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Crosslinx Transit Solutions (Crosslinx) has signed the PPP contract for the Eglinton Crosstown Light Rail Transit (LRT) project in Toronto, Ontario, Canada.
The contract between Crosslinx, Metrolinx and Infrastructure Ontario (IO) is valued at approximately CAD$9.1 billion, which reflects payments during construction, a substantial completion payment and the monthly service payments during the concession period.
The total project investment is estimated at CAD5.3 billion (US$4.05 billion). Crosslinx will issue CAD$565.3 million of senior secured amortizing bonds due in September 2046 and CAD$166.6 million of senior secured bullet bonds due in June 2051, to finance the project.
The Crosslinx Transit Solution group is a mix of Canadian and international partners, including SNC-Lavalin, ACS Infrastructure Canada, EllisDon, Aecon, Dragrados Canada, and IBI Group. Crosslinx's successful proposal will deliver the Crosstown LRT by 2021. Using the Alternative Financing and Procurement (AFP) delivery model, Crosslinx's winning proposal commits them to:
The 19 km light rail transit line will run across Eglinton Avenue between Mount Dennis and Kennedy Station. It will include a 10 km underground portion between Keele Street and Laird Drive. The 25 stations and stops will link to bus routes, three subway stations and various GO Transit lines. It will include a maintenance and storage facility and operations and control centre.
Under separate Metrolinx contracts, tunnels and utility work began in 2011 and significant progress has been made with tunnelling on the western segment between Black Creek Drive and Allen Road. When in service, the Crosstown will provide service that is up to 60 % faster than bus service today.
Steven Del Duca, Minister of Transportation, stated:
"We are making great progress on the Crosstown and I am very pleased that we have reached this milestone. Providing light rail transit across the City, we will help thousands of commuters get where they need to be, quickly and easily. The Crosstown is further proof of our commitment to manage congestion and keep the region moving."
Brad Duguid, Minister of Economic Development, Employment and Infrastructure, commented:
"This important investment in the Eglinton Crosstown line will provide fast, efficient and reliable transit for Ontarians. As part of the largest infrastructure investment in the province's history, this significant project will generate economic benefits to the Greater Toronto Area, create jobs, and keep people moving."
Bruce McCuaig, President and CEO, Metrolinx, said:
"This is another important milestone in the delivery of the Eglinton Crosstown LRT project. We are now ready to move into the next phase of the project to build the Crosstown stations and stops, track and signal infrastructure and maintenance and storage facility to support the line. This is another example of the progress Metrolinx is making to transform the way the region moves by building a fast, convenient and integrated transit network across the GTHA."
Bert Clark, President and CEO, Infrastructure Ontario, added:
"Successfully reaching financial close for the Crosstown project is the result of years of hard work by IO's dedicated staff working collaboratively with Metrolinx to deliver a game-changing transit project. This made-in-Ontario procurement solution delivers an innovative contract to protect taxpayers from risks of cost overruns. Crosstown will raise the standard for other transit projects being delivered in North America."