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| VDOT Poised to Award I-95 HOT Lane PPP Venture to Fluor-Transurban Consortium (New) |
| VDOT's PPTA Advisory Panel recomends awarding the I-95/I-395 HOT Lane PPP to the Fluor-Transurban Consortium. |
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| Miami Intermodal Center (MIC) Receives TIFIA Loan (New) |
| The MIC receives its second TIFIA loan for $170 on May 2, 2005 |
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| “SAFETEA—LU” Promotes Private Investment in Transportation (New) |
| SAFETEA-LU Innovative Finance Provisions (New) |
| Prepared by FHWA, this article summarizes key innovative finance provisions of SAFETEA-LU. |
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| US DOT Announces New Initiative for Loan and Credit Program (New) |
| The U.S. Department of Transportation is establishing a department-wide Credit Council to oversee credit and credit enhancement programs administered by its agencies in an effort to standardize the review process. |
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| Six New GARVEE Issues Brought to Market in 2004 (New) |
| This article provides information on the six new GARVEE issues that have been raised in 2004 in Arizona, California, Oklahoma, Colorado,Puerto Rico, and New Mexico. |
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| Innovative Finance Provisions in Reauthorization (New) |
| This article provides a detailed comparison of the innovative finance provisions in the House and Senate reauthorization bills. |
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| July 2004 Reauthorization Update (New) |
| This article summarizes TEA 21 reauthorization activities and FY'05 approriations discussions held by Congress during the brief three-week July legislative sesssion. |
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| New Mexico Launches Strategic Transportation Initiative (New) |
| Read about New Mexico's new and innovative $1.5 billion program of highway and mobility projects that has involved the creation of a new Indenture of Trust and the restructuring of the state's CHAT, VARVEE, and HIF bonds. |
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| Reason Foundation Reauthorization Assessments (New) |
| This article is a special edition of the Reason Foundation's periodic update on new ideas in surface transportation policy. With the House debating the reauthorization bill approved March 24, 2004 by the Transportation & Infrastructure Committee it provides intersting assessments on issues ranging from truck lanes to value pricing, tolling on the Interstate, and prospects for public-private partnership under the proposed legislation |
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| For Whom the Road Tolls (New) |
| This article provides commentary on the $275 billion House TEA 21 Reathorization Bill: HR 3550 by New Democrats Online (NDOL) |
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| House Approves TEA-21 Reathorization Bill HR 3550 (New) |
| This detailed article chronicals developments in the House in late March and early April 2004 culminating in the signing of the scaled down $275 Billion TEA 21 Reauthorization Bill -- HR 3550 -- on April 2, 2004. |
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| Mid February Reauthorization Update (New) |
| This article provides updates on important reauthorization activities in House, Senate, and Administration, including the Senate's approval of S 1072, it's full six-year reauthorization bill authorizing $318 billion in spending. |
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| High Rolling Monorail Unlocks Los Vegas Strip (New) |
| This article in the December 2003 Issue of Design-Build Magazine describes how the design-build contract for the recently completed extension of the Los Vegas Monorail was critical to the successful financing for the extension of Los Vegas' glitzy, privately finance monorail linking hotel properties on the Strip. The project was financed jointly by competing casinos through the use of a non-profit, 501-C4, public benefit corporation. Click on the link below to view the article, or InnovativeFinance.org's profile of the project. |
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| Caltrans Administers Transportation Finance Bank (New) |
| Caltrans has assumed the administration of the California Infrastructure and Economic Development Bank, breathing new life into the state's SIB. |
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| Kansas Transportation Revolving Fund Established (New) |
| Read about the mission and establishment of the United States' newest state infrastructure Bank, the Kansas Transportation Revolving Fund. |
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| On the Road to Creation: Oregon’s Innovative Partnerships Program (New) |
| Hampered by inadequate revenues for roads and highways, the state of Oregon is turning to creative thinking to meet system needs. Amidst development of new concepts such as statewide mileage fees and bundling of bridge repairs in design-build format, Oregon is also entering the entrepreneurial world of public-private partnerships. |
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| Private Equity and Debt Poised to Help Build U.S. Transportation Infrastructure (New) |
| Read about the potential for toll roads to fill funding gaps, as seen by Macquarie Infrastructure Group, which operates nearly 30 tolled roadway facilities around the world. |
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| Britain's First Privately Finance Toll Road Enters Service (New) |
