The CIFS Innovation Profiles provides an overview of a variety of Innovative Finance techniques, explaining how to use limited funding resources in creative ways to deliver projects sooner.
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Grant Anticipation Revenue Vehicles (GARVEEs) is a type of bond or similar financing method issued by a State or State authority that pledges the use of future Federal-aid funds for repayment. GARVEE bonds enable States to borrow on future Federal-aid revenue to fund current infrastructure projects. | |
| This profile spotlights the innovative use of GARVEE funding by Oklahoma transportation agencies to advance the funding and construction of the Gilcrease Expressway. This project is the first example of a sub-recipient pledging future Federal-aid to secure a GARVEE-backed bond issuance. Click here to watch a short video to learn more about the project. | ||
| This profile spotlights the innovative use of GARVEE and SIB finance techniques by the Missouri DOT to leverage Federal, State, and local funding. | ||
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The Transportation Infrastructure Finance and Innovation Act (TIFIA) program provides Federal credit assistance in the form of direct loans, loan guarantees, and standby lines of credit to finance a broad range of eligible surface transportation projects. | |
| This profile spotlights the recently created TIFIA Rural Project Initiative (RPI) project that helps rural communities access the TIFIA program. The profile describes how the San Luis Obispo RTA utilized a RPI loan to lower their borrowing costs for a much needed new maintenance and operations facility. Click here to watch a short video to learn more about the project. | ||
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Tolling and pricing involves charging fees for the use of a roadway facility. The revenue generated may be used to pay for highway operations and maintenance and, in many cases, as the primary source of repayment for long-term debt used to finance the toll facility itself. | |
| This profile provides an overview of FHWA's toll credit program which permits states with toll facilities to earn credits that can be applied towards the non-Federal share requirements on Federal-aid projects. The profile describes how Colorado DOT utilized this program to aid in the delivery of the Cottonwood Pass project. | ||
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Transportation improvements often increase the value of nearby land, benefitting land owners and developers. Value capture techniques harness a portion of the increased property values in order to pay for the improvement or for future transportation investments. | |
| This profile spotlights how Lake Oswego implemented a TUF in 2003 to aid in its capital construction program. TUFs are financing mechanisms that treat the transportation system like a utility. Residents and businesses are charged fees based on their use of the transportation system rather than charged taxes based on the value of the property that they occupy. Click here to watch a short video to learn more about the project. | ||
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The Construction Manager/General Contractor (CM/GC method) is an alternative contracting method to design-bid-build or design-build projects. This method enables agencies to reduce risk, improve design quality, control project cost, and optimize construction schedules to deliver a number of quality projects simultaneously. | |
| This profile spotlights how the Pawnee Nation used the CM/CG method to bundle a series of projects to decrease costs and accelerate project delivery. | ||
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State Infrastructure Banks (SIBs) are revolving infrastructure investment funds for surface transportation that are established and administered by States. A SIB, much like a private bank, can offer a range of loans and credit assistance to public and private sponsors. | |
| This profile provides information on the establishment and use of State Infrastructure Banks to help provide low-interest loans, accelerate project delivery, and leveraging Federal resources. Included are examples by PennDOT to partner with other public and private agencies to leverage resources. | ||
| This profile provides information on the Florida State Infrastructure Bank which was founded in 1997 and has a loan portfolio of over $900 million. Initially established as a Federally funded SIB, the SIB�s authority has been expanded to include a state-funded SIB. | ||
| This profile provides information on the Ohio State Infrastructure Bank, which was founded in 1996 and has a loan portfolio of over $350 million. The SIB consists of two programs: the SIB Loan Program and the SIB Bond Program. | ||
| This profile provides information on the Oregon Transportation Infrastructure Bank, which was founded in 1996 and has a loan portfolio of over $46 million. A unique feature of the OTIB is the use of loan proceeds to match Federal funds, geared towards rural and small community projects. | ||
| This profile provides informationon the Pennsylvania Infrastructure Bank, which was founded in 1998 and has a loan portfolio of over $250 million. Currently, the PIB operates as a state-funded infrastructure bank. | ||
| This profile provides information on the Texas State Infrastructure Bank, which was founded in 1997 and has a loan portfolio of over $140 million. | ||
SIB and GARVEE sub-recipient Financing: Eastgate Regional Council of Governments (COG) |
This profile highlights the flexibility of both the SIB and GARVEE programs and how they can work with MPOs and local government to find innovative finance solutions. | |
