Florida Department of Transportation Highway Advisory Projects

IMG Rebel’s expertise in highway public-private partnerships has repeatedlyprovided value for the State of Florida.

IMG Rebel used its public-private partnership expertise while servingas the lead financial advisor for the proposed First Coast Outer Beltway near Jacksonville

Florida’s Department of Transportation (FDOT) wanted to enter into a 50+ year concession agreement with a private consortium to design, build, finance, and operate andmaintain(DBFOM) a 46-mile greenfield toll road near Jacksonville. IMG Rebel served as lead financial advisor to FDOT for this transaction. IMG Rebel served as lead financial advisor to FDOT for this transaction. Some of the key tasks for us included valuation of the concessionfrom the private investor's perspective, advising on the content of the request for qualifications (RFQ) and request for proposals (RFP), assisting the FDOT selection panel to qualify and select theconcessionaire, completing a value-for-money analysis, and structuringinnovative financing approaches using TIFIA and Private Activity Bond (PABs) financing. IMG Rebel worked directly with the legal and technical consultants to maximize value to the State. We did this by ensuring that the concession was structured to generate the maximum interest from potential concessionaires, and that relevant risk factors were properly identified and mitigated. We developed a comprehensive financial model that was used to analyze the project from both the investor and public sector perspectives.

IMG Rebel was also called upon for determining the optimal path forward for Florida’s Turnpike
In a multi-year engagement, IMG Rebel assisted Florida’s Turnpike, a multi-billion dollar public highway builder-operator, in the development and implementation of its strategic business plan. This was done in light of large capital investment requirements and policymakers’ deliberations about the organization’s ownership status. The first stage was to assess options for future ownership, financing, and operations under public and private ownership, including a detailed, valuation analysis that was one of the first of its kind for a major U.S. turnpike. IMG Rebel conducted a detailed financial analysis of the financial capacity to carry out planned capital projects and examined the trade-offs of tax-exempt, taxable debt, and equity financing sources to understand the viability of authority, privatization, and other ownership options. In addition, IMG Rebel investigated ways for the Turnpike to improve cash flow through additional commercial activities, including service plaza improvements, branding, advertising, fiber-optic cable leasing, and real estate development. Based upon IMG Rebel’s analysis, policymakers focused on IMG Rebel’s proposed cost saving measures including innovative procurement methods and staff management improvements. The Florida Legislature acted on the IMG Rebel recommendations and converted the Turnpike agency into Florida’s Turnpike Enterprise, granting it the flexibility to operate in more efficient business-like manner.

Pictures