Cross-City-Tunnel

Template: Infobox several high-level roads / maintenance / AU -S

States:

New South Wales

The Cross City Tunnel is a spacious double tunnel under the city of Sydney in the east of the Australian state of New South Wales. It connects the Western Distributor in Darling Harbour with the New South Head Road in Rushcutters Bay, an eastern suburb of the city.

Course

The Cross City Tunnel branches in Darling Harbour from the Western Distributor (Met -4, S40 ) to the east. The two tubes initially run under the Bathurst Street (west), or the Druitt Street and the ' Park Street '' (east). Under the Australian Museum both tubes meet and run side by side along the William Road to the east. The crossing in north-south direction Eastern Distributor (Met -1) is connected to about 400 m to the east.

Under the Kings Cross Road, the tunnel continues eastwards between the districts of Kings Cross and Darlinghurst through. West of Rushcutters Bay Park ends of the tunnel and the New South Head Road ( S76 ) leads from there to the east.

Construction

The tunnel system consists of two separate tunnel tubes, each with a direction to two lanes. In between, there is a small ventilation tunnel. From the tunnel to the east you can turn in the Eastern Distributor southbound ( Kingsford Smith International Airport). From the Eastern Distributor to the north, you can turn to the cross-city tunnel towards the west in order to drive around the city center. Other connection options at this intersection does not exist.

The tunnel was 2005 Sydney's first toll road with a fully electronic toll collection.

History

In 2002 the government of Bob Carr commissioned to build the Cross City Motorways Ltd. , One running east -west direction at the center of Sydney tunnel and operate.

Construction began in January 2003 and actually the tunnel should be opened in October 2005. In April 2005 the government announced that the tunnel should be four months ahead, opened on 12 June 2005. However, there were delays in the work, so that the official opening was in fact held on 28 August 2005.

The following three weeks no toll was levied and the operators have announced their intention to not increase the toll in the first twelve months. Users who still had no electronic recording device for the toll, ultimately did not have to pay. However, this led to negative publicity and thereby low traffic. Efforts were made to increase the acceptance of the tunnel in the population.

The toll-free period (for all ) was then extended until November 2005.

In February 2006, speculation about a " buyout " started by the government of New South Wales. It was trading 1 billion a sum of AU $, where the construction of the tunnel was only AU $ 680 million cost. The government subsequently indicated that there were no negotiations about the consortium and the cross-city tunnel announced that it was considering not selling the tunnel and, on the contrary, hiring a long period of operation. At that time, about 30,000 vehicles per day use the tunnel.

Shortly thereafter called for a committee of the upper house of New South Wales, under the leadership of Fred Nile lowering the toll and the abolition of road closures. These claims could not prevail, but the consortium of the cross-city tunnel now negotiating with the government and then announced for March 3rd, 2006 at a discount on the tolls and other changes. In particular, the toll for three months to AU $ 1.78 should be halved, some planned road closures should not be realized and some existing ones are removed. Two days before the end of the three-month period in which only half the toll was raised, finished the Premier of NSW, Morris Iemma, the negotiations with the consortium inconclusive.

In November 2006 it was reported that the operator of the tunnel was in financial difficulties and it was a margining of the investors needed to avoid bankruptcy. At the same time we figured that a daily traffic volume of 60,000 - 90,000 vehicles would be necessary to enable the consortium at least the payment of interest on loans. The government of New South Wales was announced then that they neither intend to buy the tunnel, nor provide financial assistance would

On December 27, 2006, a syndicate of 16 Australian and foreign banks announced that the company KordaMentha as bankruptcy trustee managing the Cross City Motorway Ltd.. would take over after about AU $ 560 million deficit had accumulated from the operation of the tunnel. The tunnel was later sold.

Financing

The AU $ 680 million, which were needed for the construction of the tunnel, were originally from the issuance of private debt securities which were sold both in Australia and abroad.