TIFIA 2014 Report to Congress Supporting Information
TIFIA Letters of Interest and Applications Project Status Report as of May 31, 2014
| Project | Sponsor, State | LOI Received | Initial Eligibility Review(1) | Creditworthiness Review(2) | Application Review | Credit Agreement Executed |
|---|---|---|---|---|---|---|
| Route 460 | VDOT, VA | 8/2/2012 | Permitting milestones to be completed | |||
| I-77 | NCDOT, NC | 8/7/2012 | Review complete | Under review(3) | ||
| Knik Arm Crossing | KABATA, AK | 8/14/2012 | Legislative milestones to be completed | |||
| Grand Parkway (SH 99) | TxDOT, TX | 8/22/2012 | Review complete | Review complete | Review complete | 2/6/2014 |
| IH 35 E | TxDOT, TX | 8/22/2012 | Review complete | Under review | ||
| SH 288 | TxDOT, TX | 8/22/2012 | Review complete | Documentation requested | ||
| Mid-Currituck Bridge | NCDOT, NC | 8/27/2012 | Environmental and permitting milestones to be completed | |||
| New NY Bridge | NYS Thruway Authority, NY | 9/5/2012 | Review complete | Review complete | Review complete | 12/19/2013 |
| CDA ConRAC ATS | CDA, IL | 9/7/2012 | Review complete | Review complete | Review complete | 8/21/2013 |
| Northwest Corridor | GDOT, GA | 9/17/2012 | Review complete | Review complete | Review complete | 11/14/2013 |
| Riverwalk/Wacker Drive | Chicago DOT, IL | 9/24/2012 | Review complete | Review complete | Review complete | 6/12/2013 |
| Downtown Crossing (ORB) | KPTIA, KY | 9/27/2012 | Review complete | Review complete | Review complete | 12/12/2012 |
| Kansas City Streetcars | City of Kansas City, MO | 9/28/2012 | Review complete | Documentation requested | ||
| Iberville Redevelopment | City of New Orleans, LA | 9/28/2012 | Project scope milestones to be completed | |||
| I-49 North | LADOTD, LA | 10/2/2012 | Withdrawn from LOI Process | |||
| Dulles Metrorail | MWAA, VA | 10/5/2012 | Review complete | Review complete | Review complete | |
| LA 1 Toll Road | LADOTD, LA | 10/12/2012 | Review complete | Review complete | Review complete | 11/6/2013 |
| Southeastern Tour Bus | Southeastern Tours Inc., NC | 10/24/2012 | Not eligible | |||
| Portsmouth Bypass | ODOT, OH | 11/2/2012 | Review complete | Under review(3) | ||
| South Padre Island Crossing | CCRMA, TX | 11/12/2012 | Procurement and Environmental milestones to be completed | |||
| Westside Subway | LACMTA, CA | 11/21/2012 | Review complete | Review complete | Review complete | 5/21/2014 |
| Regional Connector | LACMTA, CA | 11/21/2012 | Review complete | Review complete | Review complete | 2/20/2014 |
| East Link | Sound Transit, WA | 12/5/2012 | Review complete | Under review | ||
| Southern Beltway | PTC, PA | 12/14/2012 | Legislative funding milestones to be completed | |||
| US 301 | DelDOT, DE | 1/2/2013 | Review complete | Documentation requested | ||
| I-4 Ultimate Improvements | FDOT, FL | 1/16/2013 | Review complete | Under review(3) | ||
| Thomas Roads Improvements | City of Bakersfield, CA | 2/22/2013 | Procurement and Environmental milestones to be completed | |||
| Advanced Driving | Telurex LLC, AZ | 4/19/2013 | Not eligible | |||
| Purple Line | MDOT, MD | 8/9/2013 | Review complete | Under review(3) | ||
| CTA Railcars | CTA, IL | 8/19/2013 | Review complete | Documentation requested | ||
