A nationally recognized leader in the field of public-private partnerships (P3s), Corey Boock offers clients more than 25 years’ experience in structuring, procuring, financing and negotiating cutting-edge deals in the transportation industry, as well as the social infrastructure, water/wastewater and solid waste sectors.
Mr. Boock handles a wide range of P3 and alternative project delivery and innovative finance approaches including concession/franchises, availability payment models, design-build, design-build-finance and design-build-operate-maintain. He has represented public agencies as well as private sponsors and contractors in Alaska, Arizona, California, Indiana, Michigan, Nevada, North Carolina, Texas, Virginia and British Columbia.
Largely as a result of his leadership role in the March 2013 financial close of the precedent-setting $1.18 billion East End Crossing project, Law360 profiled Mr. Boock as a “Project Finance MVP” in 2013. The East End Crossing project and financing included the largest issue of Private Activity Bonds (PABs) for a U.S. P3 transportation deal and the first bridge availability payment concession transaction in the country.
Mr. Boock, who is Chambers-rated nationally and globally in the field of P3s, guides state departments of transportation as well as regional and local transportation agencies in developing P3 programs from the outset. These include the Arizona Department of Transportation, the Indiana Finance Authority, the Nevada Department of Transportation, the Riverside County Transportation Commission and the Texas Department of Transportation (the largest P3 program in U.S. history).
In the social infrastructure realm, Mr. Boock is at the forefront of applying proven P3 models to develop governmental facilities projects such as courthouses, prisons and street lighting.
His expertise also includes nearly two decades advising private-sector clients on P3s and design-build models in the water/wastewater sector. He has been particularly active in the use of innovative project delivery on water/wastewater/biosolid and related treatment and reclamation facilities in California and throughout the West Coast.
In the solid waste arena, Mr. Boock has advised on groundbreaking public sector divestitures and private sector sales of landfills and transfer stations and outsourcing of operations, including pioneering transactions for counties in California.
- Indiana Finance Authority – P3 Program. Leader of the legal team advising the Authority on availability payment projects within its innovative P3 infrastructure program. Indiana has established itself as a national leader in leveraging private-sector capital and innovation to finance, construct and maintain major transportation infrastructure projects.
- Indiana Finance Authority – East End Crossing. Leader of the legal team advising on a precedent-setting P3 procurement for a $1.18 billion, six-lane toll bridge across the Ohio River. Scheduled for completion in 2017, the project broke new ground as the first P3 transportation deal that does not use TIFIA funds in its capital structure and the largest PAB issue for a P3 transportation project in the U.S. It also features the first P3 availability payment project debt to receive a “flat” investment-grade rating from both Standard & Poor’s and Fitch. The Authority contracted with a joint venture of Walsh/VINCI/Bilfinger for the DBFOM project, which achieved procurement in record time. Financing includes $194.5 million in short-term bonds secured by milestone payments and $482 million in long-term bonds secured by availability payments. Mr. Boock has been involved with procurement, drafting and finalizing RFQ and RFP documents, developing and administering the evaluation process, and negotiating the contract agreement. In 2015, East End Crossing won the International Road Federation’s “Global Road Achievement Award for Project Finance and Economics.” The bridge earned P3 Bulletin International’s “Best Global Road Project” and “Best Global Infrastructure Project” honors in 2014. The structure captured several awards in 2013: The Bond Buyer named it “Deal of the Year” – a first for a P3 transaction. The American Road and Transportation Builders Association honored the bridge as “P3 Project of the Year,” and Project Finance International selected it as “Americas Transportation Deal of the Year.” Project Finance magazine highlighted it as “North American Project Bond Deal of the Year,” and Partnerships Bulletin honored East End with “Projects Grand Prize” and “Gold Prize” for best P3 road project. The same year, Infrastructure Journal named the project a finalist for “Transport Deal of the Year.”
- Indiana Finance Authority – I-69 Section 5. Leader of the legal team advising on a $370 million DBFOM availability payment P3 procurement and contract for Section 5 of this six-phase highway project. The section, Indiana’s second availability payment project following East End Crossing, will run 21 miles between Bloomington and Martinsville, turning SR 37 into an interstate highway. Improvements will include four new interchanges and four new overpasses and upgrades to existing interchanges and overpasses. The agency awarded a contract to Isolux Infrastructure Netherlands B.V. in April 2014 and Section 5 reached financial close three months later. The project, which utilized $244 million in PABs and $41 million in private equity, is scheduled to open by the end of 2016, several years ahead of schedule. Mr. Boock advised the agency on the procurement and commercial structure of the transaction, helped draft procurement documents and oversaw the Nossaman team efforts regarding negotiations and evaluation.
