Location |
Louisiana (statewide) |
Project Sponsor / Borrower |
Louisiana Department of Transportation and Development (LA DOTD) |
Program Areas |
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Mode |
Highway / Bridge / Port / Airport |
Description |
The TIMED (Transportation Infrastructure Model for Economic Development) Program is a $4.6 billion transportation infrastructure program designed to increase economic development in Louisiana by investing in transportation improvement projects. The program began in 1989 when voters approved a 4¢/gallon tax on gasoline to fund the projects designated by Act 16 of the 1989 Louisiana legislature. The TIMED program includes widening 536 miles of state highways to four lanes on 11 project corridors, widening and/or new construction on three major bridges and improvements to both the Port of New Orleans and Louis Armstrong International Airport. The program, originally scheduled for completion in 2004, was significantly behind schedule by the late 1990s and a new completion target of 2031 was estimated. In 2002, LA DOTD took steps to get the program back on track. Debt financing was applied to the project and LA DOTD hired a private manager, Louisiana TIMED Managers (LTM), to oversee the accelerated TIMED schedule. A revised completion date of 2010 was estimated. However, the TIMED Program was also impacted by Hurricanes Katrina and Rita in 2005 and resulted in increased cost estimates and completion delays to 2013. Two projects are not currently included in the $4.6 billion estimated program cost. LTM serves as an extension of LA DOTD and manages the overall program delivery, the financing strategy, public outreach, scheduling, pre-construction activities, and construction administration. |
Cost |
$4.6 billion |
Funding Sources |
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Project Delivery / Contract Method |
LA DOTD awarded its program management contract using a competitive, quality based model. Individual construction contracts are being awarded using design-bid-build methods and one bridge project will utilize legislative-approved design-build delivery, allowing for LA DOTD's first experience with design-build. |
Private Partner |
Program managers: Louisiana TIMED Managers (LTM) - Joint venture of Parsons Brinckerhoff, the LPA Group, and Gulf Engineers & Consultants (GEC) |
Project Advisors / Consultants |
Cypress Capital Corporation - financial |
Lenders |
Bondholders |
Duration / Status |
LA DOTD has now projected completion of the TIMED Program by 2013 rather than the 2002 estimate of 2031. The following program projects have been completed:
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Financial Status |
A $264 million bond sale in 1990 provided initial funding, and the program continued on a pay-as-you-go system. In August 2002, with the guidance of LTM, a $275 million bond sale was issued as the first step in the conversion to a debt-financed program. A $548 million bond sale occurred in 2005, another $1.1 billion in 2006, and $485 million in 2009. |
Innovations |
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Related Links / Articles |
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Contacts |
LTM Public Outreach Office |