TIFIA FY2012 Report to Congress on TIFIA Projects Submitting Letters of Interest

The Honorable Bill Shuster

Chairman

Committee on Transportation and Infrastructure

U.S. House of Representatives

Washington, DC  20515

Dear Mr. Chairman:

This letter constitutes the Fiscal Year (FY) 2012 Report to Congress on the Transportation Infrastructure Finance and Innovation Act (TIFIA) projects whose sponsors submitted letters of interest under the Moving Ahead for Progress in the 21st Century Act (MAP–21).  Section 609(b) of Title 23 U.S.C., as amended by Section 2002 of MAP-21, requires the Secretary of Transportation to submit an application process report to the Senate Committee on Environment and Public Works and the House Committee on Transportation and Infrastructure that includes a list of all letters of interest and applications received from project sponsors during the preceding fiscal year. 

Background on the TIFIA Credit Program

The TIFIA established a Federal credit program for eligible transportation projects of national or regional significance under which the U.S. Department of Transportation (DOT) may provide
3 forms of credit assistance—secured (direct) loans, loan guarantees, and standby lines of credit.  The program’s fundamental goal is to leverage Federal funds by attracting substantial private and other non-Federal co-investment in critical improvements to the Nation’s surface transportation system. 

The DOT awards credit assistance to eligible applicants, which include State departments of transportation, transit operators, special authorities, local governments, and private entities.  Highway, transit, passenger rail, certain freight facilities, certain port projects, and rural infrastructure projects may receive credit assistance through the TIFIA program.  

All projects seeking TIFIA credit assistance must first submit a letter of interest to secure an invitation to submit a formal application.  Pursuant to MAP-21, letters of interest may be submitted at any time on a rolling basis.  Letters of interest should:  (i) describe the project and the location, purpose, and cost of the project; (ii) outline the proposed financial plan, including the requested credit assistance and the proposed obligor; (iii) provide the status of environmental review; and (iv) provide information regarding satisfaction of the eligibility requirements of the TIFIA credit program. 

The MAP-21 authorizes $1.75 billion in new contract authority for the TIFIA program to cover the budgetary cost/subsidy cost of providing credit assistance.  The TIFIA program estimates that this budget authority could provide approximately $17 billion in credit assistance to surface transportation projects.

Page 2

The Honorable Bill Shuster

Summary of FY 2012 Activities

As of September 30, 2012, the Department had received 17 letters of interest from sponsors of projects seeking more than $8.4 billion in credit assistance in response to a Notice of Funding Availability announcing new funding authorized in MAP-21.

Of the 17 project sponsors seeking assistance, 14 letters of interest were submitted for highway projects.  Two were for transit projects and the remaining one was for a multimodal project.  The enclosed summary table provides the name of each project, the mode, project sponsor, location, and date the letter of interest was received.  Because no formal applications have been submitted there is no additional information to provide relating to the applications.

A similar letter has been sent to the Ranking Member of the House Committee on Transportation and Infrastructure and to the Chairman and Ranking Member of the Senate Committee on Environment and Public Works. 

If I can provide additional information or assistance, please feel free to call me.

Sincerely yours,

                                                                        Ray LaHood

Enclosure

The Honorable Nick J. Rahall, II

Ranking Member

Committee on Transportation and Infrastructure

U.S. House of Representatives

Washington, DC  20515

Dear Congressman Rahall:

This letter constitutes the Fiscal Year (FY) 2012 Report to Congress on the Transportation Infrastructure Finance and Innovation Act (TIFIA) projects whose sponsors submitted letters of interest under the Moving Ahead for Progress in the 21st Century Act (MAP–21).  Section 609(b) of Title 23 U.S.C., as amended by Section 2002 of MAP-21, requires the Secretary of Transportation to submit an application process report to the Senate Committee on Environment and Public Works and the House Committee on Transportation and Infrastructure that includes a list of all letters of interest and applications received from project sponsors during the preceding fiscal year. 

Background on the TIFIA Credit Program

The TIFIA established a Federal credit program for eligible transportation projects of national or regional significance under which the U.S. Department of Transportation (DOT) may provide
3 forms of credit assistance—secured (direct) loans, loan guarantees, and standby lines of credit.  The program’s fundamental goal is to leverage Federal funds by attracting substantial private and other non-Federal co-investment in critical improvements to the Nation’s surface transportation system. 