| The M6 is Britian's first privately financed toll road and has been on the books for years. The first section of the the 27 mile long toll road opened to service on December 12, 2003. The facility arcs to the north east of Birmingham between junctions 4 and 11 of the existing M6. The road provides a free-flowing alternative to the West Midlands road network. The M6 Toll will provide journey time savings and improved journey reliability and quality. Main works started in April 2001. |
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| Texas - Expediting Road Construction With Toll Financing (New) |
| This article describes the Texas' landmark legislation (AB 3588) which provides an arsenal of new tools enabling the state to expedite the construction of criticaly needed transportation improvements. These tools include broad expansions in the use of tolls, motor fuel tax increases, and expanded bonding authorities. |
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| Rhode Island Deploys GARVEE and State Bonding Program (New) |
| This article describes Rhode Island's multi-year bonding strategy coupling GARVEE and Motor Fuel Tax bonds to fund the Federal-aid eligible portion of five transportation projects, critical to the continued economic vitality of Rhode Island. The stateplans to issue a maximum of $710 million in GARVEE bonds and a maximum of $125 million in Motor Fuel bonds. |
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| TIFIA Project Oversight and Monitoring Guidance Soon to be Released (New) |
| In the spring of 2003 the TIFIA Joint Program Office will relase its new Project Oversight and Monitoring Guidance for the TIFIA program. The oversight and monitoring guidance has been developed in collaboration with U.S. DOT modal agencies, and has also benefitted from extensive outreach to U.S. DOT field offices, credit rating agencies, and bond insurers. The new guidance will be available on the TIFIA Website. |
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| Financial and Organizational Innovations Lead to the Consolidation of Two Toll Roads in New Jersey (New) |
| The New Jerseay Toll Road Consolidation Study Commission released its final recomendations to Goverenor James McGreevey of new Jersey on February 14, 2003. The Commission finds that the consolidation of the New Jersey Turnpike and the Garden State Parkway will improve the financial health of the state's primary tollroads and also precipitate significant financial savings due to combined efficiencies and the pooling of economic resources. |
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| GARVEES Advance in Alaska and US Virgin Islands (New) |
| New GARVEE bond issues topped $779 million in 2002 and supported the development new commercial and passenger port projects in the US Virgin Islands. GARVEEs also made important advances in Alaska, where voters approved a combined GARBEE and general obligation bond issue. GARVEEs will be used to support eight projects costing $102.8 million. |
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| Rhode Island's T.F. Green Airport Approved for TIFIA Loan (New) |
| Financing for a new $215 intermodal facilty at T.F Green Airport in Warwick, Rhode Island will include a TIFIA loan. |
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| Transportation Funding 2003 Challenges and Prospects in Georgia (New) |
| Read about issues facing couty transportation officals in Georgia and and financial innovation they are exploring to address them. |
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| New Law Promotes Transport PPPs in Colorado (New) |
| The Colorado legistature has enacted a new law designed to streamline the implementation of PPPs in the state and encourage increased use of private capital for the consruction of needed transportation improvements. |
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| Colorado DOT Approves Unsolicited HOT Lane Offer (New) |
| Colorado DOT has approved an unsolicited offer from HGB Flatiron and Fluor Daniel to build and operate a variably priced high occupancy toll (HOT) lane in the median of the southwest quadrent of the E-470 orbital highway traversing metropolitan Denver. |
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| Landmark TIFIA Loan Approved in Texas (New) |
| US DOT and the Texas Turnpike Authority closed on a $916.76 million TIFIA loan, which is the largest financing since the TIFIA program was inaugurated in 1998. |
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| Illinois State Toll Highway Authority Proposes Toll Increase for Rebuilding, Tollways, IBTTA Newletter (New) |
| The Illinoise State Toll Highway Authority has proposed the third toll increase in its 44 years of operation |
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| Lousiana Senate Approves GARVEES, InnovativeFinance.Org (New) |
| The Lousiana Senate approves a bill to authorize the sale of GARVEE bonds. |
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| FHWA Releases its SIB Best Practices Review (New) |
| FHWA's long awaited review of SIB best practices is now available and provides lessons learned from SIBs all around the country. |
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| The FHWA Innovative Finance Primer is Completed (New) |
| FHWA has completed it Innovative Finance Primer. The document is available on-line and provides valuable information on the latest surfact transport finance innovations and techniques |
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| Second RRIF Loan Approved by FRA (New) |
| The Arkansas and Missouri Railroad has become just the second railroad to be approved for a loan under the Railroad Rehabilitation and Improvement Financing (RRIF) program. |
