M17/M18 - Gort to Tuam [open to traffic]

antoobrien

tech2 wrote: »

Bam Balfour Beatty is proceeding
towards achieving financial close in Q 1 2011. "　

Presumably this means getting funding?

Tech3

antoobrien wrote: »

Presumably this means getting funding?

Yeah from reading another article on their website. When is the end of their Q1 though?

dubhthach

tech2 wrote: »

Yeah from reading another article on their website. When is the end of their Q1 though?

Well normally it would be the 31st of March. Of course some companies have "company years" that do not match the calendar year.

KevR

KevR wrote: »

Looks like they are making an alteration to the power lines; I don't think they are high enough to have a 3-level stack underneath. Have no idea if they are going to re-route the lines away from the junction, bury them underground or install taller pylons...

I thought that 3 level stack was killed by ABP?

fresca

Q1 refers to the calendar period Jan-Mar (incl).
Different from the tax-year calendar.

dubhthach wrote: »

Well normally it would be the 31st of March. Of course some companies have "company years" that do not match the calendar year.

glineli

I aint feeling too confident about this now!!!

ki

I know that most Land owner have being paid for their Lands. A small minority are yet to agree a price.

I believe it is too far along to stop now.

antoobrien

Tech3 wrote: »

Recieved this email from the NRA today and Frank fahey will have an article in the local newspaper weeks later.:

"Further to your email , I wish to advise the the PPP
Contract has not yet been awarded and the
Preferred Bidder , Bam Balfour Beatty is proceeding
towards achieving financial close in Q 1 2011. "　

fresca wrote: »

Q1 refers to the calendar period Jan-Mar (incl).
Different from the tax-year calendar.

That Q1 is the NRA's Q1 not Bam - meaning they hope to have financing in place by March 31.

So what happens if BAM don't get the financing in place. New tender or does it revert to the second placed consortium (Direct Route)?

Sponge Bob

ki wrote: »

I know that most Land owner have being paid for their Lands.

The cost of the road itself will be around €200m-€250m.

KevR

Deleted User wrote: »

I thought that 3 level stack was killed by ABP?

The MSA which was going to be attached to the giant roundabout on the 3-level stack was cancelled. The 3-level stack itself is still going ahead.

Pete_Cavan

KevR wrote: »

The MSA which was going to be attached to the giant roundabout on the 3-level stack was cancelled. The 3-level stack itself is still going ahead.

I presume they are still allowing for an exit for a future MSA at this interchange or has the whole MSA idea been scrapped? It would be very short-sighted to build the interchange and not allow for the MSA to be built some time in the future.

spacetweek

Pete_Cavan wrote: »

I presume they are still allowing for an exit for a future MSA at this interchange or has the whole MSA idea been scrapped? It would be very short-sighted to build the interchange and not allow for the MSA to be built some time in the future.

I certainly hope there's no MSA built on it - it's totally inappropriate for one.

Chris_5339762

The MSA was refused permission and quite rightly too. Ridiculous place for one.

KevR

KevR wrote: »

The MSA which was going to be attached to the giant roundabout on the 3-level stack was cancelled. The 3-level stack itself is still going ahead.

Ah ok, I knew there was something there that they had put the brakes on, cheers for that kevR

Tech3

Seen the start of this article this evening looks like scheme may be delayed. I tried a register of the account to view but you need to subscribe to the site for £1,600 per year :eek:

Gort-to-Tuam shadow toll struggling to find lenders

The Eu210 million ($282 million) M17/M18 Gort-to-Tuam shadow toll in Galway is struggling to generate bank interest. A BAM PPP/Balfour Beatty Capital consortium was...

Link

dubhthach

Tech3 wrote: »

Seen the start of this article this evening looks like scheme may be delayed. I tried a register of the account to view but you need to subscribe to the site for £1,600 per year :eek:



Link

If they are having trouble rasing money to build a fairly straightforward motorway then it must be even less fun raising money as a consortium for Metro North!

KevR

is struggling to generate bank interest

I really don't understand this - I thought the construction consortium had to have a bank onside (and financing all but in place) before the could be selected as the preffered bidder.

As far as I can recall, AIB willing to back the other consortium that lost out. I was under the impression that BAM/Balfour had a different financial institution (not necessarily Irish) backing them??

