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Hello, and hello, everyone. Good morning, or good afternoon. On behalf of the highway federal safety administration I would like to welcome you to today's virtual exchange on strategies, and infrastructure bank programs. My name is pepper Cinergy I am with the department of transportation multi-center in Cambridge, Massachusetts. I will be facilitating today's webinar and helping you to address any technical problems. As you can see on the screen we have a great set of presenters for you today. They will share their experience for the topic of infrastructure banks and how they tie in to capture strategies. We are going to introduce more detail before long. Right now, let me orient you to to the webinar room. In case you have not been with us on a previous event. The top left corner of the screen you will see some audio call in information. If you're having any information or issues? Join us by phone. The lower left corner. That is a chat pod that you can use to submit questions to our dissenters during the webinar. We will also give you the opportunity to ask questions over the phone and provide more details about that. At the right time. If you have any technical difficulties today? Use the chat pod in that lower left corner to send me a private message. You can start that private message by finding me in the list of hosts. Right click on my name and select start chat. It will run until 3 PM Eastern and will be fielding questions after each presentation. And have a longer time at the webinar for additional questions and answers. The speakers presentation slides will be available for download through the end of the webinar. We are recording this session today so people will be able to listen to this and want this at a later time. Slides and the recording of today's event will be hosted on the website. If you are interested in for applying for professional development hours or credit for your participation today? Will provide information on the end of the webinar how you can request compensation for your participation. Before we get going. Let me ask you to participate in answering these three whole questions. They are now showing on the screen. This is just to help us, the presenters to help with our knowledge of your affiliation. And your knowledge . I will give you a few moments to participate in those poll questions. While you are answering those poll questions. Let me take the time to introduce our moderator. They will give a short opening presentation. Today's moderator is the principal at the rebel group. The financial firm based in Washington, DC. Sasha has over two decades on advising project development and public and private partnerships with transportation and other infrastructure projects. Focusing on how these capture tools can find existing French infrastructure with the Federal Highway administration every day counts program. She has worked in Boston, Chicago, Dallas, Miami and Raleigh, Durham. Before you begin your presentation? What is your reaction to our poll results?
Thank you. It looks like we have a nice variety of federal, state and local and regional officials that are joining us. It looks like most people either have heard about infrastructure banks. Or really have no prior knowledge. We will be able to provide a good introduction and also provide more advanced knowledge for those that have more information about his programs. The last question is if people have one in their state? Most people do not know if they do. Unfortunately, the state infrastructure bank is sometimes not well known. Or people have not used them. We are looking forward to working on that.
Great. Let me introduce the presenters today. Ryan Amber from Herbert Roland and from the Georgia state rolled and tollway. And I will interview each of them and a short introduction on with Ryan he is a senior vice president and sheet technical office and at the engineering firm. He is responsible for the oversight of the firm's technical service groups, marketing climate in and they made it as an institution of polity management. Additionally he is responsible for technical service, sales and client service. In his career of over 30 years he has designed and managed hundreds of infrastructure projects for local and state amenities. Airport and even land developers. Our second speaker as I mentioned is David Castle. David is the strategic programs administrator for the Georgia State Road and Tollway Authority. In this capacity he oversees the Georgia transportation infrastructure bank, the administers grants, loans, roadway projects, throughout the state of Georgia. And also a transportation program that is a $75 million capital rent. Throughout the state of Georgia. He has also managed a total grant project and has 15 years of experience in the transportation industry. Our third speaker is Doug Hood. He is the financial director from the Missouri part of transportation has been with Missouri Department of Transportation for over 20 years . with transportation planning, financial services and information systems. As I mentioned before, we will hear from these presenters and I would like to share some background on infrastructure banks and value capture. Let me echo what was mentioned earlier. If you make questions or comments? Please feel free to put them in the lower left box. We will try to address those as we can. Also from the telephone, it start 1 and the operator will put you straight through. Let me start by talking about value capture and an overview of value capture. Try to define value capture. It refers to a toolbox of strategies by public agencies to share portions of increased property or other adjacent value created as a result of public infrastructure investment. As this graphic shows, the public agency makes investment in a road or highway this creates development. Generally this creates additional value for that adjacent property. And even a transportation facility. There is a benefit of there and the public agency, sometimes but not all the times can capture some of that value. With an approval or prior knowledge of the property owner. They will pay for that particular road or infrastructure. Or for the future of similar facilities. That is the overall concept of value capture. Value capture can cover a greater percentage of the project capital. We have found that Value Capture is associated with transportation oriented developments or similar types of development around roads. And intersections. This will foster developments and more sustainable act committees. Big use activities. Value Capture has funded primarily capital but also some Oand M and even rural or suburban settings as well. There are a number of Value Capture but we will not go into all of them with special assessment districts, tax financing, joint development and impact fees. First of all most of these findings. Are from X are also Oand M as well these can be applied to highways and roads as well as transit and rail . most of these techniques are derived funding sources. They can be used for these specific needs but they can also leverage financing. A couple of examples with special assessments in particular or taxing, financing. Maybe if you have attended a previous session? Those can yield financing which is important. Some of the revenue sources from the value capture do not occur immediately. They occur over a period of time. Harnessing those cash flows from day 1 is where you really need financing. That is where we get to the state of infrastructure banks. Very often, there is a number of funding sources depending on the projects size. This will depend on various taxpayer funding sources such as federal funds, local funds, new taxes. It could also in tool include e- tolls and value capture sources as I just mentioned. Those are able to be leverage with different types of debt. With state infrastructure banks TIFIa is also in conjunction with other funding sources. Let us get to SIBS with a low program . Housed in a state or a county government. They provide a number of financing options to address local transportation improvement. And most of them offer low or attractive interest rates with low financing costs. They will vary widely by size as we sought on this example. He can be even a small or even $100 million. Their terms could be varied. Short term or longer-term. Five years, up to 35 years. There is an link between mobility and economic growth. These are tied to activities in a multiple of ways. As I mentioned, they are established as a federal, state and county SIBS . I will go into that more detail as if there is a new proliferation of county projects. Here is a map of the various types of SIBS. Most of these began in the 1990s under two enactments. 