Case Studies: Istrian Y Toll Motorway - Revision history

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‎References

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‎References

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‎References

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‎Social Impact

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‎Performance

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‎Contract Structure

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‎Contract Structure

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‎Project Timing

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 *M. Grubišić Šeba, 2014, The Istrian Y Toll Motorway, in A. Roumboutsos, S. Farrell and K. Verhoest, COST Action TU1001 – Public Private Partnerships in Transport: Trends & Theory: 2014 Discussion Series: Country Profiles & Case Studies, ISBN 978-88-6922-009-8
-*Roumboutsos, A. (2015) “Ystrian Y Toll Motorway” in Łukasiewicz, A., Roumboutsos A., Liyanage C., Pantelias A., Mladenovic G., Brambilla M., Bernardino J. and Mitusch K. BENEFIT Database, Deliverable of WP6, BENEFIT Business Models for Enhancing Funding and Enabling Financing of Infrastructure in Transport, Horizon 2020, DG Research and Innovation
+*Roumboutsos, A. (2015), “Ystrian Y Toll Motorway” in Łukasiewicz, A., Roumboutsos A., Liyanage C., Pantelias A., Mladenovic G., Brambilla M., Bernardino J. and Mitusch K. BENEFIT Database, Deliverable of WP6, BENEFIT Business Models for Enhancing Funding and Enabling Financing of Infrastructure in Transport, Horizon 2020, DG Research and Innovation
 [[Category:Case Studies]]

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 *M. Grubišić Šeba, 2014, The Istrian Y Toll Motorway, in A. Roumboutsos, S. Farrell and K. Verhoest, COST Action TU1001 – Public Private Partnerships in Transport: Trends & Theory: 2014 Discussion Series: Country Profiles & Case Studies, ISBN 978-88-6922-009-8
-**Roumboutsos, A. (2015) “Ystrian Y Toll Motorway” in Łukasiewicz, A., Roumboutsos A., Liyanage C., Pantelias A., Mladenovic G., Brambilla M., Bernardino J. and Mitusch K. BENEFIT Database, Deliverable of WP6, BENEFIT Business Models for Enhancing Funding and Enabling Financing of Infrastructure in Transport, Horizon 2020, DG Research and Innovation
+*Roumboutsos, A. (2015) “Ystrian Y Toll Motorway” in Łukasiewicz, A., Roumboutsos A., Liyanage C., Pantelias A., Mladenovic G., Brambilla M., Bernardino J. and Mitusch K. BENEFIT Database, Deliverable of WP6, BENEFIT Business Models for Enhancing Funding and Enabling Financing of Infrastructure in Transport, Horizon 2020, DG Research and Innovation
 [[Category:Case Studies]]

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	*M. Grubišić Šeba, 2014, The Istrian Y Toll Motorway, in A. Roumboutsos, S. Farrell and K. Verhoest, COST Action TU1001 – Public Private Partnerships in Transport: Trends & Theory: 2014 Discussion Series: Country Profiles & Case Studies, ISBN 978-88-6922-009-8		*M. Grubišić Šeba, 2014, The Istrian Y Toll Motorway, in A. Roumboutsos, S. Farrell and K. Verhoest, COST Action TU1001 – Public Private Partnerships in Transport: Trends & Theory: 2014 Discussion Series: Country Profiles & Case Studies, ISBN 978-88-6922-009-8
		+
		+	**Roumboutsos, A. (2015) “Ystrian Y Toll Motorway” in Łukasiewicz, A., Roumboutsos A., Liyanage C., Pantelias A., Mladenovic G., Brambilla M., Bernardino J. and Mitusch K. BENEFIT Database, Deliverable of WP6, BENEFIT Business Models for Enhancing Funding and Enabling Financing of Infrastructure in Transport, Horizon 2020, DG Research and Innovation
		+

	[[Category:Case Studies]]		[[Category:Case Studies]]

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 ===Social Impact===
-The project has a positive social impact in terms of creating new jobs, increasing level of passenger safety, inter-regional and international connectivity, and in general improving quality of life. With most of  transit traffic remaining on the motorway, the Istrian Y Motorway Project has contributed to the alleviation of the negative social and environmental impacts tosmall towns and villages that have long been exposed to such externalities. The improved access to certain towns has equally helped alleviate summer traffic jams.In addition, almost 90% of the jobs within the project will be subcontracted to Croatian companies, of which 80% to Istrian small and medium sized companies. The Project employs a total of 700 people in Istria (Concessionaire + Contractor).
+The project has a positive social impact in terms of creating new jobs, increasing level of passenger safety, inter-regional and international connectivity, and in general improving quality of life. With most of  transit traffic remaining on the motorway, the Istrian Y Motorway Project has contributed to the alleviation of the negative social and environmental impacts to small towns and villages that have long been exposed to such externalities. The improved access to certain towns has equally helped alleviate summer traffic jams.In addition, almost 90% of the jobs within the project will be subcontracted to Croatian companies, of which 80% to Istrian small and medium sized companies. The Project employs a total of 700 people in Istria (Concessionaire + Contractor).
 ===Environmental Impact===

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	Since 1995, the traffic density on the Istrian Y has increased from 1.5m passenger cars to around 7.2m passenger cars per year in 2013. The observed average yearly traffic growth rate is around 7%. Notably, passenger traffic was underestimated. In contrast, the number of trucks is still below estimated. According to HUKA data, the number of heavy trucks on the motorway was about 626,000 in 2012.As traffic far exceeded forecasts, phase 1B and 2 were brought forward.		Since 1995, the traffic density on the Istrian Y has increased from 1.5m passenger cars to around 7.2m passenger cars per year in 2013. The observed average yearly traffic growth rate is around 7%. Notably, passenger traffic was underestimated. In contrast, the number of trucks is still below estimated. According to HUKA data, the number of heavy trucks on the motorway was about 626,000 in 2012.As traffic far exceeded forecasts, phase 1B and 2 were brought forward.
		+
		+	Concessionaire's total revenues are currently around 38million euro, expected to rise to 60 million euro at the end of the concession period.

