About TIFIA
Background Reference
TIFIA Credit Program Overview
Transportation Infrastructure Finance and Innovation Act (TIFIA)
Updated April 2009
Background on TIFIA
- Strategic goal – to leverage limited Federal resources and stimulate private capital investment in transportation infrastructure by providing credit assistance in the form of direct loans, loan guarantees, and standby lines of credit (rather than grants) to projects of national or regional significance.
- Key objectives
- Facilitate projects with significant public benefits
- Encourage new revenue streams and private participation
- Fill capital market gaps for secondary/subordinate capital
- Be a flexible, "patient" investor willing to take on investor concerns about investment horizon, liquidity, predictability and risk
- Limit Federal exposure by relying on market discipline
- Major requirements
- Large surface transportation projects ($50M generally, $15M for intelligent transportation systems – ITS)
- TIFIA contribution limited to 33 percent
- Senior debt must be rated investment grade
- Dedicated revenues for repayment
- Applicable Federal requirements (Civil Rights, NEPA, Uniform Relocation, Titles 23/49)
- Public or private highway, transit, rail and port projects are eligible to apply for TIFIA assistance
- Application process - project sponsors must submit proposals, including financial plans, to USDOT for consideration.
Eligible TIFIA Sponsors and Projects
| Sponsors | Projects |
|
|
Statutory Selection Criteria Weighting (percentage amounts)
| Private Participation | 20.0% |
|---|---|
| Environmental Impact | 20.0% |
| National or Regional Significance | 20.0% |
| Project Acceleration | 12.5% |
| Credit Worthiness | 12.5% |
| Use of New Technologies | 5.0% |
| Reduced Federal Grant Assistance | 5.0% |
| Consumption of Budget Authority | 5.0% |
Program Implementation: Selection & Funding of a TIFIA Project
TIFIA Documentation Requirements
TIFIA Program Fees
- The TIFIA JPO will require each applicant to pay a non-refundable Application Fee of $30,000.
- Each borrower will be required to pay a Transaction Fee equal to the costs incurred by the TIFIA JPO in negotiating the credit agreement. This credit processing fee will typically range from $200,000-$300,000.
- Borrowers will be required to pay an $11,000 Servicing Fee annually, due by November 15.
- Borrowers also will be required to pay a Monitoring Fee as defined in the credit agreement.
TIFIA Projects
(TIFIA Instruments in Millions)
Click on the project name to learn more about it.
Capital Beltway HOT Lanes | Central Texas Turnpike | Cooper River Bridge | I-595 Corridor Roadway Improvements
IH-635 Managed Lanes | Intercounty Connector | LA-1 | Miami Intermodal Center |
Pocahontas Parkway/Richmond Airport Connector
Reno Rail Corridor | SH 130 | South Bay Expressway | Staten Island Ferries | Tren Urbano
US 183-A Turnpike | Warwick Intermodal Station | Washington Metro CIP
TIFIA Portfolio
| TIFIA Number | Project | Project Type |
Project Cost |
Instrument Type |
Credit Amount |
Primary Revenue Pledge |
|---|---|---|---|---|---|---|
| Active Credit Agreements | ||||||
| 19991002b | Miami Intermodal Center RCF | Intermodal | 1,350 | Direct Loan | 270.000 | User Charges |
| 19991005 | Washington Metro CIP | Transit | 2,324 | Guarantee | 600.000 | Interjurisdictional Funding Agreements |
| 20011001 | Central Texas Turnpike | Highway | 3,181 | Direct Loan | 916.760 | User Charges |
| 20031002 | South Bay Expressway | Highway | 653 | Direct Loan | 140.000 | User Charges |
| 20051001 | 183 A Toll Road | Highway | 331 | Direct Loan | 66.000 | User Charges |
| 20051002 | LA-1 Project | Highway | 247 | Direct Loan | 66.000 | User Charges |
| 20061001 | Warwick Intermodal Station | Intermodal | 222 | Direct Loan | 42.000 | User Charges |
| 20061003A | Pocahontas Parkway/Richmond Airport | Highway | 748 | Direct Loan | 150.000 | User Charges |
| 20071004A | Capital Beltway/I-495 HOT Lanes Project | Highway | 1,998 | Direct Loan | 589.000 | User Charges |
| 20071002A | SH 130 Corridor | Highway | 1,360 | Direct Loan | 430.000 | User Charges |
| 20061002A | Intercounty Connector | Highway | 2,566 | Direct Loan | 516.000 | User Charges |
| 20081002A | I-595 Corridor Roadway Improvements | Highway | 1,834 | Direct Loan | 603.000 | Availability Payments |
| Total | $4,388.760 | |||||
| Commitments Awaiting Credit Agreements | ||||||
| 20081004A | Triangle Expressway Project | Highway | 1,252 | Direct Loan | 413.000 | User Charges |
| 20071006A | IH 635 Managed Lanes | Highway | 2,678 | Direct Loan | 800.000 | User Charges |
| Total | $1,213.000 | |||||
| Retired Credit Agreements | ||||||
| 19991006 | Tren Urbano (PR) | Transit | 2,250 | Direct Loan | 300.000 | Tax Revenues |
| 20001003 | Cooper River Bridge | Highway | 677 | Direct Loan | 215.000 | Infrastructure Bank Loan Repayments |
| 20001004 | Staten Island Ferries | Transit | 482 | Direct Loan | 159.225 | Tobacco Settlement Revenues |
| 20011002a | Reno Rail Corridor | Intermodal | 280 | Direct Loan | 50.500 | Room and Sales Tax |
| 19991002a | Miami Intermodal Center FDOT | Intermodal | a | Direct Loan | 269.076 | Tax Revenues |
| Total | $993.801 | |||||
| Total All Categories | $24,433 | $6,595.561 | ||||
As of 4/15/09
Note: Project costs and credit ratings as of TIFIA financial closing
Footnotes
a Project Cost included in TIFIA Number 19991002b
TIFIA JPO Organizational Framework
TIFIA Oversight: Credit Instrument Life Cycle