1998, as federal highway aid funds were allowed to be used. For federal account. Those are in the dark blue and the light blue. Of course, these were enacted. There are nearly 40 of these, all told. But many states have decided not to use these or other SIBS are not active. Such as the answers that we were given earlier and also there are another of county or city SIBs. Those are indicated by the green. Pennsylvania, we have heard also from Ohio. These are chartered by state laws or through state laws through established at the county level. They carry out the policies of the state or county government. They are not impacted by federal rules. Or federal account SIBs requires the project to be eligible. Or under title 23, title 49. They are usually roads, highways but cannot be transportation facilities. Generally they cannot be an airport work towards if they are federally funded. Again the advantages of SIBs is that the interest rate is set by the state or the county and they are often an attractive rate. They can be extended by as much as 35 years. As we have seen these examples they are generally not as long. Some states are willing to take more commercial risks than the public market. We will hear about that, as well. In general, they can make a large product more affordable through a lower interest rate. As well as extending the maturity of a cash flow requirement for an early part of the project. As I mentioned, they are in cursed with job creation and increased tax revenue. There have been obstacles to SIBs. They require state authority. If it is in a federal account SIBs? There are additional restrictions that has been a bit of a barrier for smaller projects . Following all the federal rules can be complex and if hindered their usage for very small projects . there is a bit of a lack of knowledge about SIBs. In some states, that has hindered them to help overcome that in these other sessions like this. Let me give you two examples of where SIBs and Value Capture have intersected. This is in Panama City Florida as one example. The state and the local authorities were developing a new airport. They needed $300 million. The airport was limited by its constraints of location. The sale of the old airport property. It was used to help fund the new airport. With a joint development. In Florida, the Department of Transportation took an account program SIBs it helped them to finance the new airport. And it was secured by the sale of this property. The map shows the redevelopment of this property . with a mixed use community that uses this prime location on the Bay. Developing this sensitive mixed use residential and retail community. This is an example of a SIBs estate . Generally cannot use federal monies for SIBs or airport projects, per se. Another example is in northern Virginia. The transportation infrastructure bank. This provided a $50 billion 50 - million dollar loan for this Potomac Yard's Metro station VTIB's . This was funded by a number of resources of a special assessment tacked. On commercial development. Those white buildings on the figure are some of those. That is a good example of value capture working with VTIB's . I should also point out. This location, among others this attracted and Amazon headquarters that is now located or will be located, very closely to this spot. It underscores the economic development of this program. Let me stop there. And I look forward to discussions on this and any related points. Let me turn it over to Doug and Burke.
Thank you.
Doug?
Yes, this is Brian.
I am sorry.
No worries . I am trouble with my wife I will tell her that my name is Doug. Thank you. Hello, everybody. Brian Emberg this local county that we have been involved with . In addition to my biographical comments earlier. I have been appointed as a engineer for this County and the providing them services for the last 33 years Dauphin. A little bit about our presentation. Let me give you some background about Dauphin County and how it fits in. The infrastructure bank, its mission, origin, the mechanics of how it works and the outcome that we have seen over the past several years. In time for questions and answers, after. Dauphin County is in the south-central Pennsylvania it is the state capital of Harrisburg is located in Dauphin County. The population is over 270,000. Something unique about Pennsylvania. The county system is not the lowest level of local government . the counties are further subdivided into townships, boroughs, cities, and we have 40 of those located in Dauphin County. The area in the circle is a more urbanized area out side of that. It is very rural. It is a very diverse immunity. Some of these major employers of course is the state government. Milton Hershey Medical Center associated with Penn State. And yes. If you purchase a Hershey bar they come from within that oval. There is a lot of it manufactured there. There are other institutional employers in the area. Maybe that is more difficult to read? But the program's mission? It was to advance transportation improvements that support tourism, economic development and public safety. That is when the county commissioners goal for a lot of the programs that they have out there. The program is intended to accelerate project schedules that would otherwise be floundered because of a lack of funding. Or as you will see in a bit. Administration and project delivery. Assisting local municipalities and authorities. Spur economic development and leverage of additional funding sources. It is in the spirit of Value Capture but the program was for. A little bit about Pennsylvania. Local government structure that I mentioned earlier. They own and operate and maintain, by far the largest percentage of the transportation system. 77,000 miles of road, 12,000 bridges and all of the traffic signals within Pennsylvania are at the local level. Counties? They own very little road, but they do own about one half of the bridges. Because of that burden, there is a significant funding gap at the local level. Governments often times struggle to find funding . and even the capacity to deliver projects. With respect to Dauphin County, let me explain how this County was able to facilitate this project. Dauphin County owns 51 bridges, and with good housekeeping, we had this program in a good state of repair. You can see that by comparison to the other Pennsylvania counties. Our core bridges, are much lower. In fact, our - poor bridges are under construction by the end of this year will be replaced. In fact, we will have no port or formally structurally poor bridges. We also use liquid fool fuel revenue. - That they get through the state. Because of the state of good condition, the county had the ability to have an extra $350,000 that they did not have, before. Legislatively . if that would not have been encumbered for a project? This would go through a forced distribution and equitably distributed amongst municipalities. Nearly $8000 per municipalities that is not really offer in the much way of help. That is how this program got started. We are using that extra money to generate, through the infrastructure bank. With Value Capture . Here is how our program works we offer low interest loans to eligible applicants that otherwise could be obtained through traditional financing. How do we get those low interest loans? Compared to what the counties could credit rating generally generates very competitive rates better than a smaller local government can. And through a small, modest investment that funding that I talked about in the previous slide. The county can subsidize the interest rate even lower. The really interesting thing that you will see on these slides later is that we can bundle multiple smaller projects together into one loan. The borrowing fixed cost are proportionally across all applicants. That would have been cost prohibitive on some smaller loans. The applicant pays back the principal and discounted interest rate through guaranteed notes with the county. That debt that the counties incurred because of those notes can be considered self liquidating. It is not in its credit rating. A little bit about a flowchart. We have an application. Where a borrower comes around and goes through an application process.they will find out if they are qualified. We'll talk more about that, later on. A total of those is converted to a total amount that the county goes out and borrows from a capitalization source. We'll talk more about that, where those come from. The county and in his county as I mentioned, it's funny is at a point whatever interest rate that we get from the capitalization source Marc County can lower the interest rate another 1.75 basis points . that is were the discounted loans are made to the borrowers. Through notes, and based on the terms of the note it is paid back to the county. The county take that money and as its own and pays back the original capitalization source. The county is really an intermediate access to a larger funding source for the smaller borrowers. The other thing that I mentioned earlier is that these projects that the municipalities are dealing with are probably the largest thing that you dealt with, ever it could be a bridge. It could be a large road