On November 25, The Toronto Port Authority (TPA) announced it is entering negotiations with Forum Infrastructure Partners (Forum) to build the public-private partnership pedestrian tunnel to the Billy Bishop City Airport, located on the Toronto Islands, in Toronto, Canada.
Over the next 60 days, the TPA will work with Forum to negotiate and finalize the details of the contract related to the pedestrian tunnel. As is customary with P3 projects, financial and design information will be available upon financial close, expected in late January 2012.
“Our rigorous process has produced bids from three excellent domestic and international proponent groups, all of which have the financial wherewithal to complete the project with no funding from taxpayers. This represents another important milestone as we work to improve access to our popular airport,” said TPA Board Chairman Mark McQueen.
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The selected proponent is a consortium led by Forum Equity Partners; Developer & Equity Provider, PCL Constructors; Construction Contractor and Canada’s largest and most diversified construction firm, Johnson Controls; Facility Manager, a Fortune 100 firm and one of the world’s largest facilities managers, Arup; Lead Designer with an international team of designers, including ZAS Architects and Exp geotechnical engineers; Technicore Underground, Tunnelling Contractor with a wealth of tunnelling experience; and Nord/LB, debt capital provider.
Subject to decisions surrounding financial close in the coming months, the TPA expects that construction will start in winter 2012, with a targeted completion date of spring 2014.
This summer the City of Toronto negotiated the right to utilize the tunnel project to upgrade certain watermains and utility services. The partnership will save the City approximately $10 million and reduce duplication of construction in Toronto’s downtown core.
Key Dates and Timelines
|January 2010||P3 Process Initiated|
|March 15, 2010||Environmental Assessment Started|
|March 24, 2010||EA public meeting date|
|August 9, 2010||Call for Expressions of Interest|
|September 2010||Multiple consortia submissions|
|October 2010||Three consortia shortlted|
|November 2010||Public Meeting on Environmental Assessment|
|January 2011||Public Meeting on Environmental Assessment|
|April 2011||Announcement of Final EA Report and Shortlisted Consortia|
|July 2011||Agreement with City of Toronto reached|
|September 2011||Technical Submissions received for evaluation|
|October 2011||Federal Regulation gazetted|
|November 2011||Financial Submissions received for evaluation|