| Wekiva Parkway | Orlando-Orange Cnty Expressway Authority, FL | 8/13/2013 | Review complete | Under review | ||
| Project NEON | Nevada DOT, NV | 8/20/2013 | Review complete | Under review | ||
| Illiana Corridor - Illinois Portion | Illinois DOT, IL | 11/7/2013 | Review complete | Documentation requested | ||
| Illiana Corridor - Indiana Portion | Indiana Finance Authority, IN | 11/12/2013 | Review complete | Documentation requested | ||
| Gerald Desmond Bridge | Port of Long Beach, CA | 11/20/2013 | Review complete | Review complete | Under review | 5/21/2014 |
| SH 183 | TxDOT, TX | 12/29/2013(4) | Feasibility study milestones to be completed | |||
| Tampa ConRAC | Hillsborough Cnty Aviation Authority, FL | 2/14/2014 | Under review | |||
| East End Crossing (ORB) | IFA, IN | 3/26/2014(4) | Under review | Documentation requested | ||
| Chesapeake Bay Bridge Tunnel | Chesapeake Bay Bridge and Tunnel District, VA | 4/3/2014 | Under review | |||
| 183 S | CTRMA, TX | 4/16/2014(4) | Under review | |||
| (1) Milestones referenced under the initial eligibility review phase are independent of the TIFIA review and approval process. (2) "Documentation requested" includes $100,000 deposit for DOT expenses, indicative rating letter, financial plan and model, and revenue feasibility study, and any other necessary information. (3) Projects are going through a P3 procurement process and the TIFIA office has engaged early with the public sponsor; because of the procurement timeline, these letters of interest will take more time to reach financial close. (4) Resubmission and update of an earlier LOI |
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Active TIFIA Credit Agreements as of May 31, 2014
| Project Name | Location | Project Type | Project Cost (in millions) |
Credit Amount (in millions) |
Disbursed Amount (in millions) |
Percent Disbursed | Instrument Type | Primary Revenue Pledge | Substantial Completion | Interest Rate (Percent) |
|---|---|---|---|---|---|---|---|---|---|---|
| Miami Intermodal Center RCF 1 | Florida | Intermodal | $2,043 | $170 | $170 | 100% | Direct Loan | Customer Facility Charges | July 2010 | 4.52% |
| Central Texas Turnpike System | Texas | Highway | $3,250 | $900 | $900 | 100% | Direct Loan | Tolls | September 2007 | 5.51% |
| South Bay Expressway1(formerly SR 125 South) | California | Highway | $658 | $140 | $140 | 100% | Direct Loan | Tolls | November 2007 | 4.46% |
| Warwick Intermodal Station | Rhode Island | Intermodal | $280 | $42 | 40.58 | 97% | Direct Loan | Customer Facility Charges | October 2010 | 5.26% |
| Miami Intermodal Center RCF 22 | Florida | Intermodal | $- | $100 | $100 | 100% | Direct Loan | Customer Facility Charges | July 2010 | 4.86% |
| Intercounty Connector | Maryland | Highway | $2,245 | $516 | $383.97 | 74% | Direct Loan | Tolls | July 2014 | 2.56% |
| I-495 Capital Beltway HOT Lanes | Virginia | Highway | $1,938 | $588.9 | $588.82 | 99% | Direct Loan | Tolls | November 2012 | 4.45% |
| SH-130 (Segments 5-6) | Texas | Highway | $1,327.9 | $430 | $430 | 100% | Direct Loan | Tolls | October 2012 | 4.46% |
| I-595 Corridor Roadway Improvements | Florida | Highway | $1,833.6 | $603.4 | $573.6 | $95% | Direct Loan | Availability Payments | March 2014 | 3.64% |