reconstruction. They really do not have the experience, capacity or the know-how to deliver once they access the funding. The county is very experienced. We have built 50 bridges and more infrastructure projects. The county offers a turnkey process. This is an option that they can choose to use. The county's own engineers help project delivery staff can be provided as a resource to the borrower. The county likes it when the applicant chooses this option. It protects the county's investment and ensures that the project is built. There is a positive outcome. It is frequently opted for by the applicant. In the application, they indicate whether they want to take this turnkey option. Most of them do. Some have them pursued traditional method. But the turnkey option the county will take over and complete the design. The applicant will review and make sure that it meets their expectations. They are not totally asked it and the county will direct the bidding. The construction, the monitoring, the turn over back over to the client. We call this the sign and drive, unofficially. And a lot of our applicants exercise this. It is really simple. They just have to be committed to the funding in the project gets delivered. Our potential eligible applicants are municipal governments as I spoke of, earlier. We have another level of municipal authorities. This nonprofit organization. Private entities, we will have examples of that and school districts. All that can have projects that are eligible under our program. The credit criteria is that they must have them in traded in investment grade rating on the Standard & Poor's triple B. Or demonstrate compliance with submitting other financial statements to see that they have a healthy financial record. They also must not be in default of any financial obligations. There is no minimum loan amount. It is contingent on the counties credit as well as the applicant. Terms? A minimum of 10 to 20 years. It will be dependent on the tears that I will talk on in one moment. The county discounts, whatever we get by 1.75 basis points. To the loans that go the tier 1 is utilizing the state that has a 10 year term on it. That is but a tear one loan is. Tier 2 is when a county uses a bond or traditional bank loan that can be extended longer. We have some of those requests from municipalities in order to facilitate and meet what they can pay back. Security from disability they also get liquid fuels allocation. That is a secure commitment that is made or other data kidded revenue. A letter of credit and loan guarantee. Mortgage and security agreements related to real and personal property. That is when our private property even can take place. Our liquid fuel fund and now we are at another transportation related funding source that the county has. We have to limit the project eligibility into what those funds can be used for. They are pretty much transportation. Roads, traffic signals, traffic calming, we cannot use them for stormwater or sanitary sewer system . However, within the county they just announced morning. They have a gaining source on their casinos. They just announced another component of this point it is going to mimic, quite exactly what our friends in Butler County are doing, with a -- gaining source gaming. That comes from a much more flexible and as you can see just about any type of project. Dalton County is adding another layer at the end of the year that is going to mimic what success of what Butler County has. We will mimic that with Dauphin County. As we go through credit worthiness, project readiness, the capacity of the municipal government. There is an act that I will talk on later on that they have demonstrated what their limits are. I am far, the biggest thing is to make sure that we have eligible projects that meets the goals and the mission of the project that will create a safer road for generate economic liberty. We have a pre-application process to give guidance to our municipalities because it is new to them. There is a presentation that is made to an advisory board. Eventually, they review everything and make recommendations to the county commissioners for approval. The county will solicit funding from the capitalization source that could be a conventional bank loan or a bond. This is the act that I told you about to demonstrate that we are within the financial limit LGUDA it is for the applicant and the municipality. We settle and then we get to the sign and drive part where we deliver the project. Some variables and things to think about within this. As I mentioned, the county funds that they can insert to help discount rate can really be any source. Liquid fuels, they gaming, that case, as I whatever the restrictions are that the county puts into it. We also look at all sorts of different ways to capitalize. It could be that Pennsylvania infrastructure bank, as I mentioned. A traditional bank loan, or a bond issue PIB and finally the applicants repay their loans we asked them to declare within their application where their sources are coming from . Liquid fuel, general funds, in fact, the county is another program. They can get grants to municipalities to help it pay it back from there gaming funds. This is what the program has accomplished since 2014. There has been 27 important projects that have been funded over $30 million. You can see the smaller transportation projects and most of you could be familiar with. I think that is the key to this program. If you look? We are bundling loans as small as $200,000 and $260,000, for example into a larger borrowing. That is where the big savings is. That is where the original cost have been to ship it equitably across all applicants instead of just one small loan having to absorb it. You can see the different capitalization sources as well. A couple of examples. This is a Middletown revitalization union Street streetscape. Middletown, Pennsylvania. If you are familiar with? Right down the road a couple of miles. It is the decommissioned three mile Island. This small town just outside has really gone through a wonderful revitalization. As you can see it was important to have a high visible crosswalk into the brewery. We do not money cash we do not want any unsafe conditions near a priori because there are a lot of them. That was the 1.5 million dollars loan. Capitalization with the PIB and the borough repaid it with its liquid fuels. The county infusion was also from liquid fuels. This is the value capture that was achieved from the union green Susquehanna commercial neighborhood, hotel, mixed retail, living, a wonderful development and a prohibitive feature of this site development was the extensive public improvements on its frontage to its two state roads. This developer use the infrastructure bank to fund those. That was a $5.3 million loan. The capitalization was through PIB. A 10 year payback. Repayment is from the developer through their project proceeds. Once it is developed the county will use a local use fee. The value captured in this is the measurable. The development cost was $110 million in construction. With 410 full-time jobs with $20 million in wages that were being paid. Once it is fully built out there is a $31 million economic output. 350 full-time jobs with $13 million in annual wages. The calculated tax revenue are $653,000 to Dauphin County . And 1.65 million to Susquehanna . Township. This program has gotten a lot of record should in its first year it was recognized by the national Association of academies in the 2014 achievement award. The Pennsylvania Department of community and economic development won 2017 Governor's award. And the chairman of commissioners reminded me too . out. As part of this [ Captioners transitioning ] has - SIBs to Dauphin County has not had to raise taxes for the past 16 years. It has been quite successful. I will wrap up with that.
Great, thank you, Brian. Very informative. And if any participants would like to submit any questions? now or afterwards? Please feel free. There is one question. With the financing bundled, were any of the projects bundled for project delivery/construction for additional efficiencies? if you had financing, but did you also bundle as the projects, themselves? Brian?
Yes, what a great question. We talked about that. And we thought about that the county does bundle other types of projects. They are the owner of one of them and that was the complexity. Coming up with a bondable and contracting responsibilities. We did that outside of the DCI be it was actually very cumbersome because it was in seven different disabilities. It was a little bit of a management problem that we are going to look at other challenges. We have not bundled a part of this section yet.
Thank you. And the sign and drive program that you have. Construction projects, there are always risks. If costs have gone up? What happens if there is a cost overrun on a project? Who absorbs that risk? If the owners side is on at stake or visit the local agency that is really responsible?