- Indiana Finance Authority – Ohio River Bridges Toll Service Provider. Leader of the legal team advising a project to secure a toll service provider to provide, operate, manage and maintain a toll collection system for the Ohio River Bridges Project through a toll services agreement, as well as provide back-office and customer service support. The ORB project includes the East End Crossing being developed by IFA through an availability payment P3 and the Downtown and Kennedy Bridges being developed by Kentucky through design-build. Tolls will be collected through an all-electronic tolling system. Six companies have submitted qualified bids. The project is currently in procurement.
- Indiana Finance Authority – I-69 Major Moves 2020 Expansion Project. Leader of the legal team advising on the state’s first best value design-build project, which will upgrade sections of the I-69 in Hamilton and Madison counties. The $85 million project involves adding a third travel lane northbound and southbound as well as a southbound auxiliary lane, interchange improvements, bridge widening and pavement and structural enhancements. IFA selected Milestone Contractors LP as the design-build contractor and the project reached commercial close in January 2016. Substantial completion is expected in late 2017. Mr. Boock helped structure the project procurement and commercial framework, including use of an innovative evaluation approach focusing on maximizing project scope, and has advised the agency throughout the procurement to date.
- City of Indianapolis – Marion County Justice Center. Leader of the legal team that advised on all aspects of an innovative availability payment P3 project to consolidate the City’s criminal justice functions into a single efficient center. The plan, one of the first of its kind for a justice complex, called for $500 million of up-front design, construction and financing costs to shift to a private partner responsible for operating, maintaining and upgrading the facility for 35 years. The 1.2 million-square-foot facility combined a new adult detention center with a community corrections facility, courthouse, sheriff’s department offices and new surface parking. The City released an RFP to three shortlisted teams in June 2014 and selected a preferred bidder in December 2014. After successfully completing negotiations with the bidder, the mayor and City staff recommended awarding the project and advancing with commercial and financial close. The City Council, however, decided not to move forward with the complex and cancelled the procurement after receiving three compliant bids.
- Michigan Department of Transportation – Street Lighting P3 Project. Leader of the legal team advising on this innovative approximately $125 million project – the first transportation P3 in Michigan and the first freeway lighting P3 in the U.S. The project will result in the replacement of approximately 15,000 new lights across bridges, tunnels and roadway in the Detroit region with newer, brighter, more energy efficient LED bulbs. The 15-year DBFOM project includes an availability payment structure that incorporates a risk/reward mechanism for energy savings. In May 2015, MDOT chose a Star America/Aldridge Electric/Cofely Services consortium as preferred bidder to develop the project. The Michigan State Transportation Committee approved the project in July 2015 and it reached financial close in August 2015. Mr. Boock assisted the agency in developing the commercial structure of the concession agreement and negotiating the agreement with the preferred proposer. He also led the Nossaman team supporting the transaction’s successful financial close.
- North Carolina Department of Transportation – I-77 Managed Lanes Project. Co-leader of the legal team advising on North Carolina’s first highway P3 – a $600 million upgrade of a critical business artery in one of the fastest growing states in the U.S. Under the toll concession agreement, a Cintra-led consortium will design, build, toll, operate and maintain 26 miles of high-occupancy managed lanes alongside existing general purpose lanes of the I-77 corridor heading north out of Charlotte. The project, the state’s first toll concession, reached commercial close in June 2014 and financial close in May 2015. Completion is anticipated in March 2017. Financing includes $100 million in PABs, a $189 million TIFIA loan, $248 million in private equity and $95 million from the transportation agency. The improvements represent the first hybrid toll concession model to structure a credit support vehicle for lenders in conjunction with a traditional toll revenue risk concession. Mr. Boock assisted with structuring, development, procurement and administration of the P3.
- Nevada Department of Transportation – Project Neon. Leader of the legal team advising on the design-build procurement of a nearly $560 million project to realign and improve 3.7 miles along the I-15 in downtown Las Vegas from the Sahara Interchange to the U.S. 95/I-515 Interchange known as the Spaghetti Bowl – an area with the highest congestion in the City. The team has worked on the project since the mid-2000s, advising on legislation, screening, procurement, structure and implementation. The transportation agency shortlisted firms in December 2014, released its RFP in March 2015, selected a preferred proposer in October 2015 and the next month awarded a $559.4 million contract to Kiewit Infrastructure West Co. Completion is expected in 2019. Mr. Boock has acted as a strategic advisor helping to structure the procurement approach and contract documents and has supervised the Nossaman team as it assists the Department with legal and commercial issues.