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| Railtrack Deal to Appease Equity Critics, Public Works Financing (New) |
| A novel approach to solve Railtrack's solvency woes |
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| Cintra Winns EIB Loan for Madrid Roads, Public Works Financing (New) |
| The private Spanish infrastructure developer obtains critical support from the European Investment Bank to finance toll road expansion around Madrid |
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| U.S. Governments Take Back Private Projects, Public Works Financing (New) |
| In late April, the Orange County Transportation Authority voted unanimously to buy the 10 miles of Highway 91 toll lanes from the CPTC, a private company, for $207 million. OCTA plans to continue to operate as toll facility, but eliminate non-compete clause so main line improvements can be made to 91. The purchase will require state legislation in order to allow OCTA to collect tolls. |
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| U.S. Transportation Secretary Mineta Announces $450 Million Loan For San Francisco-Oakland Bay Bridge (USDOT) (New) |
| The Federal Highway Administration will provide a $450 million TIFIA loan to the California Department of Transportation to complete the state’s funding package for the $3.3 billion San Francisco-Oakland Bay Bridge seismic retrofit project in the San Francisco-Oakland Bay Area. |
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| New North Carolina Toll Road Initiatives (Toll Roads Newsletter) |
| Read about the rapid expansion of interest in privately-financed toll roads in North Carolina. |
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| 91 Express Toll Lanes Refinanced at 7.63% (Public Works Financing) |
| Read about details of the July 2001 re-financing of the SR-91 Express Lanes. |
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| Tacoma Narrows Bridge Mothballed (Public Works Financing) |
| Read about the latest twist in the politically charged Tacoma Narrows Bridge replacement project. |
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| Florida's Flexible State-Funded SIB (FHWA IFQ) |
| Learn how Florida's dual federaly and state-funded SIB programs maximize flexibility in delivering funds and credit assistance for needy projects |
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| Minnesota's Transportation Revolving Loan Fund (FHWA IFQ) |
| Learn more about the innovations of Minnesota's SIB, which has benfitted from inter-agency partnerships to leverage over $110 million in new investment since its inception in 1997. |
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| New GARVEE Initiatives in Arkansas, Georgia, Montana, and Ohio (FHWA IFQ) |
| New GARVEE transactions, new GARVEE legislation, and new interest in the potential of GARVEE are brewing in several states. |
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| New TIFIA Funds and Rolling Application Process (FHWA IFQ) |
| TIFIA has new funds available for credit assistance and a new rolling application process replacing the fixed-period solicitaiton approach used during the first two years of the program. |
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| New GARVEE Legislation Pending in Three States (FHWA IFQ) |
| GARVEE finance initiatives continue to gain momentum throughout the country. In the next year, issuance of GARVEEs may increase significantly pending the outcome of new legislation introduced in Alaska, Georgia, and Texas. Legislative proposals in the three states are summarized in the table and highlighted below. |
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| New Joint Program Office Unites the State of TIFIA Administration |
| As the most intermodal of the U.S. Department of Transportation's (U.S. DOT) financial programs, the Transportation Infrastructure Finance and Innovation Act (TIFIA) credit program has benefited from the direct involvement of its highway, transit, and railroad administrations operating under the coordination of the Office of the Secretary. |
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| Australians Buy Detroit Tubes (Toll Roads Newsletter) |
| A fund associated with the Australian-based tollster Macquarie Infrastructure Group (MIG) has bought the equity in the US side of the Detroit-Windsor toll tunnel from Hyde Park Holdings (HPH) of New York City in a private transaction that occurred in January but has not yet been officially announced. HPH would only confirm it sold its equity but said it was up to the purchaser to release any further information |
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| Pennsylvania SIB Supports Rehabilitation of Historic Station (FHWA IFQ) |
| The Pennsylvania Infrastructure Bank was established in 1997 following passage of enabling legislation, and is managed by the Pennsylvania Department of Transportation (PennDOT). |
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| New Mexico Pioneers Another New GARVEE Financing (FHWA IFQ) |
| In February 2001, the New Mexico State Highway and Transportation Department (NMSHTD) issued $18.5 million of Federal Grant Anticipation Revenue Bonds through the New Mexico Finance Authority (NMFA). |
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| Innovation Paves the Way for the Massachusetts Route 3 North Project (FHWA IFQ) |
| On October 6, 2000, the Massachusetts Highway Department (MassHighway) broke ground on construction of the Route 3 North Project, the first design-build-finance highway construction project in the Commonwealth of Massachusetts. |
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