24 year Partnership Agreement for the construction, financing, operation, maintenance and rehabilitation of the South Fraser Perimeter Road (the "Partnership Agreement").
Located 17 miles south of Vancouver, British Columbia, the South Fraser Perimeter Road is a new four-lane, 40 kilometer (25 mile), route along the south side of the Fraser River. The road stretches from Deltaport Way in southwest Delta to 176th street in Surrey, with connections to Highways 1, 15, 17, 91, 99 and the new Golden Ears Bridge.
Financial Close for the project occurred on July 14, 2010 with the Fraser Transportation Group (the Concessionaire) signing a Concession Agreement with the Province of British Columbia and the British Columbia Transportation Financing Authority for the finance, design, construction, operation, rehabilitation, and reinstatement of the project over a 24 year Concession Term. At the same time, the Concessionaire signed a Design Build Contract with FTG Constructors (the Contractor) for the design and construction of the project.
The first phase of construction was completed and the Eastern Segment of the road opened for operation on December 1, 2012. The following year, on December 21, 2013 with the conclusion of the second phase of construction, the project reached substantial completion and the entire road was opened to traffic. On June 12, 2014 the project achieved total completion and is now fully operational.
In recognition of the project’s success, the Canadian Council for Public-Private Partnerships awarded South Fraser Perimeter Road with its 2014 Silver Infrastructure Award, one of the council’s National Awards for Innovation and Excellence in Public-Private Partnerships.