That is a great question and something that we have worked through and identified. One thing to be clear on the sign and drive. All of the contracts associated with it are always in the applicants name. Any design, right-of-way, utility agreement. And in particular, the construction projects are always between the entity, the borrower and the provider. The county is just managing and administrating that. That clarifies a lot of risk that you just described. And in terms of the loan agreement. There are ample contingencies that are included in the application and the estimate. To account for those run over's.
Okay, very good. I think that was the only questions that we have for now. I encourage comments or questions in the chat box. We are going to turn to David Cassell.
Thank you. Again, I am David Cassell, the strategic programs administrator for the State Road and Tollway Authority. One of the hats that I wear is the senior George or transportation infrastructure bank. And I want to thank everyone for putting this together is a great information and great opportunity to share. I have contact information at the end. If you have any questions? please feel free to reach out I'm always happy to share. A couple of things that are unique from an infrastructure bank perspective . we are funded only through state funds. We came after those federal programs in the 1990s. I think a little bit of what that means is when a smaller pot of money. Typically, maybe 15 or 20 million. The second is unique is that we are only open certain times of the year that distinguishes us from another different infrastructure banks. You have to hit us the right time. Third. The fact that we do both grants and loans . I heard Sasha that infrastructure banks usually are revolving loan programs that is true. We also do grants but we also do other parts. If you do grants and you are working with a bank? I will focus Moakley - mostly on loans. We started in 2010 and awarded $165 million on eight rounds. In terms of eligibility? You must be a public entity we to some local governments for that also includes our community improvement districts. That is a quad government, state fuel tax eligible but we have not awarded to a state entity. Our projects have to be motor fuel tax eligible in Georgia, that cannot be transit so it must be roads, bridges. Pedestrian infrastructure. We can find anything from preliminary engineering all the way to construction. A little bit from loans? How do we support value capture? This is an awesome project for us and we also want to partner with our community improvement districts. As Sasha was mentioned earlier, these districts are improvement on additional property taxes on nonresidential properties. In that sense, I think that these funds are private dollars. Those funds will reach out and try to leverage their funds that they bring to provide governmental services. Largely, infrastructure. Since we started we have leveraged $67 million and revenues. Think about that that is a private dollar. That you might not have otherwise gotten. Programs like the infrastructure bank are state also but this is just a great ownership between the public and private sector. But it is more than that. Our experts are leveraging Sante, county, and federal funds. What you wind up with is not just a partnership from the private community but also a project with the local, state and federal dollars. It is just an awesome partnership and create partnerships that we would have otherwise not had. What are we looking for? We are not open all the time. We do grants and loans but think about this in that context. We are looking at projects with a local commitment. If you want a grant? And if you want to see matching funds because you can have the merit of a project. We are looking for economic development, mobility improvement. We would love to see innovative project - projects and what is innovative? Georgia is perhaps a bit unique. We are the second highest number of counties in the nation. 159 and we always say that you do not have to be innovative nationally or even throughout the state. Be innovative in your community how is this different? You have to not do something that is not seen around the world. We try to be context sensitive and we want to see projects that are close to destruction and demonstrate a high degree of feasibility. At the end of the day, these are the boxes that you need to check especially for grant. You do not have to meet all of these criteria but the more of them you meet the better chance you will have for a grant. Loans less concerned we prioritize loans. We sometimes alter those by flexible with the current situations. For example, we rounded earlier this year and one thing that we said it is okay if you're asking for funds just to stay on track. That may make you think that it is not a feasible project it is falling behind . COVID did that. We emphasized that if we just help you stay on track or on Kay Jewelry want to hear from you. This was also our first round when we only did loans and I will show those result. 2020, we did another round of funding and we just straight out said that we are having trouble getting loan. How do we get more loans? Tell them what we want. But we also said that grant loan combinations for the same project is also acceptable. This grant loan combination is one of the ways of offering both of those financial assistances. It is a unique way that we have gotten a lot of loans that we always tell people you do not need to meet all of these objectives to get a loan. And any time we change these? Check your website. Briefly . our advisory committee. The importance of this is that the state will Tollway Authority has three brands. What is unique about GTIB is the only statewide. Our tolling and transit is really related to Metro . It is very important, therefore that we have advisory committee that represents state interest. The governor's office, representative municipalities, the county commissioner, the Georgia state and also our Department of Transportation. We are separate. We need them because they are the experts and not the road highway, infrastructure we need their guidance and their help to make sure that we are working with our investments. Another is because they do our loan underwriting they are our state for we partner with them. It is an awesome partnership we get great rates to do the work. We get a great work out of them, as well. Our key loan parameters we do have a minimum of $25,000. There is no maximum but this is usually limited that we usually 15 or $20 million available. We do not want to invest in just one project. 6 million is the most we've ever done. Our average loan is $1.6 million. We give you time to draw the funds down. This is important. With up to 5 years but we want a 1% administration fee. And what is important is that we do not just award all of the money. We do not hand it over we actually keep the money and we give you us our invoices from your contractor and then we will reimburse them. That allows us to gain interest on the funds and continue to hold those funds. And it also means that we have a city or a county that happens with our smaller cities? If they do not have the money? We could turn that around quickly and thankfully. We have one permanent staff person dedicated to a program and that I am personally dashed Cindy will invoice, quickly. She is amazing and These are low rates, that we use and we advertise these in rates, 2020. I would love to refinance my mortgage through this but I cannot. If you look at that? We are not making a lot of money on five, 10 year loans. But we are usually getting more than what we typically have if we sat on the money and invested it. You can see that we are not necessarily here to make money we are here to make your project happen. And credit criteria private strength, debt service, statement, insecurity source revenue. I can tell you some about what those mean but there are experts for that. We hope that we have a simple process to apply. You have to fill out an application that is about 10 pages and we literally say to keep your answers in five words or less. We want you to be quick and concise. We want to make this easy. We love our consultants, partners, but you do not have to hire want to do this. There is one other form. It is just a basic spreadsheet and just ask us to send $250 as an application fee. The hard list part is that you have to get it approved. We do not have a much more of a timeframe. That could be more of a difficult part. And here are some of these results. $50 million in loans, with 31 loans awarded. Over these last two rounds we tried to push loans. By round eight, that was our first loan only. It is when you only do loans? To get more of them. Bigger numbers. What is interesting is these 31 loans. With a grant loan combination program. Nearly one half, 14 were combined with grants. One project, with grant and loans, both. When we do that? We make it bigger and we want to make sure that if you cannot take be perceived without that number. But it has been a very successful way in our grant world in Georgia to get more loans out. Another way is just telling people. With less than one half of the grants are awarded, and three quarters of loan only, nearly 100%. Remember that when I say loans, that is a loan only or a loan tied to a grant. These large projects, such as diverging diamonds. Loans are more often focused on things like resurfacing, that would not do well for a grant under our investment criteria. If you think of resurfacing, it would not knock it out of the park for economic development. It is still important but we still get a lot of pain dirt roads that is important. You cannot get goods to market if the truck cannot make it. One of the things to call out here is resurfacing. That is what you typically do with a loan. Let me give you a couple of examples of projects and this is a perfect one that we started to see more of like this. The city of Johns Creek is an northern metro area. We gave them a $4 million loan. That was the largest of until last year. They took about three, four years of residential repaving and put it all in one bit. H got a chance to get ahead of it, and saving on inflation and we get a loan out there. We are seeing more and more of these. We saw two, three of these in our recent loan round. We will see more of this, going forward. The second type of project is a little bit smaller. This was the town of Tyrone. South of the metro area and they wanted to do an operational improvement. Maintenance, pedestrian work and the reason why I call this one out. It shows a project that is better than a loan and a grant. This commitment of $2.6 million. This probably would have been dead on arrival if they wanted a grant. But for a loan? This is feasible. When you are doing smaller operational improvements, resurfacing, it does not necessarily knock it out of the park. But in essence, this is a great example of a loan project. That is all that I have. And the again I encourage you to go to our website or reach out to me. I am always happy to talk to you.
