Chief Mistawasis Bridge & Traffic Bridge

Construction

This project involved the construction of Saskatoon’s largest infrastructure project and the revitalization of one of the City’s most important landmarks. The North Commuter Parkway is an arterial roadway that comprises the development of the planned transportation network that will link the Marquis Industrial area with the University Heights, including a nearly 400 m (1312 ft.) long, six-lane bridge across the South Saskatchewan River. This project will help foster and support the anticipated population of approximately 28,000 people and approximately 8,250 jobs in the area. The Traffic Bridge portion of the Project includes the demolition and removal of the existing Traffic Bridge superstructure and the construction of a new steel Parker through a truss bridge in the same location as the current bridge. Also included is the replacement of the existing retaining wall on the east side of Victoria Avenue between 11th Street and Saskatchewan Crescent, road and walkway improvements to Victoria Avenue between the bridge and 11th Street, and walkway improvements along Saskatchewan Crescent.

Financing

This project is the first bundled transportation P3 in Canada, the City of Saskatoon’s first transportation DBFOM and the largest infrastructure project ever delivered by the City of Saskatoon. By delivering this Project using the P3 model, Graham Commuter Partners was able to provide the City with value for money savings of $69.4 million – 19% lower than the public sector comparator and over double the savings the City anticipated in its business case.

After conducting extensive due diligence, Graham Capital concluded that the solution that provided the City with the most value for money was an innovative hybrid financing structure. This comprised unrated, privately-placed, long-term debt underwritten by one of the largest infrastructure investors in Canada, coupled with a shorter-term debt with cash flows tailored to correspond with the timing of the substantial completion payment provided by the City. This innovative financing structure directly contributed $1 million in value-for-money savings to the Project. The Project was funded through a combination of debt and equity investments as well as a substantial completion payment from the City at end of the Construction Period.