivered several firsts for the TIFIA loan program. Among the innovations was the first time a TIFIA loan was transferred from one debtor to another in a non-bankruptcy scenario and the first instance that multiple TIFIA loans will stand at both the senior and second tier subordinate levels with the same debtor. Judges were impressed with the range of transactions that Goldman Sachs has led over the course of the year, and recognized the pioneering work in the market, particularly with regards to the TIFIA loan program. They welcomed Goldman Sachs ability to drive the financing of infrastructure forward. P3 AWARDS BOOK OF THE NIGHT

10 Best Technical Advisor BTY Group HDR LeighFisher McBains Cooper Mott MacDonald RS&H Mott MacDonald One of the pre-eminent advisors in the market, Mott MacDonald has delivered a series of pathfinder projects across the Americas over the past year. The team has worked on a host of innovative structures to deliver schemes in both emerging and established markets. The firm has shown a commitment to ensuring their projects are not only financially viable, but also provide tangible benefits to the communities in which they are built. By seeking to understand the needs of clients and the localities they serve, Mott MacDonald has ensured that all voices are heard in the process of developing their schemes. The judges described Mott MacDonald as top of the class for its project delivery. They were impressed with the firm s ability to deliver so many high quality projects across the region and welcomed the strength and depth of Mott MacDonald s experience. SILVER AWARD LeighFisher With a lot of involvement across a range of countries and sectors throughout the Americas, the judges praised LeighFisher s experience and client-focused approach to its advice. In particular, the judges welcomed its ability to take a long-term view when advising clients, something that could help create significant value for both partners over the life of the contract. The judges were also impressed with its ability to react to circumstances and take a nimble, proactive approach to issues. P3 AWARDS BOOK OF THE NIGHT

11 Best Sponsor ACS Infrastructure Development Cintra Meridiam Plenary Group Sponsored by Plenary Group Having reached financial close on six projects across a range of sectors in 2013/14, Plenary Group is one of the most experienced and effective P3 developers in the region. Projects spanning health, defense, transportation and education are all within the firm s portfolio and it is considered a market leader for its expertise and delivery of projects. Over the last 12 months, the firm has also embarked on a successful program of growth into new markets, particularly into the US, where it is using its experience on Canadian deals to drive forward the P3 concept. It brought that experience to bear on the US 36 Express Lanes scheme, employing a sophisticated arrangement consisting of four tranches of debt on two lines in addition to the sponsor s equity. The firm describes itself as a steward of public infrastructure and carries this ethos through all its work. The judges described Plenary s record in north America as exemplary, welcoming its innovation and leadership across a broad range of sectors. They noted the strong management team that Plenary has in place and recognized its continued drive to deliver quality results. P3 AWARDS BOOK OF THE NIGHT

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13 Best Individual Contribution Jeff Parker Senior Managing Director EY Infrastructure Advisors Jeff Parker has been at the forefront of P3 development across the US, initially as the head of his own firm, Jeffrey A. Parker & Associates. While there he worked on a range of large infrastructure projects, including the replacement Tappan Zee Bridge initiative, plus a large redevelopment scheme in downtown Atlanta. In 2012, he led his team into EY, where he set up the infrastructure advisory practice within the firm s transaction advisory group. The judges felt that Parker stood out of a strong field of candidates due to his pioneering work in developing the US P3 market, and welcomed his continuing influence as the country reaches a critical stage in its P3 development. They were impressed with his ability to focus on the right solution for each individual case, with the confidence to advise clients on the appropriate procurement method for their circumstances rather than constantly pushing for one model or approach. P3 AWARDS BOOK OF THE NIGHT