Thank you, David . very interesting. We have several questions. And hopefully you can address these to David. First of all, Alan is asking In making a loan decision for a transportation facility, do you also review the borrower's ability to maintain the facility for its design life? Do borrowers with asset management oriented programs receive a preference in receiving load approvals?
I would say no. We have no formal way of looking at maintaining that throughout the design life. I do think that one thing we have to look at is that are we going to build something. In the short term, can you actually see it through from the capital side? No. We do not look at that.
Thank you. And Have there been any instances where the GTIB could not provide the full loan amount of a construction project? E.g., $100 M needed for construction but loan was less than $100 M. what makes GTIB loan different than bonding or getting a loan elsewhere other than the low interest rate? Does georgia allow the use of state funds to pay back a GTIB loan?
The first question is that we are not the only dollar they are bringing other dollars, as well. So yes, that does happen. In fact I would say that it is more frequent that we are only a piece of the pie. We are usually a bigger piece of the pie. In terms of how this can be combined with a bond? This could be a quicker way or a simple way on how the local governments can go in to that. Many times bonds require referendums. This would be a much quicker and cheaper way of avoiding some of the cost associated with the bond market. You are going to get there cheaper and quicker with us. In terms of allowing these state funds to allow future paybacks? Generally it is no but we want to see a local dollar repaid these are state dollars
This question of capitalization or grants.
We get about a $13 million allocation per year that allows us to do the grants that is why the loans are the icing on the cake. In addition to the annual disbursement from the state we can also get loans back. We will not be a 15 or $20 million program.
Okay. I I think we can move on. The next speaker will be Doug when you are ready. Doug Hood.
Thank you, I am the Assistant financial services director with MoDOT . Our division here at MoDOT is responsible for administering the Missouri transportation finance Corporation. Otherwise known as the MTFC it is a bit easier to say. Today I'm going to try to cover a little bit of our purpose. And giving you some history and structure and talk about our loan application . and give you some of those details on how that works and how we get credits and dedicated revenue streams and so forth. Providing some success stories with projects that we've provided loans out to. And dollar amounts on the total project costs at the end I will take questions and provide some helpful links that we have out there for people to use. A little bit about our actual program, itself. The overall is to provide loans for our transportation projects in the state of the jury. We have learned a lot about different programs and what they offer. With the legislation allows for different types of financing. Options for SIB . However, here in Missouri, we are really about providing direct loans to our local partners. Obviously there is project objectives that we would like to see when they move forward and apply for loans. We want to continue to achieve economic and social commercial growth for the state of Missouri. That is really important. A lot of transportation projects are tied to that. Typically what we see the projects should be in the public's interest and the general welfare of Missouri citizens. Those are our goals. I wanted to reiterate that direct loans is really what our SIBs does for our local partners. A little bit of history on our program of MTFC we were incorporated in 1996. We have been around for quite a while when we adopted our bylaws and entered into a cooperative agreement. This was required with the federal transit and federal rail administrations. We capitalized in 1997. Nearly $50 million in federal funds.and over $10 million in state funds. That is how we put money into the SIBs to begin the process . Provide loans to our local partners. We are administered by an eight member Board of Directors. Three members are from the Missouri Highway and transportation commission. This organization, this commission is a governing body of MoDOT . The commission is confirmed by the Senate and three of our commissioners are serving as our board members for the MTFC as well. We do have our director, our CFO in our multi-mobile director that are also part of the MTFC board. We also have six officers. A president, vice president, secretary, treasurer, assistant treasurer, Executive Director her. They all serve different roles for the board. Eligibility. Because we are funded with both federal and state dollars.we allow for projects. Anything that would be eligible under title 23 of the federal assistant of title 23 and capital projects under section 5302 of title 49. A pretty broad range would be eligible for direct loans to our programs. We allow public and private entities to provide for loans. We do not just segregate and allow public for cities and counties. We have private entities that come forward and also apply for loans. They have to be for eligible projects as well. These loans can be for any state of a project. For those familiar? We have a design phase of a project. In the right-of-way, potentially with the utilities, it it can be for all of it or a certain portion of the project. We do have some minimums and maximums as it relates to our different loans. We have a maximum of $10 million. That is really where we can accept those without any preapproval. Anything over $10 million will require preapproval by executive committee. That is an informal process they could send a letter that they want a loan and that is going to be more than $10 million. They provide the details on what their revenue sources are going to be. We do a quick analysis of that and get with the director in order to get a pre-approval before they submitted application. For somebody to go through that process we do not think that it is a good loan? You could turn it down. Trying to get preapproval ahead of time. We do have a $50,000 minimum amount on our loan. As far as our terms? The maximum is 15 years. That we have on our loan policy. Anything greater than 10 years? It requires preapproval by the executive director, as well. Something to keep in mind for somebody that is looking to apply for a loan with MTFC. Our interest rates are usually equal to the municipal rates. When determining which rate to use we are looking at if they are rated or not. If they are not rated? Will do a debt coverage analysis to see what their revenue sources are. Determine their years. I think I have a slight on that. This an example of what we can do. If we had somebody come forward that not have a credit rating. We would look at what the dollar amount of their loan is. How many years they are looking for the loan to be determined. What revenue sources they are bringing towards us we use this table to see they were fall into. And use this as a guide that we believe that based on what they provided. They would fall into a AA rating, for example. Or a AAA. Depending on if their coverage ratio is more than five times the amount they will get two additional funding sources for the term of the loan. They could end up with a AAA rating that would help us determine what interest rate we would use. I will jump ahead two side slides. This is where we would look for that information. Indeed, this would come forward with the credit rating. You will see on the last column with the 10 year loan. It would be sent at one point 45% that is how we do that. Let me go back just one slide. This is the table where do our loan analysis. I know that this looks a little confusing and I'm sure that it is. But for us, we do this all the time. We look for the rating and if this has a credit rating already established? You can see that this is a rating of in a . we plug that in. And we would go to that interest rate. I mentioned that and showed you that slide. This would be a 10 year loan what they requested. They have a rating of and a? If we look at the interest rate is going to be 1.45%. And then we would do an amortization schedule