Amber Infrastructure Group and Hunt Companies have announced that the Annapolis Mobility and City Dock Resiliency project in New York has reached financial close.
The project encompasses the improvement of crucial infrastructure in Annapolis, including building 588-space parking garage, operations of on- and off-street parking, and financing for the reconstruction of the City Dock.
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Amber Infrastructure Group head of North America Tom O’Shaughnessy said: “We are delighted to see this project progress. The City of Annapolis and the AMRP consortium have pioneered an approach to financing and constructing critical resiliency infrastructure.”
The City of Annapolis chose Amber, who is leading the AMRP Consortium, as the preferred bidder in 2020.
A progressive development agreement was signed with Amber, which allowed the City of Annapolis to optimise the design as well as the delivery schedule while greatly cutting down the procurement risk and expense.
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City manager Michael Mallinoff said: “When the work on the garage and City Dock is completed in 2025, it will not only help downtown avoid the destruction caused by flooding events, it will also be a model for pairing infrastructure work with resiliency efforts.
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By GlobalData“This is part of our ongoing infrastructure investments that have long-term benefits for our entire community. We are doing this for the longevity of our historic City and I could not be more pleased that so many people have come to the table to make this community-driven vision a reality.”
The project will be delivered via a public-private partnership concession agreement between the City and the Maryland Economic Development Corporation (MEDCO).
Under this agreement, MEDCO has raised financing against future parking revenues via the issuance of both tax-exempt senior Economic Development Revenue Bonds and private placed taxable subordinated bonds.
Besides Amber’s investment in the subordinated bonds issued by MEDCO, it will act as the developer and manager for the project on behalf of MEDCO as concessionaire.
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Image: Rendering of Annapolis City Dock. Credit: Hunt Companies/ Amber Infrastructure Group/PRNewswire.