Irish and Proud

KevR wrote: »

I really don't understand this - I thought the construction consortium had to have a bank onside (and financing all but in place) before the could be selected as the preffered bidder.

As far as I can recall, AIB willing to back the other consortium that lost out. I was under the impression that BAM/Balfour had a different financial institution (not necessarily Irish) backing them??

I did do a little work relating to tenders (minor construction) in the past and AFAIK, if a particular bid did not have the financial resources in place, it wouldn't even make the pre-qualification stage!

So, if the preferred consortium doesn't have the finance in place, how did they make the shortlist. Also, the ECB AFAIK is borrowing money to fund the bailout of Ireland with an AAA credit rating, so why can't a construction consortium, if their house is in order, get access to credit. Of course, we're back to the question, if the consortium has financial issues, how did they make the shortlist?

We need answers! :mad:

Chris_5339762

Like I said before, if this big PPP fails, then EVERYTHING on the PPP list is in serious doubt. Not just roads, this would include N7/M11, M20, Metro North, expansion of Cancer Services in Galway/Cork/Dublin/Waterford/Limerick in 2014/16 etc etc.

Amtmann

I don't know if it's as stark as that, Chris. The N7/M11 PPP is a far less ambitious project in terms of cost and materiél, and the traffic volumes (if these are factors) are far higher than on the M17/M18. On the other hand, what is the delay with announcing details on that project? On the other hand again, we have the N11 being closed next week for ESB enabling works to allow the Arklow-Rathnew scheme to proceed. We wait with bated breath...

Chris_5339762

Yeah maybe N7/M11 will go ahead, or will be split and paid for with exchequer funding (both projects are small enough that that should have been done in the first place anyway). MN and the cancer expansion are huge amounts of money (more than the M17/18 project) so they would go down the tubes or be quietly forgotten

Fianna Fowl

This problem is not of the consortiums making, it's an Irish problem and we are going to be hearing about a lot more onto the future.

The banks have no problem raising the finances, their problem is irelands ability to repay it's debts. Where does a PPP guaranteed by ireland stand in relation to other senior debt? Until the talk of "burning the bondholders" disappears, then so do these projects.

Irelands recent actions in relation to capital allowance, where they also burned investors also does not send out the right message. I also can't see wind farms or other renewables drawing down too much finance in the near future as PPA's are also essentially underwritten by the state.

Apologies for the glum assessment, it is Monday!

KevR

Galway News wrote:

FUNDING STILL IN PLACE FOR M17
February 8, 2011 - 12:11pm
FUNDING STILL IN PLACE FOR M17
Funding has not been withdrawn for the M17, Gort to Tuam motorway. That's according to Director of Services at Galway County Council Frank Gilmore.

Mr.Gilmore made the comment in response to questions from Councillor Peter Warren at this week’s meeting of Tuam Town Council.

http://www.galwaynews.ie/17509-funding-still-place-m17

Not much of an article, more like a brief statement but hopefully it is true! Although, I won't feel at ease until I see diggers and earthmovers on site.

westtip

KevR wrote: »

http://www.galwaynews.ie/17509-funding-still-place-m17

Not much of an article, more like a brief statement but hopefully it is true! Although, I won't feel at ease until I see diggers and earthmovers on site.

Current climate I will be surprised tho' delighted of course if it happens. My worst fear though is any politician promising it.

glineli

Just wondering do people think this will happen or will it get canned?

i am a glass half full type of guy so i am going 80% chance of it happening, and thats not based on any facts!!!

Tech3

It would be absolutely pointless to can this project when 2/3's of the road to Galway from Limerick is DC/motorway standard.

glineli

Tech3 wrote: »

It would be absolutely pointless to can this project when 2/3's of the road to Galway from Limerick is DC/motorway standard.

I agree completely, i think from a regional development standpoint, to have galway to limerick linked via motorway is very important. I am just hoping those that go into power see this.

Benbecul97

With the probability of a Taoiseach from Mayo, and possibility of a Tanaiste with Galway roots, this will not be canned...in fact they should be pressing ahead with the next section from Tuam to Claremorris.

irishgeo

its not been canned but the banks have doubled the interest rate they were offering, so the tender needs to re done.

irishgeo

there is an article on the front of the sunday business post today about this.