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Over the last two decades, as revenues have lagged behind investment requirements, Congress and States have sought ways to expand the capacity of the Federal-aid program to deliver projects. Today, States and other project sponsors have available an array of project finance tools to facilitate the delivery of projects. Tolls, user fees, and other project-based revenue sources, in combination with new finance tools, can substantially increase state and local governments' ability to deliver projects. Transportation project finance innovations available to project sponsors include: Section 129 Loans, State Infrastructure Banks, Grant Anticipation Revenue Vehicles, TIFIA Credit Assistance, Private Activity Bonds, and Build America Bonds.
T-REX
Colorado sold $1 billion of GARVEE bonds as part of a planned $1.7 billion bond offering to help finance corridor improvements throughout the state, including Denver's I-25 Southeast Corridor project, known as T-REX. The T-REX project involved a major reconstruction of Denver's I-25/I-225 Southeast Corridor, as well as a 19-mile expansion of the RTD light rail system.
