CHICAGO – Nov. 30, 2018 – Attorneys with global law firm Greenberg Traurig, LLP represented Bank of America Merrill Lynch and Wells Fargo Securities as underwriters’ counsel on a $610.3 Million Michigan Strategic Fund Limited Obligation Revenue Bonds (I-75 Improvement Project), Series 2018 (the “2018 Bonds”) deal.
Proceeds of the tax-exempt Series 2018 Bonds are to be used to fund a portion of the costs of design, construction, financing, and maintenance of the Michigan I-75 Modernization Project (Segment 3) consisting of 1.5 miles of rural freeway and four miles of urban depressed freeway with service drives and a storage and drainage tunnel and pump station (collectively, the “Project”). The Michigan Department of Transportation (MDOT) selected Oakland Corridor Partners LLC (OCP) through a competitive bidding process to complete the Project and entered into a Public-Private Partnership (P3) Design-Build-Finance-Maintain Agreement, dated as of Oct. 12, 2018, with OCP.
OCP is a group that includes John Laing Investments Limited, AECOM Capital, Inc., Ajax Paving Industries Inc. (Ajax), Jay Dee Contractors, Inc. (Jay Dee), and Dan’s Excavating, Inc. (Dan’s). Design on the Project will be led by AECOM Great Lakes, Inc. Construction (budgeted at approximately $629 million) will be carried out by MI 75 Constructors, LLC, comprised of Ajax, Jay Dee, Dan’s, and C.A. Hull Co., Inc., all Michigan-based firms.
OCP will complete the Project and collect milestone payments totaling $101 million from MDOT. OCP will also maintain a stretch of highway for 25 years after construction is finished and will receive quarterly availability payments during this maintenance period from MDOT. All payments from MDOT are subject to appropriation.
The Greenberg Traurig team was led by shareholders Charles J. Kolin, David J. LaSota, and Lorraine M. Tyson and included shareholders Michael D. Robson and Alexander L. Scarola, and Associate Christopher Lapp.
About Greenberg Traurig, LLP’s Public Finance Practice: Greenberg Traurig, LLP has a national Public Finance Practice that consistently ranks among the top bond, disclosure, and underwriter’s counsel firms according to The Bond Buyer’s nationwide and statewide rankings. Greenberg Traurig LLP’s Public Finance Practice has been serving the needs of state and local issuers, underwriters, credit providers, bondholders, and conduit borrowers throughout the United States for more than 30 years in virtually every area of public finance.
About Greenberg Traurig: Greenberg Traurig, LLP (GT) has more than 2,000 attorneys in 38 offices in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, was named the largest firm in the U.S. by Law360 in 2017, and is among the Top 20 on the 2018 Am Law Global 100. Web: www.gtlaw.com Twitter: @GT_Law.