TALLAHASSEE – Florida Department of Transportation (FDOT) Secretary Ananth Prasad today announced the annual application and award cycle for the State Infrastructure Bank (SIB) Program will begin July 1, 2011 and close August 31, 2011. Secretary Prasad wants to ensure our partners know the State of Florida is open for business. Now is the time to invest in Florida’s transportation future as we help initiate private sector employment.
The SIB Program is a revolving loan and credit enhancement vehicle consisting of two separate accounts and is used to leverage funds to improve project feasibility. The SIB can provide loans and other assistance to public and private entities carrying out or proposing to carry out transportation projects.
Projects awarded from the federally funded account must be eligible for assistance under title 23 United States Code (USC) or capital projects as defined in Section 5302 or title 49 USC and must be included in the adopted comprehensive plans of the applicable Metropolitan Planning Organization (MPO) and must conform to all federal and state laws, rules and standards.
Projects awarded from the state-funded account must be eligible for assistance per Section 339.55, F.S. and 215.617, F.S. Projects must be on the State Highway System or provide increased mobility on the State’s transportation system, or provide intermodal connectivity with airports, seaports, rail facilities and other transportation terminals, consistent with local MPOs, local government comprehensive plans and must conform to policies and procedures within applicable Florida Statutes and other appropriate state standards for the transportation system. Also eligible are projects of the Transportation Regional Incentive Program (TRIP) per Section 339.2819(4), F.S.
Loans may bear interest at or below market interest rates. Awards are expected to be announced October 21, 2011 with funds available July 1, 2012. The SIB cannot provide assistance in the form of a grant. Application and award dates are preliminary and are subject to change.
For further information, visit the SIB website at www.dot.state.fl.us/financialplanning/finance/sib.shtm or contact Jennifer G. Weeks, SIB Program Manager, Florida Department of Transportation Office of Financial Development, 605 Suwannee Street, Tallahassee, FL 32399-0450, 850-414-4459 email@example.com.