| Triangle Expressway | North Carolina | Highway | $1,171.7 | $ 386.6 | $372.76 | 96% | Direct Loan | Tolls | December 2012 | 4.25% |
| Denver Union Station | Colorado | Transit | $518.6 | $145.6 | $140.323 | 96% | Direct Loan | Sales Taxes/Real Estate Tax Increment | Expected 2014 | 3.99% |
| IH 635 | Texas | Highway | $2,615 | $850 | $797.51 | 91% | Direct Loan | Tolls | Expected 2015 | 4.22% |
| North Tarrant Express 1 & 2a | Texas | Highway | $2,047 | $650 | $498.74 | 77% | Direct Loan | Tolls | Expected 2015 | 4.52% |
| Port of Miami Tunnel | Florida | Highway | $1,072.9 | $341 | $312.60 | 92% | Direct Loan | Availability Payments | Expected 2014 | 4.31% |
| Transbay Transit Center | California | Transit | $1,589 | $171 | $0 | 0% | Direct Loan | Real Estate Tax Increment | Expected 2017 | 4.57% |
| SH 161 | Texas | Highway | $1,268 | $418.4 | $399.968 | 96% | Direct Loan | Tolls | October 2012 | 4.51% |
| US 36 Phase 1 | Colorado | Highway | $307 | $54 | $17.80 | 33% | Direct Loan | Tolls | Expected 2015 | 3.58% |
| Eagle | Colorado | Transit | $2,046.5 | $280 | $205 | 73% | Direct Loan | Sales Taxes | Expected 2016 | 3.14% |
| Elizabeth River Crossings | Virginia | Highway | $2,089 | $422 | $142.78 | 34% | Direct Loan | Tolls | Expected 2016 | 3.18% |
| Presidio Parkway Project3 | California | Highway | $851.6 | $150 | $72.71 | 48% | Direct Loan | Availability Payments | Expected 2015 | 0.46%/2.71%2 |
| Crenshaw/ LAX Transit Corridor Project | California | Transit | $1,749 | $545.90 | $0 | 0% | Direct Loan | Sales Taxes | Expected 2019 | 2.43% |
| SR 520 Floating Bridge | Washington | Highway | $2,736 | $300 | $0 | 0% | Direct Loan | Tolls | Expected 2016 | 2.99% |
| I-95 HOV/ HOT Lanes | Virginia | Highway | $922.6 | $300 | $166.28 | 18% | Direct Loan | Tolls | Expected 2015 | 2.77% |
| DART Orange Line | Texas | Transit | $397 | $119.90 | $95 | 79% | Direct Loan | Sales Taxes | Expected 2014 | 2.91% |
| Riverwalk/Wacker Drive | Illinois | Highway | $419.4 | $98.60 | $2.55 | 3% | Direct Loan | Motor Fuels Taxes | Expected 2015 | 3.33% |
| SR-91 | California | Highway | $1,275.9 | $421 | $0 | 0% | Direct Loan | Tolls | Expected 2017 | 3.47% |
| Chicago ConRac | Illinois | Intermodal | $876 | $288.10 | $0 | 0% | Direct Loan | Customer Facility Charges | Expected 2016 | 3.86% |
| NTE 3a & 3b | Texas | Highway | $1,600 | $531 | $0 | 0 % | Direct Loan | Tolls | Expected 2018 | 3.84% |
| Goethals Bridge Replacement | New York/ New Jersey | Highway | $1,436 | $473.60 | $0 | 0% | Direct Loan | Availability Payments | Excepted 2017 | 3.71% |
| LA-1 Refinancing4 | Louisiana | Highway | $- | $122 | $122 | 100% | Direct Loan | State Appropriations | Not Applicable | 1.89%/3.71%3 |
| Northwest Corridor | Georgia | Highway | $833.7 | $275 | $0 | 0% | Direct Loan | Tolls | Expected 2018 | 3.46% |
| Downtown Crossing | Kentucky/ Indiana | Highway | $1,451.7 | $452.20 | $0 | 0 % | Direct Loan | Tolls | Expected 2016 | 3.88% |
| New New York Bridge | New York | Highway | $4,800 | $1,600 | $0 | 0% | Direct Loan | Tolls | Expected 2018 | 3.89% |
| Grand Parkway | Texas | Highway | $2,547.7 | $840.60 | $0 | 0% | Direct Loan | Tolls | Expected 2015 | 3.65% |
