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P3: $322 million paid to developer so far, advanced payments account for $199 million
Summary
The P3 representative said the authority has paid about $322,000,000 to the developer to date, including roughly $199,000,000 in Series A advance payments and additional interim and milestone payments.
The board heard a summary of payments made under the public‑private partnership. "We've paid about $322,000,000 to the developer to date," P3 representative Bakkegard told the board, adding that roughly "$199,000,000" came from Series A advance payments. He said interim completion (ICE) payments and statement‑of‑principles payments accounted for other notable sums and that a $5,000,000 milestone payment was recently triggered by completion of interstate bridges.
Bakkegard described remaining contingency and developer change items and noted the authority maintains a weekly standing committee to review interim completions and advance payments. Board members asked routine questions about payment oversight; staff said those processes would continue and be tracked closely in coming months.
