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PFA Closes $457MM Financing for I-285 / SR 400 Improvement Project in Georgia

The Public Finance Authority (PFA) issued $457,586,979 of revenue bonds for the purpose of financing the costs associated with the reconstruction of the Interstate 285 and State Road 400 Improvement Project (“Project”) located in Fulton and DeKalb Counties in Georgia. The bond proceeds will be used to provide enhancements, improve safety, and facilitate better traffic flow to accommodate the high volume of travelers on the beltway around the City of Atlanta.

The Georgia Department of Transportation ("Georgia DOT") issued an official Notice to Proceed to North Perimeter Contractors, LLC, ("NPC") for the purpose of undertaking the project pursuant to a design, build, and finance agreement. NPC was awarded the Project, after an extensive request for qualifications and requests for proposals. NPC's team includes Ferrovial Agroman US Corp, The Louis Berger Group, and Neel-Schaffer, Inc.

The P3 arrangement will assist the Georgia DOT and NPC in delivering the Project at an optimal all-in cost and reducing cost to the taxpayers through the issuance of PFA's tax-exempt bonds. The massive interchange makeover will take approximately four years, with Project completion anticipated in mid-2020.

PFA partnered with Bank of America, N.A. and Greenberg Traurig, LLP to provide financing to NPC's team in order to enhance and make a significant development impact on traffic congestion, major commercial node access, walking trail improvements and facilitation of contemplated mass transit connectivity and extensions.