	==Project Outcomes==		==Project Outcomes==

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	Remuneration is effected through the collection of tolls on the motorway for 28 years, calculated from the completion of the first phase, or for 32 years including the construction period. Tolls are imposed on the Učka Tunnel and Mirna Bridge. The concessionaire has a right to charge tolls on all completed four lane sections of the Istrian Y motorway, and the State is obliged to provide financial support if toll revenues are not sufficient. The amount of this financial contribution is determined at the end of each year. Excess profits are shared 70:30 between the state and the concessionaire respectively. Following the completion of phase 2A (four lanes) the concessionaire is entitled to collect tolls over the entire Istrian Y except on the Matulji to Učka Tunnel section.		Remuneration is effected through the collection of tolls on the motorway for 28 years, calculated from the completion of the first phase, or for 32 years including the construction period. Tolls are imposed on the Učka Tunnel and Mirna Bridge. The concessionaire has a right to charge tolls on all completed four lane sections of the Istrian Y motorway, and the State is obliged to provide financial support if toll revenues are not sufficient. The amount of this financial contribution is determined at the end of each year. Excess profits are shared 70:30 between the state and the concessionaire respectively. Following the completion of phase 2A (four lanes) the concessionaire is entitled to collect tolls over the entire Istrian Y except on the Matulji to Učka Tunnel section.
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		+	State financial contribution has averaged EUR 17M p.a. since 2000, and is expected to remain at this level until the end of the contract period. Therefore, the State contribution is estimated to reach almost 3.5 billion kuna (aprox. EUR 504M) by 2027.

	In addition, the concessionaire is exempt from income tax and any road tax until the 14th year of the concession, and is entitled to a refund on value added tax for expenditures related to the fulfilment of the concession. However, as no such tax existed when the contract was signed, the concessionaire is not obliged to pay value added tax.		In addition, the concessionaire is exempt from income tax and any road tax until the 14th year of the concession, and is entitled to a refund on value added tax for expenditures related to the fulfilment of the concession. However, as no such tax existed when the contract was signed, the concessionaire is not obliged to pay value added tax.

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 In addition, the concessionaire is exempt from income tax and any road tax until the 14th year of the concession, and is entitled to a refund on value added tax for expenditures related to the fulfilment of the concession. However, as no such tax existed when the contract was signed, the concessionaire is not obliged to pay value added tax.
-The concession contract was revised and amended on 18 September 1997 and on 27 August 1999 as well as in 2003 and in 2008.  Key events that influenced the concession term are shown in Figure 5.
+The concession contract was revised and amended on 18 September 1997 and on 27 August 1999, as well as in 2003 and in 2008.  Key events that influenced the concession term are shown in Figure 5.
 ===Risk Allocation===

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 The Učka Tunnel was to be refurbished and the concessionaire was obliged to construct the remaining 85 km of the Istrian Y motorway (90 km with intersections and ramps). Staged construction was considered. Phase 1A concerned the construction of a semi-motorway profile with one lane in each direction, and in Phase 1B, after the average daily traffic exceeded 10,000 passenger cars, a full motorway profile together with the second tube of the Učka Tunnel was to be built.
-Following financial close, the construction of Phase 1A began in 1997 and was completed on 3 December  1999. The second phase (1B) was divided into three sub-phases – 1B1, 1B2-1 and 1B3. The financial close for Phase 1B, including the refinancing of debt obligations related to Phase 1A, was concluded in 2003 after which the construction of phase 1B started. The entire 1B phase became operational in 2006. Construction of phase 2A began in 2008. Details of project phasing are shown in Figure 4.
+Following financial close, the construction of Phase 1A began in 1997 and was completed on 3 December  1999. The second phase (1B) was divided into three sub-phases – 1B1, 1B2-1 and 1B3. The financial close for Phase 1B, including the refinancing of debt obligations related to Phase 1A, was concluded in 2003 after which the construction of phase 1B started. The entire 1B phase became operational in 2006. Construction of phase 2A began in 2008. The details of project phasing are shown in Figure 4.
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 ==Project Timing==
-The need for the Istrian Y motorway dates back to 1970s when some parts of the single carriageway road were built with public funds. Between 1970 and 1981 the Matulji-Lupoglav section (24km including the Učka Tunnel) was built. The construction of the Lupoglav-Pazin and Kanfanar-Medaki sections including the Limska Draga viaduct was completed by 1990. The concession fulfilled the need to complete the motorway in several stages, as shown in Figure 4.
+The need for the Istrian Y motorway dates back to 1970s when some parts of the single carriageway road were built with public funds. Between 1970 and 1981, the Matulji-Lupoglav section (24km including the Učka Tunnel) was built. The construction of the Lupoglav-Pazin and Kanfanar-Medaki sections including the Limska Draga viaduct was completed by 1990. The concession fulfilled the need to complete the motorway in several stages, as shown in Figure 4.
 ==Project Locality and Market Geography==

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 | label3  = Approval of the refinancing of the concessionaire’s existing obligations, with the grantor returning its financial contribution if the project reaches financial stability
 | data3   = 25 February 2003
-| label4  = Financing Plan for Phase 1B closed and Refinancing Plan for Phase 1A closed.
+| label4  = Financing Plan for Phase 1B closed and Refinancing Plan for Phase 1A closed
 - Construction of Phase 1B commenced.
 | data4   = 2003