
MAP-21 establishes a multi-step process for TIFIA credit assistance beginning with the submission of a letter of interest (LOI). The initial LOI eligibility review is intended to identify major statutory, regulatory, financing or timing issues that would prevent the project from receiving TIFIA assistance. The estimated timeframe for the initial review is approximately 30 days, assuming that the Department receives all information as requested. Next, the creditworthiness review involves evaluation of the plan of finance, financial model, and feasibility of the pledged revenue. The estimated timeframe for the creditworthiness review is between 45 to 90 days after receipt of all requested information. If a project satisfies all of the statutory eligibility criteria, including creditworthiness, the Department will invite the project sponsor to apply for TIFIA credit assistance. The application review will include review of project documents, notification of whether the application is complete or whether additional materials are needed, and approval or disapproval of the application. We estimate that the timeframe for approval is no more than 90 days after receipt of the application. If an application is approved, credit and business terms for the financing are negotiated and the loan agreement is drafted. The estimated timeframe for execution of a credit agreement, on terms acceptable to the Secretary of Transportation, is approximately 60 days from approval of the application.
| Project | Sponsor, State | LOI Received | Initial Eligibility Review (1) | Creditworthiness Review (2) | Application Review | Credit Agreement Executed |
|---|---|---|---|---|---|---|
| 183 S | CTRMA, TX | 8/1/2012 | Environmental and feasibility study milestones to be completed | |||
| Route 460 | VDOT, VA | 8/2/2012 | Under review | |||
| I-77 | NCDOT, NC | 8/7/2012 | Review complete | Under review(3) | ||
| Knik Arm Crossing | KABATA, AK | 8/14/2012 | Legislative milestones to be completed | |||
| Grand Parkway (SH 99) | TxDOT, TX | 8/22/2012 | Review complete | Under review | ||
| IH 35 E | TxDOT, TX | 8/22/2012 | Review complete | Documentation requested | ||
| SH 183 | TxDOT, TX | 8/22/2012 | Project scope milestones to be completed | |||
| SH 288 | TxDOT, TX | 8/22/2012 | Review complete | Documentation requested | ||
| Mid-Currituck Bridge | NCDOT, NC | 8/27/2012 | Environmental and permitting milestones to be completed | |||
| Tappan Zee Bridge | NYS Thruway Authority, NY | 9/5/2012 | Review complete | Under review | ||
| CDA ConRAC ATS | CDA, IL | 9/7/2012 | Review complete | Review complete | Under review | |
| Northwest Corridor | GDOT, GA | 9/17/2012 | Review complete | Under review | ||
| Riverwalk/Wacker Drive | Chicago DOT, IL | 9/24/2012 | Review complete | Review complete | Review complete | 6/12/2013 |
| East End Crossing (ORB) | IFA, IN | 9/25/2012 | Additional information requested on plan of finance | |||
| Downtown Crossing (ORB) | KPTIA, KY | 9/27/2012 | Review complete | Under review | ||
| Kansas City Streetcars | City of Kansas City, MO | 9/28/2012 | Review complete | Documentation requested | ||
| Iberville Redevelopment | City of New Orleans, LA | 9/28/2012 | Project scope milestones to be completed | |||
| I-49 North | LADOTD, LA | 10/2/2012 | Withdrawn from LOI Process | |||
| Dulles Metrorail | MWAA, VA | 10/5/2012 | Review complete | Under review | ||
| LA 1 Toll Road | LADOTD, LA | 10/12/2012 | Review complete | Review complete | Documentation requested | |
| Southeastern Tour Bus | Southeastern Tours Inc., NC | 10/24/2012 | Not eligible | |||
| Portsmouth Bypass | ODOT, OH | 11/2/2012 | Review complete | Documentation requested | ||
| South Padre Island Crossing | CCRMA, TX | 11/12/2012 | Procurement and Environmental milestones to be completed | |||
| Westside Subway | LACMTA, CA | 11/21/2012 | Review complete | Review complete | Documentation requested | |
| Regional Connector | LACMTA, CA | 11/21/2012 | Review complete | Review complete | Documentation requested | |
| East Link | Sound Transit, WA | 12/5/2012 | Review complete | Under review | ||
| Southern Beltway | PTC, PA | 12/14/2012 | Legislative funding milestones to be completed | |||
| US 301 | DelDOT, DE | 1/2/2013 | Review complete | Documentation requested | ||
| I-4 Ultimate Improvements | FDOT, FL | 1/16/2013 | Review complete | Under review(3) | ||
| Thomas Roads Improvements | City of Bakersfield, CA | 2/22/2013 | Procurement and Environmental milestones to be completed | |||
| Advanced Driving | Telurex LLC, AZ | 4/19/2013 | Not eligible |
(1) Milestones referenced under the initial eligibility review phase are independent of the TIFIA review and approval process.
(2) "Documentation requested" includes $100,000 deposit for DOT expenses, indicative rating letter, financial plan and model, and revenue feasibility study, and any other necessary information.
(3) Projects are going through a P3 procurement process and the TIFIA office has engaged early with the public sponsor; because of the procurement timeline, these letters of interest will take more time to reach financial close.
