The Port of Miami Tunnel (POMT) was the second availability payment PPP in the U.S. and closed in October 2009 during the Global Financial Crisis. POMT was completed in 2014 at a cost of $711 million, more than $500 million below the State's estimates. The cost reductions were primarily due to the use of performance-based specifications and a $180 million catastrophic loss pool. POMT is currently the largest diameter bored highway tunnel in the U.S. and was so technically complex that no U.S. construction firm submitted a bid.