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15 Best Rail/Transit Project Gary/Chicago International Airport USA Iqaluit International Airport Improvement Project Canada Luis Muñoz Marín International Airport Puerto Rico Ottawa Light Rail Construction Project Confederation Line, Canada Region of Waterloo Light Rail Transit Stage 1 Canada Iqaluit International Airport Improvement Project, Canada One of the largest pieces of public infrastructure ever built in Iqaluit, this project represents a major undertaking for the Government of Nunavut. It achieved a series of firsts in its delivery, including being the first airport project structured as an availability-based P3 social infrastructure deal in Canada. Despite the huge operation, the procurement process was completed in less than 15 months from prequalification to financial close. Along with innovative financial features, the airport will also contain some novel design elements, including a system to tackle the problem of cracking foundations due to permafrost melting. The building foundations will be built with thermosyphons tubes that run through the ground beneath the foundation to passively cool the ground. The judges welcomed the speed and efficiency with which this procurement was concluded, despite its technical challenges and the fact that it was undertaken by an authority that was new to P3. They also praised it as a pathfinder for future deals and the fact that it offers a high level of value-for-money for the public purse. SILVER AWARD Ottawa Light Rail Construction Project Confederation Line, Canada This project s ability to meet and exceed project milestones impressed the judges. Described as a very compelling project, the judges felt this scheme hit the mark in a number of areas of good practice for P3 initiatives. They welcomed the project s ability to combine an iconic design with the functional needs of Ottawa s first light rail line. The fact that the scheme effectively combines two projects into one was also praised by judges for its innovation. P3 AWARDS BOOK OF THE NIGHT

16 Best Road/Bridge/Tunnel Project 95 Express Lanes Fairfax Prince William and Stafford Counties USA Goethals Bridge Replacement Project USA North Tarrant Express Segments 3A & B USA Ohio River Bridges East End Crossing USA US 36 Express Lanes Project USA Vias Nuevas De Lima Project Peru Goethals Bridge Replacement Project, USA A landmark transaction for the P3 market in the US, the Goethals Bridge scheme introduced a host of new features to the market, many of which have become industry standards for others to follow. The bid team used its international experience and knowledge to provide solutions of the highest standard in the industry. It also included a unique financing structure that saw the use of both senior secured private activity bonds and a subordinated TIFIA loan. A monoline insurer was used to provide a wrap on $101m of bonds, further reducing the final cost to the authority. The judges recognized the scheme as a key project both for the New York and wider US market, and praised the combination of complexity and innovation across the entire project. They were also impressed with the design solutions developed in response to the technically difficult project location. SILVER AWARD Ohio River Bridges - East End Crossing, USA The judges welcomed the sensible approach taken to risk transfer by the parties involved and were impressed by the speed of procurement, which was described as truly unique among its peers and was recommended as a reference point for future schemes. It was also seen as an innovative project because of its successful conclusion as the first transportation P3 in the US not to use the TIFIA loan program. P3 AWARDS BOOK OF THE NIGHT

17 Best Social Infrastructure Project BC Children s and BC Women s Redevelopment Project Phase 2 Canada Collegiate Housing College Station Project at Texas A&M University Phase I USA Single Room Occupancy Renewal Initiative Project Canada Tarleton State University Heritage Hall Living/Learning Community USA University of Iowa Graduate and Family Housing Replacement Project USA Single Room Occupancy Renewal Initiative Project, Canada This project has set the benchmark for an innovative approach to tackling homelessness and housing needs in Vancouver. Having acquired 24 single room occupancy (SRO) hotels in Vancouver s Downtown Eastside from the private sector, the authority has delivered a major new housing development. It was the first social housing PPP project in Canada, and saw the creation of a robust project structure to ensure it could reach financial close despite problems facing the US economy, which could have had significant impacts on Canada. The judges were impressed by the innovative approach to this project and recognized it as a first in the Canadian market that could act as a pathfinder for future deals in this space. Described by the judges as a challenging project to deliver under any model, it was praised for its novel solutions that will push the boundaries of P3. P3 AWARDS BOOK OF THE NIGHT

18 Best Water or Wastewater Project Bayonne Water and Wastewater Concession USA City of Rialto Water and Wastewater USA Evan Thomas Water and Wastewater Treatment Facilities Upgrade Canada Bayonne Water and Wastewater Concession, USA This project is the first transaction to introduce current concession contracting practices from the transportation industry into the water and wastewater sector, and will pay off over $130m in Bayonne s debt. The scheme brought operational best practices from other sectors into the water sphere. It provided flexibility to deal with a variety of emergent situations both through prioritization of planned capital improvements and mechanisms to include capital improvements outside of the explicitly defined initial scope. The innovative approach to financing has allowed a much needed infrastructure project to go ahead after having been deferred for decades due to a lack of money. Recognizing the fact that water infrastructure is likely to become a key focus across many parts of the Americas, the judges hailed this project as a pioneer that will set precedents for the future. They were impressed that such an innovative project was able to meet and exceed its project milestones, including financial close. P3 AWARDS BOOK OF THE NIGHT

