| Location |
Louisiana State Wide |
| PPP Option |
Strategic Program Management |
| Mode |
Highway and Bridge |
| Description |
The TIMED Program is a $4.0 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 $0.04/gallon tax on gasoline to fund the projects designated by Act 16 of the 1989 Louisiana legislature. The TIMED program includes more than 550 miles of roadway widening, construction and/or improvements to three major bridges and funding for both the Port of New Orleans and the New Orleans Int. Airport .
The program, originally scheduled for completion in 2004, was significantly behind schedule by the late 90’s and the new completion schedule was 2031. In 2002, the Louisiana Department of Transportation and Development (LA DOTD) took steps to get the program back on track. Innovative financing was applied to the project and LA DOTD hired a private manager, Louisiana TIMED Managers, to oversee the accelerated TIMED schedule.
The new completion date for the entire TIMED Program is 2010, an acceleration of 20 years. The $4 billion improvement program includes widening 557 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 is designed to enhance economic development in Louisiana through an investment in transportation projects.
Louisiana TIMED Managers (LTM) serve as an extension of the LA DOTD. LTM is under contract to the LA DOTD to manage the TIMED Program in order to accelerate the completion of these projects. In addition to handling financial administration, LTM also performs project management, public outreach, right-of-way acquisition, utility construction, design consulting and construction oversight on specific project segments. |
| Sponsor |
Louisiana Department of Transportation and Development
|
| Cost |
$4.0 billion
|
| Type of Finance |
|
| Revenue Sources |
The TIMED program dedicates motor fuel tax to improve transportation infrastructure through 16 specific projects designed to encourage economic development throughout the state. Originally designed for completion over a period of 30 years, significantly increased project costs led the State to bond the revenue stream from the dedicated 4 cents/gallon gas tax and accelerate completion of the program. |
| 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 |
Louisiana TIMED Managers (LTM) – a joint venture of Parsons Brinckerhoff, The LPA Group Incorporated and Gulf Engineers & Consultants (GEC).
|
| Project Advisors |
Cypress Capital Corporation - financial |
| Lenders |
Bond Holders |
| Duration Status |
LA DOTD has now projected completion of the TIMED Program by 2010 rather than the original estimate of 2031. The following program projects have been completed:
- U.S. 90 from Morgan City to Houma
- WestBank Expressway in Jefferson Parish from Ames Blvd. to Avenue D
- New Orleans International Airport improvements
- Port of New Orleans improvements
|
| Financial Status |
$264 million bond sale in 1990 provided initial funding, then 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. An additional $500 million bond sale is scheduled to occur in 2005, and subsequent bond sales are scheduled through 2010.
|
| Innovations |
Innovative program management partnership wedding financial planning and program management
Innovative mixture of debt and pay-as-you-go financing speeds completion of the program by 21 years |
| Related Links / Articles |
http://www.timedla.com/default.asp
This link provides detailed fact sheets for major components of the TIMED lane program.
http://www.timedla.com/improvement/fact_schedule.asp
Fall 2004 Newsletter
http://www.timedla.com/newsresources/Fall%202004%20-%20issue%201.pdf
An August 2004 article from Construction News on the TIMED lane program
http://www.acppubs.com/article/CA441493.html
Press releases
http://www.timedla.com/newsresources/press_releases.asp
|
| Contact |
LTM Public Outreach Office
Dana Newsome - Public Outreach Manager
Dana.newsome@latimedmgrs.com
1-866-TIMED LA or 1-866-846-3352
6300 Corporate Boulevard, Suite 200
Baton Rouge , LA 70809
Fax: 225.906.1400 |
