Finance Committee Meeting North Carolina Turnpike Authority January - - PowerPoint PPT Presentation

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Finance Committee Meeting North Carolina Turnpike Authority January - - PowerPoint PPT Presentation

Feb 25, 2024 279 likes •575 views

Board of Directors Finance Committee Meeting North Carolina Turnpike Authority January 11, 2018 Request for Qualifications: Financial Advisor Update David Roy 2 Request For Qualifications: Financial Advisor Overview The advice and

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Board of Directors Finance Committee Meeting

North Carolina Turnpike Authority January 11, 2018

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Request for Qualifications: Financial Advisor Update

David Roy

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Overview

Request For Qualifications: Financial Advisor

  • The advice and counsel of the Financial Advisor will be used in strategic

planning, sensitive negotiations, business alternatives, TIFIA financing and

  • ther activities of the Authority Board and senior management
  • Criteria that must be met:

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Registered Municipal Advisor with the Securities Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) Registered Investment Advisor with SEC for bond proceeds, escrows and other funds investment Registered Commodity Trading Advisor with the United States Commodity Futures Trading Commission (CFTC) Prime Prime or Subconsultant Prime or Subconsultant

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Selection Process

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RFQ Posted Statements of Qualifications Due Three firms submitted The Selection Committee met to shortlist Two firms shortlisted Oral presentations & interviews held for shortlisted firms December 1st December 15th December 20th January 4th January 4th The Selection Committee met to select a firm

Selection Committee:

− David Tyeryar, NCDOT CFO − David Roy, NCTA Director of Finance − Rodger Rochelle, P.E., NCTA Chief Engineer − Chuck Watts, NCDOT General Counsel

Request For Qualifications: Financial Advisor

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Selection Criteria

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Request for Qualifications: Financial Advisor

Success in advising governmental issuers on the issuance of tax-exempt revenue bonds and applying innovative techniques to enhance the success of such issuances. Experience of the firm and identified staff in public finance, especially:

  • 1. transportation & toll

applications;

  • 2. complex modeling &

forecasting tools;

  • 3. revenue bond &TIFIA

financed projects;

  • 4. investment management;
  • 5. refunding escrows; and
  • 6. swap advisory.

Action plan and procedures for managing bond sales, feasibility analyses and credit issues. Knowledge of NCTA and projects and organizational needs as well as proposed compensation structure.

40% 20% 30% 10%

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Financial Advisor Selection Committee Recommendation

  • Firms who submitted Statements of Qualifications:

– PFM Financial Advisors, LLC – Public Resources Advisory Group (PRAG)

  • Subconsultants:

– KPMG Corporate Finance, LLC – Kensington Capital

– Phoenix Capital Partners, LLP

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Request for Qualifications: Financial Advisor

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Policy for Adopting Express Lane Tolling Methodologies

David Roy

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Express Lanes Toll Project Update

Charlotte Region Express Lanes (I-485 and US 74)

Rodger Rochelle, P.E.

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I-485 Express Lanes

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Charlotte Pineville Mint Hill Matthews Stallings Indian Trail Monroe Weddington

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Proposed Express Lanes Proposed General Purpose Lanes

GP Ex Ex Ex GP

17 Miles STIP Project I-5507

Express Lanes Toll Project Update

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I-5507 Project Overview

  • I-77 to US 74 (Independence Blvd)
  • 17 miles in length
  • Proposed improvements include:

– One new Express Lane in each direction – Extension of General Purpose Lane (one lane in each direction) for 2 miles – 2 Potential Direct Connectors (At Johnston Road and at Westinghouse Boulevard) – Up to six access points in each direction

  • Current Estimate $240M - $290M

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Express Lanes Toll Project Update

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Westinghouse Blvd Pineville- Matthews Rd Johnston Rd

  • N. Community

House Rd Providence Rd Weddington Rd

  • E. John St

Rea Rd

Ex Ex

Proposed Typical Sections

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Johnston Rd to Rea Rd I-77 to Johnston Rd Rea Rd to Providence Rd Providence Rd To US 74

South Blvd

Express Lanes Toll Project Update

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I-77 to Johnston Road

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Express Lanes Toll Project Update

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Johnston Road to Rea Road

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Express Lanes Toll Project Update

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Rea Road to Providence Road

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Express Lanes Toll Project Update

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Providence Road to US 74

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Express Lanes Toll Project Update

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Charlotte Pineville Mint Hill Matthews Stallings Indian Trail Monroe Weddington

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Potential Direct Connectors and Access Points

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Direct Connector Access Point

Express Lanes Toll Project Update

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I-485 EASTBOUND

Potential Direct Connector at Johnston Rd

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I-485 WESTBOUND

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Express Lanes Toll Project Update

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Typical Sections – Direct Connector

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Express Lanes Toll Project Update

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Potential Direct Connector at Westinghouse Blvd.

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I-485 WESTBOUND I-485 EASTBOUND

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Express Lanes Toll Project Update

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Potential Direct Connector at Westinghouse Blvd.

Express Lanes Toll Project Update

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Express Lanes Toll Project Update

US 74 Express Lanes

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  • Currently Two-Directional Busway from I-277 to Sharon

Amity Road for 3 miles

  • U-209B – 1.5 mile extension
  • U-5526A – Converts Busway to reversible Express Lane
  • U-2509 – Extends Express Lanes to I-485

US 74 Express Lanes

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Express Lanes Toll Project Update

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U-5526A Key Project Facts

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  • 5+ miles long, from I-277 to east of Wallace Road
  • Conversion of existing Busway to Express Lane

(from I-277 to Albemarle Rd., approx. 3 miles)

  • Design-Bid-Build project ($22M)
  • Gate-controlled access
  • Wrong-way driver detection and notification signs
  • One toll location in middle of project with 2 gantries:
  • Short trip: entry from or exit to Albemarle Rd.
  • Long trip: travel entire length of project

Express Lanes Toll Project Update

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U-5526A Ingress and Egress

Express Lanes Toll Project Update

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  • Independent Assessment

Current Status

– Project Benefits & Opportunities – Design – Public Involvement – Toll Policy – Financing/ Traffic & Revenue – Schedule – Toll Collection Systems – ITS and AET Infrastructure – Ingress/Egress – Signing – Operations & Maintenance – Law Enforcement

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  • Planning studies nearing completion
  • Final design nearly complete (U-5526A)
  • Design-Build Teams shortlisted (I-5507)
  • Final examination of operating costs, revenue, etc. to

inform final tolling policy

Express Lanes Toll Project Update

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Questions?

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2018 Finance Committee Meeting Dates

David Roy

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Proposed Meeting Dates

2018 Finance Committee Meeting Dates Wednesday, March 21st Wednesday, April 18th Wednesday, June 20th Wednesday, July 18th Wednesday, September 19th Wednesday, October 17th Wednesday, December 19th