- Riverside County Transportation Commission – SR 91 Express Lanes. Leader of the legal team advising on development, procurement and financing of a $1.3 billion project to add four high-occupancy toll lanes through Corona, a stretch of SR 91 with some of the heaviest traffic in Southern California. The project, which will extend the existing 10 miles of similar and highly successful lanes in Orange County, is the transportation agency’s first design-build highway improvement and the largest project it has ever undertaken. The transportation agency awarded a $632 million design-build contract to an Atkinson/Walsh joint venture in May 2013 and construction began in 2014. The managed lanes, Riverside County’s first, are expected to open in 2017. Mr. Boock is assisting with a broad array of issues including structuring the procurement, drafting procurement and contract documents, risk analysis, advising on federal and state requirements and developing cooperative agreements with local and state entities.
- Riverside County Transportation Commission – I-15 HOT Lanes. Leader of the legal team advising on development, procurement and financing of a project to add tolled express lanes along a portion of the heavily traveled I-15 in Riverside County. The $425 million-$450 million upgrade, which is undergoing environmental analysis, will feature 15 miles of managed lanes in the median in each direction from Cajalco Road north to SR-60. The project is undergoing separate procurements for a toll services provider, initiated in December 2015, and a design-build contractor, launched in January 2016. Mr. Boock’s responsibilities include structuring the procurement, drafting procurement and contract documents, risk analysis, advising on federal and state requirements and developing cooperative agreements with local and state entities.
- Partnerships British Columbia/British Columbia Ministry of Transportation – Sea-to-Sky Highway. Key advisor on a project to rebuild a 62-mile scenic highway connecting Vancouver and Whistler Ski Resort in time for the 2010 Winter Olympics, assisting with the successful procurement of a CAD $600 million contract awarded to a Macquarie/Kiewit/Hatch Mott MacDonald consortium – utilizing the Province’s first proposer consultation process that Mr. Boock helped develop. The concessionaire completed the project ahead of schedule in 2009, within budget and without material claims. Mr. Boock’s role also included advising on the procurement process, concession agreement and risk allocation.
- Veolia Water (formerly known as U.S. Filter) – Water/Wastewater Projects. For more than 15 years, has served as West Coast regional counsel to this international design-build contractor and operations and maintenance service provider of water and wastewater services in connection with industrial projects and municipal privatizations of water and wastewater treatment facilities. Projects have included operations and maintenance agreements, design-build agreements and DBOM agreements. Mr. Boock’s responsibilities have included preparing and drafting the legal portions of this client’s RFP submissions, structuring all legal aspects of the transactions, drafting and negotiating the major project agreements and helping to structure financing for the projects.
- Veolia Water – Design-Build, DBOM, DBFOM, OM. Advisor on transactions in the California cities of Arvin, Burlingame, Lathrop, Palm Springs, Richmond and Santa Paula. Mr. Boock also worked on matters in Honolulu, Indianapolis and Plattsburgh, New York.
- Veolia Water – Concessions/P3. Advisor on the precedent-setting use of a P3 structure for a water/wastewater project in Rialto, CA. The approximately $175 million transaction was bond financed through a private placement and an approximately $26 million equity contribution. The 30-year concession agreement provides for approximately $40 million of near-term capital improvements, long-term operations and maintenance of water/wastewater facilities, and potential future capital improvements. Mr. Boock helped negotiate and document all project agreements involving the client.
- County of San Diego – Solid Waste System Divestiture. Primary attorney for the county in a $180 million divestiture of its solid waste system and assets. The transaction, the largest municipal divestiture of solid waste assets in the United States at the time, included the sale of four landfills, a transfer station, a recycling center and other solid waste assets to Allied Waste and addressed the disposition of ongoing landfill gas/electricity production. Mr. Boock structured and implemented the procurement process. He served as lead drafter and negotiator for the county on all aspects of the transaction, coordinated all due diligence, and closed the multi-property escrow as scheduled. This sale was the first successful privatization of publicly-owned landfill assets in California in many years.
- The Newhall Land and Farming Company – Chiquita Canyon Landfill. Advisor in connection with the sale of the Chiquita Canyon Landfill, one of the largest facilities of its type in Los Angeles County. Mr. Boock drafted and negotiated all transaction documents and coordinated closing of the sale, including the procurement of environmental insurance and permitting issues. He also drafted and negotiated a landfill operating agreement with a third-party operator that was ultimately not implemented due to a litigation settlement and the resulting sale of the landfill.
Awards & Honors
Individual recognition for Projects: PPP - Nationwide, Chambers Global, 2015
Individual recognition for Projects: PPP – Nationwide, Chambers USA, 2014 and 2015