The DOT awards credit assistance to eligible applicants, which include State departments of transportation, transit operators, special authorities, local governments, and private entities.  Highway, transit, passenger rail, certain freight facilities, certain port projects, and rural infrastructure projects may receive credit assistance through the TIFIA program.  

All projects seeking TIFIA credit assistance must first submit a letter of interest to secure an invitation to submit a formal application.  Pursuant to MAP-21, letters of interest may be submitted at any time on a rolling basis.  Letters of interest should:  (i) describe the project and the location, purpose, and cost of the project; (ii) outline the proposed financial plan, including the requested credit assistance and the proposed obligor; (iii) provide the status of environmental review; and (iv) provide information regarding satisfaction of the eligibility requirements of the TIFIA credit program. 

The MAP-21 authorizes $1.75 billion in new contract authority for the TIFIA program to cover the budgetary cost/subsidy cost of providing credit assistance.  The TIFIA program estimates that this budget authority could provide approximately $17 billion in credit assistance to surface transportation projects.

Page 2

The Honorable Nick J. Rahall, II

Summary of FY 2012 Activities

As of September 30, 2012, the Department had received 17 letters of interest from sponsors of projects seeking more than $8.4 billion in credit assistance in response to a Notice of Funding Availability announcing new funding authorized in MAP-21.

Of the 17 project sponsors seeking assistance, 14 letters of interest were submitted for highway projects.  Two were for transit projects and the remaining one was for a multimodal project.  The enclosed summary table provides the name of each project, the mode, project sponsor, location, and date the letter of interest was received.  Because no formal applications have been submitted there is no additional information to provide relating to the applications.

A similar letter has been sent to the Chairman of the House Committee on Transportation and Infrastructure and to the Chairman and Ranking Member of the Senate Committee on Environment and Public Works. 

If I can provide additional information or assistance, please feel free to call me.

Sincerely yours,

                                                                        Ray LaHood

Enclosure

The Honorable Barbara Boxer

Chairman

Committee on Environment and Public Works

United States Senate

Washington, DC  20510

Dear Chairman Boxer:

This letter constitutes the Fiscal Year (FY) 2012 Report to Congress on the Transportation Infrastructure Finance and Innovation Act (TIFIA) projects whose sponsors submitted letters of interest under the Moving Ahead for Progress in the 21st Century Act (MAP–21).  Section 609(b) of Title 23 U.S.C., as amended by Section 2002 of MAP-21, requires the Secretary of Transportation to submit an application process report to the Senate Committee on Environment and Public Works and the House Committee on Transportation and Infrastructure that includes a list of all letters of interest and applications received from project sponsors during the preceding fiscal year. 

Background on the TIFIA Credit Program

The TIFIA established a Federal credit program for eligible transportation projects of national or regional significance under which the U.S. Department of Transportation (DOT) may provide
3 forms of credit assistance—secured (direct) loans, loan guarantees, and standby lines of credit.  The program’s fundamental goal is to leverage Federal funds by attracting substantial private and other non-Federal co-investment in critical improvements to the Nation’s surface transportation system. 

The DOT awards credit assistance to eligible applicants, which include State departments of transportation, transit operators, special authorities, local governments, and private entities.  Highway, transit, passenger rail, certain freight facilities, certain port projects, and rural infrastructure projects may receive credit assistance through the TIFIA program.  

All projects seeking TIFIA credit assistance must first submit a letter of interest to secure an invitation to submit a formal application.  Pursuant to MAP-21, letters of interest may be submitted at any time on a rolling basis.  Letters of interest should:  (i) describe the project and the location, purpose, and cost of the project; (ii) outline the proposed financial plan, including the requested credit assistance and the proposed obligor; (iii) provide the status of environmental review; and (iv) provide information regarding satisfaction of the eligibility requirements of the TIFIA credit program. 

The MAP-21 authorizes $1.75 billion in new contract authority for the TIFIA program to cover the budgetary cost/subsidy cost of providing credit assistance.  The TIFIA program estimates that this budget authority could provide approximately $17 billion in credit assistance to surface transportation projects.