19 Best Operational Project Bridgepoint Health Centre Canada Fort Stewart/Hunter Army Airfield Military Housing Privatization USA Governor George Deukmejian Courthouse Long Beach USA I 595 Corridor Improvement Project USA Mineirão Stadium PPP Brazil New Quito International Airport Ecuador Governor George Deukmejian Courthouse Long Beach, USA A range of measures have been developed during the life of this courthouse to ensure it is an integral part of the community. The partners in the project recognize the Long Beach community as key end users, due to their position as potential members of the prospective juror pool. As such, community involvement has included working with the neighboring school to improve its security, getting children from the school to paint a mural on the project construction fence and the tutoring of schoolchildren. There was also a series of activities undertaken during construction to keep the local community fully up to date with progress. Its examples of novel programs such as its engagement with the adjacent school were praised by the judges, who considered the courthouse to be a good example of how to both interact with and integrate into the local community. They were also impressed by the fact that the project exceeded expectations, both from a budget and time standpoint. SILVER AWARD New Quito International Airport, Ecuador This project was deemed worthy of merit due to the extent to which it has performed beyond expectations, as well as the significant impact it has had on the local community. The judges were impressed with the way in which the project had been a catalyst for increased development in the region, and welcomed the examples of effective contract management and partnership working, which can act as guides to other schemes on how to run a P3 project after the construction phase is completed. P3 AWARDS BOOK OF THE NIGHT

20 Best Designed Project Bridgepoint Active Healthcare Redevelopment Canada Centre for Addiction and Mental Health Phase 1B Redevelopment Canada Governor George Deukmejian Courthouse Long Beach USA New Quito International Airport Ecuador St. Joseph s Healthcare Hamilton West 5th Campus Canada University of California San Francisco Sandler Neuroscience Center USA Waypoint Centre for Mental Health Care Penetanguishene Canada Governor George Deukmejian Courthouse Long Beach, USA This project has pushed the boundaries of what is expected in court buildings, with expansion space and related county justice agency space. The project has ensured that the facility is available at all times, thanks to a host of backup systems. The design has focused on reliability and long-term durability, and its heating, air-conditioning and ventilation systems have all been developed with this in mind. The courthouse also provided some technical challenges, which the design has helped overcome to ensure, for example, that judges, inmates and the public are appropriately segregated at all times. The building is also a leader in its energy efficiency, with its performance being at least 17% more efficient than required by California law. The ability of the design to overcome the constraints of the site was highlighted by the judges, who also welcomed the building s role in helping to revitalize part of the city. They welcomed the fact that, despite its scale, the project still fits well into its neighborhood without looking out of place. SILVER AWARD Centre for Addiction and Mental Health Phase 1B Redevelopment, Canada The judges felt this project had provided more than just a new mental health center, but rather a new focal point for the local community. As well as being an impressive design, the judges welcomed the fact that it was appropriately scaled for the environment in which it sits and its location. It was also praised for its focus on sustainability. P3 AWARDS BOOK OF THE NIGHT

21 Projects Grand Prix Bayonne Water and Wastewater Concession, USA Goethals Bridge Replacement Project, USA Iqaluit International Airport Improvement Project, Canada Single Room Occupancy Renewal Initiative Project, Canada Goethals Bridge Replacement Project, USA Bringing together a range of international experience, a whole host of innovative solutions that were firsts for the US market, plus developing a complex financing package, this scheme stands out as a truly remarkable development that has already become a standard bearer for the potential of P3 across the Americas. Using private activity bonds, a TIFIA loan and a monoline insurer to provide a wrap, this scheme demonstrated how a variety of funding streams can be harnessed to deliver large infrastructure projects in the US. Alongside this project s iconic deal structure, the bridge is also clever in its design by enabling the two roadways to work independently and thus reduce the schedule by an impressive six months. On a longer-term view, the design provides a series of environmental advantages and prioritizes pedestrian access. With a vast number of first of its kind elements integrated seamlessly into the project, the Goethals Bridge was the outstanding contender in this year s Awards and stands for everything that we seek to reward: innovation, best practice, strong collaboration between the public and private sectors, and long-term value for money. P3 AWARDS BOOK OF THE NIGHT

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24 Sponsors Official Technology supplier Supporters