to determine based on our 10 year loan and interest of 1.45% and the annual payment would be? You can see on our annual payment would be $151,000. We would print see what they would provide as revenue sources. They would have economic development sales tax. We would gather information on what their revenues are . and at times would use historical data for that. If they did not have a lot of historical data? It would help to project what that might be. We plug that in if there is a secondary source? You can see that if they are applying for their cart revenue. Even portions of our fuel tax that have dedicated a portion of that to this as well. And what is there total outstanding debt? What will take away from some of those revenue streams? We will determine and come up with a net revenue that they would have. If that net revenue is taking into the annual payment? And it is the 4.37%? I know that I went to this quite a bit but this is something that we do with financial services. We are looking at an applicant to provide details through their application process. To determine whether they believe that this is a good loan to present to our MTFC. Do they have the coverage ratio? To have this coverage ratio of at least one? You can see that their coverage ratio is 4.27. For us, this is a good loan. They have plenty of revenue coming in to cover what their debt would be. And their annual payments for their loan. Just an example of that. Our loan application process. Obviously, we have to ensure that we have secured loans. You saw on that previous slide that we talked a little bit about the sales tax. That is typically what we would see, quite a bit of. This voter approved tax dedicated to secure payment of the debt. And occasionally we do have situations where maybe whatever their general sales tax might be. In a little cup community that is maybe what they are applying for their debt service. Those become more tricky because we have to look at whether liabilities are and what is their budget? So we do request financial statements from our applicants. We had that information readily available to us. We can also designate federal money that is administered as MoDOT as a dedicated loan source . We do require annual recertification. That is what we request as part of our loan policy as well. We request them to provide information on the revenue. If there has been any change in their debt or coverage over the year. We do ask for that. We charge a loan fee for our public entity. 1.5% of the loan amount. We do have a maximum amount out there of $75,000. And a minimum of 500. These loan fees are nonrefundable. They are due at the time of the application is submitted. The only time that we would refund a loan is if we had a situation where we went through a round and suggested and determined that we did not have enough money available to loan out. That would be a time when we would return the application fee if we went through the process of determining that is not a good loan. Or for some other reason they do not have a dedicated revenue source to cover their debt? The application fee becomes nonrefundable. The only time we refunded is if we did not have money available for the loan. Private entities? It is charged a little bit different. .25% of the requested amount. We do not have a maximum on those. And the minimum I did not put that on here but I wanted to share that. Sometimes we see private but mostly what we see are public entities that have come forward as loans. Other is a budget. We need to have that information in order to know for the project and also their overall budget. And what do they have for expenditures for their programs . a project plan detailing the estimates and when the project plans to be delivered. It is just in general. Part of this request would require a loan disbursement and what they expect and when they need that money. Often times it will just be one disbursement but sometimes it is multiple disbursements over a couple of years. Depending on the size of the project and when the money would be needed. We ask that they provide that. Obviously your dedicated revenue stream that I talked a little bit about that, their collateral. Any legal claims on liabilities that would be pending against their revenue sources. Our approval process. I talked a little bit about this. The staff that we have with the financial services along with our chief counsel's office. We will do a review of the loan. We will look at the long terms, draft it up and make sure that MTFC is good . Our loan analysis is making sure that it is adequate. Ultimately the position we are ready to make a recommendation on MTFC on whether this is good or not. Once that goes to the board process? We enter through a loan agreement. Spelling out the financial responsibilities of each entity, going forward. That is how it goes to the end and move forward with the project. Some statistics on where we stand we have been around for quite a while. We have had more than 74 approved loans. Some have even withdrew or did not go forward with the project. But 74 loans that we have actually made disbursements on. $350 million is what we have dispersed in loans since we started this program many years ago. Our current loan amount is $19.6 million. We have about $75 million and approvals that have not had disbursements yet or partial disbursements. You can see from this slide that we do have an active program. And have had a very active program over the years. I did want to mention something else. We are talking about value capture. One of the things that I think has made our loan program with is the MoDOT . Two completely different things but the MTFC and MoDOT we have a set bucket of money. With our commission has put together that allows entities to come forward. They can apply to get partial funding for a project that maybe would not have otherwise have gone through. With a framework project and a certain area. They would say that they project they want 50%. They are asking another 50% from the MoDOT. We have a reviewing committee and yes, this is a good fit. These projects must be on the state highway system. A little bit different than our others. These projects must be on the highway safety bridge projects. That is because the source of the funding of those but we do see quite a bit of projects that go through MoDOT . That get approved for some funding through that program and also applied for loans and get a loan to the MTFC. It could be to fund their portion of the project or MoDOT might not be available for a couple of years out. They might get a loan for the MoDOT portion of the project. I just wanted to mention that. Because I think this program has also made our MoDOT very successful over the years. We have been doing this program for quite a few years now. These are just some examples of the projects I will not go into a lot of detail. I am not that familiar with them, but they came through our district offices this is a project of the interstate 70. They are putting in a new interchange. This total project was $12.7 million. Our loan was $5 million. Another one here was in the Mid Rivers Mall. This is the diversion diamond interchange. This Mid Rivers Mall interchange it is a very, very busy interchange with a lot of traffic. The county came forward with a $15 million and this MTFC loan was just over $3 million and we even have smaller projects and the city of Republic. The intersection improvements of U.S. 60 and North Oakwood. This is only a nine pound - $900,000 project. And even a very large project this last one was Highway 179 extension. This is where I am from. It was a very lengthy process. $1.7 million. Our MTFC loan was the amount of $6 million. The total project cost was $46.7 million. Here are some helpful links. Our MoDOT you can get to our Missouri transportation finance Corporation. We also have information on our cautionary program and under the MTFC . down towards the bottom we have a information is available. Probably the most helpful is our loan volatility document. I have mentioned that several times today. That loan policy is the policy adopted by our NTS board and it sets the tone for what we do and how we do it. Within our SIBs banks and very helpful if anybody is interested? To get information on our MTFC or other development partnerships. With that, I will take any questions.
