How the Center for Innovative Finance Support Office Does Business...
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About Us |
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Capacity Building |
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Outreach/Awareness |
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Research |
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Technical Assistance |
Location |
Portland, Maine |
Project Sponsor / Borrower |
Maine Department of Transportation (MaineDOT) |
Program Areas |
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Mode |
Bridge |
Description |
The existing Veterans Memorial Bridge was built in 1954 to connect Portland's West End to South Portland over the Fore River. The new bridge, which includes a bicycle/pedestrian pathway as well as green spaces, is designed to last 100 years. GARVEE bonds were sold as taxable Build America Bonds and tax exempt revenue bonds by the Maine Municipal Bond Bank in November 2010 to finance a portion of the project. |
Cost |
$63.1 million |
Funding Sources |
$50 million - GARVEE bonds ($24.1 million taxable Build America Bonds, $25.9 million tax exempt revenue bonds) $13.1 million - TransCap (Transportation Capital Improvement Trust Fund) revenue bonds |
Project Delivery / Contract Method |
Design-Build |
Private Partner |
Design-builder: Reed & Reed, Inc. |
Project Advisors / Consultants |
Reed & Reed, Inc. Team:
Hawkins, Delafield & Wood, LLP - Bond Counsel |
Lenders |
Bondholders |
Duration / Status |
Construction began June 2010; open July 2012 |
Financial Status |
Closed |
Innovations |
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Related Links / Articles |
FHWA "Every Day Counts" Prefabricated Bridge Elements and Systems Information |
Contacts |
Jeff Folsom |