Page 2

The Honorable Barbara Boxer

Summary of FY 2012 Activities

As of September 30, 2012, the Department had received 17 letters of interest from sponsors of projects seeking more than $8.4 billion in credit assistance in response to a Notice of Funding Availability announcing new funding authorized in MAP-21.

Of the 17 project sponsors seeking assistance, 14 letters of interest were submitted for highway projects.  Two were for transit projects and the remaining one was for a multimodal project.  The enclosed summary table provides the name of each project, the mode, project sponsor, location, and date the letter of interest was received.  Because no formal applications have been submitted there is no additional information to provide relating to the applications.

A similar letter has been sent to the Ranking Member of the Senate Committee on Environment and Public Works and to the Chairman and Ranking Member of the House Committee on Transportation and Infrastructure. 

If I can provide additional information or assistance, please feel free to call me.

Sincerely yours,

                                                                        Ray LaHood

Enclosure

The Honorable David Vitter

Ranking Member

Committee on Environment and Public Works

United States Senate

Washington, DC  20510

Dear Senator Vitter:

This letter constitutes the Fiscal Year (FY) 2012 Report to Congress on the Transportation Infrastructure Finance and Innovation Act (TIFIA) projects whose sponsors submitted letters of interest under the Moving Ahead for Progress in the 21st Century Act (MAP–21).  Section 609(b) of Title 23 U.S.C., as amended by Section 2002 of MAP-21, requires the Secretary of Transportation to submit an application process report to the Senate Committee on Environment and Public Works and the House Committee on Transportation and Infrastructure that includes a list of all letters of interest and applications received from project sponsors during the preceding fiscal year. 

Background on the TIFIA Credit Program

The TIFIA established a Federal credit program for eligible transportation projects of national or regional significance under which the U.S. Department of Transportation (DOT) may provide
3 forms of credit assistance—secured (direct) loans, loan guarantees, and standby lines of credit.  The program’s fundamental goal is to leverage Federal funds by attracting substantial private and other non-Federal co-investment in critical improvements to the Nation’s surface transportation system. 

The DOT awards credit assistance to eligible applicants, which include State departments of transportation, transit operators, special authorities, local governments, and private entities.  Highway, transit, passenger rail, certain freight facilities, certain port projects, and rural infrastructure projects may receive credit assistance through the TIFIA program.  

All projects seeking TIFIA credit assistance must first submit a letter of interest to secure an invitation to submit a formal application.  Pursuant to MAP-21, letters of interest may be submitted at any time on a rolling basis.  Letters of interest should:  (i) describe the project and the location, purpose, and cost of the project; (ii) outline the proposed financial plan, including the requested credit assistance and the proposed obligor; (iii) provide the status of environmental review; and (iv) provide information regarding satisfaction of the eligibility requirements of the TIFIA credit program. 

The MAP-21 authorizes $1.75 billion in new contract authority for the TIFIA program to cover the budgetary cost/subsidy cost of providing credit assistance.  The TIFIA program estimates that this budget authority could provide approximately $17 billion in credit assistance to surface transportation projects.

Page 2

The Honorable David Vitter

Summary of FY 2012 Activities

As of September 30, 2012, the Department had received 17 letters of interest from sponsors of projects seeking more than $8.4 billion in credit assistance in response to a Notice of Funding Availability announcing new funding authorized in MAP-21.

Of the 17 project sponsors seeking assistance, 14 letters of interest were submitted for highway projects.  Two were for transit projects and the remaining one was for a multimodal project.  The enclosed summary table provides the name of each project, the mode, project sponsor, location, and date the letter of interest was received.  Because no formal applications have been submitted there is no additional information to provide relating to the applications.

A similar letter has been sent to the Chairman of the Senate Committee on Environment and Public Works and to the Chairman and Ranking Member of the House Committee on Transportation and Infrastructure. 

If I can provide additional information or assistance, please feel free to call me.

Sincerely yours,

                                                                        Ray LaHood

Enclosure

Report to Congress on FY 2012 Transportation Infrastructure Finance and Innovation Act (TIFIA) Letters of Interest and Applications

Under Moving Ahead for Progress in the 21^st Century Act