Thank you, Doug. If there are questions? these post them or press star 1 on your telephone. While people are formulating their questions I want to point out a couple of comments. There is information on a central flaws project and also Lane Rankin talked about how local aid works with the state of New Jersey. And if there are any further questions on members eight funds allowed to read paid funds for the state of Georgia? The answer was the 2021 round our 2021 round only we allowed loans to be repaid w/LMIG funds provided the state-required LMIG match was provided I hope that is helpful information. And Doug, for others. What has been the experience with payback for these loans? Have borrowers paid back when they were supposed to? If not what has happened? And how do you work with that? I will ask that of Doug and others.
Thank you for the question . that is one of the questions that we really work we are doing our loan analysis. Looking at the coverage ratio. When we present a loan to our MTFC if we think that this is a good loan? If we do have that dedicated revenue sources and the ability to provide their debt service payment to us. At this point in time we have not had any struggles with that on our end. The board really relies on us to present to them good projects. That is what we strive to do. If we have situations? Where we are looking to this at different entities? And maybe an entity comes forward and they want a 10 year loan? We are looking at this from our standpoint. The coverage is perhaps not that great? Maybe it is a 15 year loan would work better because we do not feel comfortable recommending a 10 year loan. Your coverage ratio is not that good. And it does not provide enough flexibility. We try to catch that on the onset of the application process. Will we do not deal with situations when an entity cannot make the payments on an annual basis.
David?
We have not had any problems yet. But if we think about it? We started in 2010. With real loan payments of five years, but no problems yet.
Okay. That includes during the pandemic as well?
That is correct. They still make their repayments.
Great, Brian? What is your experience?
I would say that it is similar we do a good job at betting the credibility. With our applicants, we have had no problems or the borrowers, to date.
Great. And the second question is for the group. What were the key regulatory requirements? Some of you had state legislation but was there any additional requirements that came up that you did not realize? It was an obstacle and make your program work? Let me start with Brian again.
Sure. This was really a clarification. The original funding source that the county was going to use. With their liquid fuels dollars Pennsylvania uses that discretion and we had many, long discussions with the department and the Secretary of transportation. Barry and his deputies, legal counsel. After a betting of it they determined that this was not allowable. That is what really helped launch the program. - It was allowable.
Okay. David? Georgia only has a state account it does not have a federal account. Is that a reason why they were not eligible for federal?
I do not know the answer that came before me and we have not talked about it. But one thing I can tell you is at the state road tollways. Historically, all of our tolling dollars would be from local or even state. We did not have a lot of federal experience. I think that if we were beginning to use federal dollars? We would have to lean on our do part of transportation to ensure compliance. But I cannot say for sure why did not participate. But I will say that when there was legislation in 20,000 - 2008. Is that there was very little that was highly prescriptive. We could form our own advisory committee. And there was very little prescribed. We do not a lot of hard, fast rules. That allows us to be nimble and react to situations. And I would say that when anybody ask questions. We do not have a hard yes or no. There is a lot of possibilities. That is a good thing. But the one thing that is prescriptive. And it does make it successful is that we need balances throughout the state. In Georgia, there is a lot of talk about a metro Atlanta and the rest of the state. You have to be aware of that discussion and perception. We have to be a place of balance. A requirement that is flexible.
That makes sense. Doug??
Well, since we were incorporated in 1996. That was the thing. I have actually been with MoDOT only one year at that point. I do not have a lot of details outside of the fact. We went to the process incorporating our business. MTFC. We hadMTFC. We had to go through that process of becoming a nonprofit profit organization. Because we capitalized with federal funds we had to have a agreement with the federal agencies as well. I am not 100% sure if there is any regulatory items within our legislatures at that time. In order to create our SIBs. We have been around for so long and it was before my time. I do not have a great answer for that question. I apologize for that.
No problem. A couple of questions. These are similar. What is the typical collateral involved when an entity is granted the loan? What is the collateral for these loans? Can you provide more examples of a loan with grants - Federal, state, and local? In GA no collateral. We evaluate the credit worthiness only. Perhaps the lack of collateral required in GA is due to our focus on public entities that pledge full faith and credit and Brian? Could you comment on that?
Sure. We do not have any collateral requirements. It is just a credit worthiness evaluation that we do . very similar.
Doug?
Yes just a little bit different for us. We do have a private entity and we require an air revocable letter of credit. If they want to apply for a loan. We do require that. For a city or county's that apply? It is about that dedicated revenue source. That is what goes into our analysis that we have . when we are looking to determine if it is going to be secure or not. They are looking at that dedicated revenue source that they would bring forward.
I stand corrected there is a security agreement letter required also. Are these loans/grants subject to American Iron and Steel (AIS) requirements and other Federal regulations? let me start with Doug. Are you subject to those federal regulations?
Yes, we are. That is what we have as part of our loan policy as well. Projects that come forward and request a loan obviously have to fall within the federal eligibility for title 23. And title 49. But all loans are subject to federal requirements because we capitalized with federal dollars.
Brian? You are correct we do not have those requirements. Because we are not using the federal funds.
Okay. David, similar?
No federal funds, no requirements.
Great. If you want to post any questions? or Star 1. Let me ask one more question. Obviously you work with local governments. Dauphin County, and what type of formal agreements you have with local governments? To capture a project that foster good development. Value that is with a mixed-use project. As we mentioned, with Dauphin County. Do you work with governments to make land use changes or zoning changes to help the project and its relevancy? Let me start with Doug
I am not sure if I understand the question. Land use? Could you define that a little bit more for me?
Sure. Some projects require changes in zoning. And create density or some zoning doesn't allow for mixed-use. And some new projects have a variety of uses. Details. Maybe offices, or residential. And some of these projects make them work require changes. The question is do you work directly or indirectly? Do you have projects like that?
I would say that it would depend on the project. If this is a project that would be on our state highway system. We I have seven distinctive districts in the state of Missouri. If it is in our district system. It would be either to help with our administering process. From design, zoning, to environmental reviews. It would depend on how they bring the project forward and what assistance they would be with us. If it is an off system project? If it is not on the state highway system? We would leave that to the local entity to those processes itself. I hope that answers your question.
