IJGlobal Chooses LAX People Mover as 'North American PPP Deal of the Year'
03/19/2019 09:09 AM
IJGlobal notes innovative financing model in honoring APM project.
For Immediate Release March 19, 2019
Contact: LAX Public Relations
Brian Ostler, Deputy City Attorney, accepted the "North American PPP Deal of the Year" award from IJGlobal at a ceremony in New York City.
IJGLOBAL CHOOSES LAX PEOPLE MOVER AS 'NORTH AMERICAN PPP DEAL OF THE YEAR'
(Los Angeles, CA) The Los Angeles International Airport (LAX) Automated People Mover (APM) was recognized as the "North American PPP (Public-Private Partnership) Deal of the Year" by IJGlobal, a leading online database of infrastructure and project finance transactions and one of the world’s most-respected infrastructure news sites. The award was presented during a ceremony last week at the Mandarin Oriental Hotel in New York City.
“It is gratifying to learn that industry leaders are as excited as we are about the people mover project and advancing mega project delivery through the P3 deal, which will create a new front door to LAX and provide better, more efficient service to our guests,” said Deborah Flint, Chief Executive Officer, LAWA. “LAWA is leading the way with our innovative P3 approach to financing and development of our major infrastructure projects, and we thank IJGlobal for recognizing us as the Public-Private Partnership deal of the year. We also thank the team at Nossaman LLP, which has been our legal counsel and advised LAWA on the P3 process.”
LAX Integrated Express Solutions (LINXS), whose members include Fluor, Balfour Beatty, ACS Infrastructure Development, Dragados USA, HOCHTIEF PPP Solutions, Flatiron, Bombardier Transportation, HDR and HNTB, was selected to deliver the APM on a 30-year design-build-finance-operate-maintenance (DBFOM) contract. Nossaman, LLP provided legal counsel on this award-winning project and continues to work with LAWA on other facets of LAMP, such as the Consolidated Rent-A-Car Center (ConRAC), which will be the world’s largest consolidated rental car center when completed.
“This project breaks new ground for financing in the U.S. It is the first time that a DBFOM model has been used for a transport system of this nature at a U.S. airport," said Ila Patel, Americas Editor, IJGlobal, who is one of the judges.
The panel of judges that selected LAWA for this honor incudes industry leaders from the financing/infrastructure field.
IJGlobal’s clients include equity providers, funds, institutional investors, lenders, multilaterals, and governments and advisers. The organization works with 80 percent of the top project finance lenders, 90 percent of the top law firms, and 85 percent of the top financial advisers in the infrastructure industry.
A groundbreaking ceremony for the APM was held earlier on Thursday. It is the largest piece of the LAMP program, which will also include a Consolidated Rent-A-Car Center (ConRAC) that is also being developed as a P3 project. The APM will have three stations outside the Central Terminal Area and three stops inside the airport, providing a 10-minute ride from end-to-end along its 2.25-mile elevated track. It is slated to open by March 2023.
Brian Ostler, Deputy City Attorney, LAWA, accepted the award at last Thursday night’s ceremony.
About Los Angeles International Airport (LAX)
LAX, the fourth-busiest airport in the world and second busiest in the United States, was named a top-10 U.S. airport by SKYTRAX. LAX served more than 87.5 million passengers in 2018 and offers an average of 700 daily nonstop flights to 109 cities in the U.S. and 1,281 weekly nonstop flights to 93 markets in 47 countries on 69 commercial airlines. LAX ranks 10th in the world in air cargo tonnage processed, with more than 2.4 million tons of air cargo. LAX handled 707,883 operations (landings and takeoffs) in 2018.
LAX generated 620,600 jobs in Southern California, with labor income of $37.3 billion and economic output (business revenues) of more than $126.6 billion, according to an economic study based on 2014 operations. This activity added $6.2 billion to local and state revenues and $8.7 billion in federal tax revenues. The study also reported that LAX’s ongoing capital improvement program creates an additional 121,640 annual jobs with labor income of $7.6 billion and economic output of $20.3 billion; $966 million in state and local taxes; and $1.6 billion in federal tax revenues.
LAX was honored as having the “Best Overall Customer Service Program” by Airports Council International-North America; named the “Best Airport for Breastfeeding Moms” by Mamava; selected for the Top 10 “Best of the U.S.’s Big Airports” (Wall Street Journal) and “Most Pet-Friendly Airports in the U.S. (Mental Floss); named the second-most improved airport in the U.S. by JD Power; received an “Innovation Award” from the L.A. Better Business Challenge for its Central Utility Plant; and named a “Business Leader in Air Quality” by the South Coast Air Quality Management District.
LAX is also the second-most popular airport in the world to appear on Instagram, according to wego.com. LAX is part of a system of two Southern California airports – along with Van Nuys general aviation – that are owned and operated by Los Angeles World Airports, a proprietary department of the City of Los Angeles that receives no funding from the City’s general fund.
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