| Regional Connector | California | Transit | $1,399 | $160 | $0 | 0% | Direct Loan | Sales Taxes | Expected 2019 | 3.50% |
| US 36 Phase 2 | Colorado | Highway | $182.8 | $60 | $0 | 0% | Direct Loan | Tolls | Expected 2016 | 3.68% |
| CTA 95 Street Terminal | Illinois | Transit | $242 | $80 | $0 | 0% | Direct Loan | Farebox Revenues | Expected 2016 | 3.43% |
| Gerald Desmond Bridge | California | Highway | $1,288 | $325 | $0 | 0% | Direct Loan | Port Revenues | Expected 2016 | 3.21% |
| Westside Subway Extension | California | Transit | $2,568 | $856 | $0 | 0% | Direct Loan | Sales Taxes | Expected 2023 | 3.21% |
| TOTAL: | $55,876 | $15,208 | $6,672 | 44% | ||||||
| 1 SBX is in three notes: Tranche A in the amount of $59,100,809.63, Tranche B in the amount of $32,341,804.28, and Tranche D in the amount of $2,740,895.56. 2 Miami Intermodal Center RCF 2 project costs are included in RCF 1. 3 Presidio project costs ($852 million) include Phases 1 and 2 and credit amount is based on two tranches of TIFIA debt. 4 LA-1 refinancing is in two notes: Tranche A in the amount of $78,000,000 at the rural interest rate and Tranche B in the amount of $44,000,000 at the conventional interest rate. Original project costs are reflected in the retired loan. |
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Retired TIFIA Credit Agreements as of May 31, 2014
| Project Name | Location | Project Type | Project Cost (in millions) |
Credit Amount (in millions) |
Amount Disbursed (in millions) |
Percent Disbursed | Instrument Type | Primary Revenue Pledge | Substantial Completion | Interest Rate (Percent) |
|---|---|---|---|---|---|---|---|---|---|---|
| Miami Intermodal Center | Florida | Intermodal | $- | $269 | $15 | 5.58% | Direct Loan | Customer facility charges | May 2008 | 5.89% |
| Washington Metro Capital Improvement Program* | Washington Metro area | Transit | $2,324 | $600 | - | 0.00% | Guarantee | State/local funding agreement | June 2009 | N/A |
| Tren Urbano (PR) | Puerto Rico | Transit | $2,250 | $300 | $300 | 100% | Direct Loan | Tax revenue | June 2005 | 4.97% |
| Cooper River Bridge Replacement | South Carolina | Highway | $675 | $214 | - | 0.00% | Direct Loan | State infrastructure bank | June 2005 | 5.52% |
| Staten Island Ferries and Terminals | New York City | Transit | $482 | $159.2 | $159.1 | 99.6% | Direct Loan | Tobacco settlement revenue | April 2006 | 5.52% |
| Reno Transportation Rail Access Corridor | Nevada | Intermodal | $280 | $50.5 | $50.5 | 100% | Direct Loan | Room and sales tax | Spring 2006 | 5.66% |
| 183-A Turnpike | Texas | Highway | $304.7 | $66 | $66 | 100% | Direct Loan | Toll road | March 2007 | 4.75% |
| LA-11 | Louisiana | Highway | $371.6 | $66 | $66 | 100% | Direct Loan | Toll Road | December 2011 | 4.45% |
| Pocahontas Parkway / Richmond Airport Connector | Virginia | Highway | $597.4 | $150 | $146.10 | 97% | Direct Loan | Tolls | January 2011 | 5.16% |
| TOTAL: | $7,284.7 | $1,875 | $802.7 | 43% | ||||||
| 1 Original LA-1 direct loan was repaid in conjunction with the project refinancing on November 6, 2013. See "LA-1 Toll Road" discussion in the Project Issues section for a detailed discussion of the transaction. | ||||||||||