I do not know if that is going to be applicable. And I think that it is not applicable in the sense that we do not work with the zoning. But what is applicable if you are talking about a new or expanding way. How there is more demand. The better the application is. I assume that your CIT's
The CID would know that there is something in their area. But a lot of times they would not work with local governments to have designs. So the land-use contact would weigh in heavily on that.
Okay. Brian?
Sure. It is a little bit different because of our local government.
Whatever the Misa banality - municipality -- the local municipality. Will control their zoning and land use but each county has an opportunity to comment and a requirement to comment under the land-use changes that the municipality approves. Indirectly, through the County's planning commission department. There is involvement. But the DCI B is only the letter of support.
The cost of financing your infrastructure program. You provide analysis and share with the costs are or what types of resources that are required. And who bears those costs? Doug?
We have a budget with some operating and administrative costs that we have. Something that we take to the board. Certain individuals. I talked a little bit about this. But we do have people within MoDOT that help analyze the loans. Because we are a corporation we do financial statements. And we go through an annual audit so we have someone on our financial reporting side. That will also help prepare those in chief counsel office and we were number of individuals. We put a budget together and provide that on the annual basis for approval. This could be anywhere from $40,000, to $100,000, for the time that we code. To apply to the program.
Okay. David?
We have two people that are dedicated. One is about 90% and I would take about 25% the accounts for some of the finance and legal resources throughout the agency that we leverage. And the underwriting that we have from the other state agencies. But the money that we use for the staff and the underwriting is from interest. We could easily use the interest generated from a loan or the interest generated on the annual apportionment that sits an investment account with all of the state dollars . that program stays and - pays for itself. Through interest.
Bryant?
Yes, our program is administered through the counties Department of community and economic development. They have a staff of about four people but they are administering multiple, multiple programs. They have some outside consultants. They have legal counsel. When it comes to executing the notes and the agreements within the miscibility. They have a municipal coordinator. That is a liaison between the municipalities. I provide evaluations with project eligibility and verification of the project cost. Those are all rolled in a loan but it is not that cost prohibitive. As I mentioned earlier. Two more questions. What are the weakest challenges Dashwood of the biggest challenges to meet your financial goals? Brian?
The biggest one I think is that a good act that I mentioned. LGUDA it takes some time and why the county has been through it many times most municipalities have not. Bond issues are a little bit longer. Perhaps six months and recently we have had some further delays with the infrastructure bank. It is a strong out as much is nine months. Depending on the two things are LGUDA and what source we are capitalizing from. And you mentioned the Pennsylvania infrastructure bank?
Yes.
David?
Yes. Once our department does the underwriting in terms of past the underwriting? And once we have made recommendations. There really is not anything that really holds it up. If there is one thing that is close to it? It is the new loan recipients. There are a lot of document requirements. Just having a great staff person to think and stay on top of it. And Doug?
I think that we are the same we do not see an issue. Once we go to the process, the loan analysis. And provide a recommendation to the board. If they are agreeable with it. I mentioned in our last step is to do a loan agreement with our entity that spells out the details of the loan. That is relatively simple to do because they've Artie gone to the process, already. As far as providing necessary information that they need to secure a loan. It is just executing a loan agreement. With their agency and our agency, relatively simple.
Great. Cheryl How often do you evaluate your interest rates?
We have four meetings and we will do our call for projects. We have a schedule that we put out there and one of the links that we put out from NTSB those are important dates. Our NTSB board meetings are and on the application are due. We will evaluate interest rates that we are doing our new loan analysis. It will be in real time data that we use from the municipal borrowing rates that are out there. We do those where we do the loan analysis and put together our amortization schedule.
David?
We are not open year round I get to cheat on this answer is that once we are decided that we are open? We check to see what our partner agencies. If it was not for that? It would be similar.
Brian?
Yes I would be similar to what Doug is and what Doug mentioned. We evaluated with each round of loan as we get to the applications. We do not make any commitments to the applications until we see with the market is daring.
Okay.one last question. How have your programs fared in this last year because of COVID-19? Have they been impacted, issues, as anything changed that much? Or is it business as usual? Brian?
Yes. I think that Cal - COVID impacted us. We did not really have many applicants under this special condition. As I mentioned, the county did a bridge bundling financing program and with several municipalities. The county paid 60% and the municipalities paid 40 . we allowed you municipalities to use the CIP funds. They were getting a 60% push from the county in terms of the grant.
David?
We were worried that our applicants were having difficulties repaid it from local options sales tax. But we did not see any problems with repayments and I think some of that was the fact that we were public only. They could dig into the general revenue if they had to. Some of that is because we did the most amount we have ever done. I wondered if people were more often looking to keep things on track. It might have just caused a slight uptick in the loans.
Okay. Doug?
I am not sure that it has a tremendous impact. Obviously the revenue shortfalls that everybody has seen because of COVID has impacted things. It just seems like hours is a lot of hit and miss. As we look, we continue to have MTFC meetings because we have other business that we might have two deal with. At a minimum, will have three, for sure per year. Or we could hold off to one meeting if we do not have a loan application. Over the course of one year we have had a couple of come in. That we have had and requested . in any given year it could be more than that. It really depends on the appetite that is out there and the projects that are moving forward.
Thank you. Brian, David, Doug. Thank you for your input. Your presentation. And Pepper Santalucia
Thank you. I want to thank all of those who joined us today. And if I want to take a chance to remind you that this is just one of a series of virtual webinars that the federal highway administration will have on value capture. You will see our upcoming webinar. May 19 is the next one. We will be revealing and rolling out the primer. We hope that you will join us for that one. And for the ones, that follow. The link on that slide should take you to a page where you can register for each future webinar. This is file share. In that file share, there are four documents. This one is come piled the one is - compiled the slides from today. And we also have an annual report for the Georgia infrastructure bank. If you highlight one of those files? And click to download. A separate window will open in your browser. Click and even download all of those at once. If you click on the menu button on the file share? You could see an option to download all. The browser open window command two options are available for an evaluation we would love to get your feedback on today's event. You can hit the play button. It will ask you just a short number of questions about today's webinar. As promised, there are professional development hours or credit for today. If you look at the upper left corner of the screen? Under evaluation, instruction? You will see an email, with value capture. Value capture is all one word. If you send an email to that email address? It will just ask for confirmation of your event. We would like to thank the presenters for their insight today. And Sasha, page four monitoring and we would also like to acknowledge the ongoing support of the federal highway office. With that, I would like to thank you again for joining us and that concludes today's webinar.
With that, thank you for your participation. You can now, disconnect.
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