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Innovative finance beyond the transportation equity act for the 21st century. Private sector perspectives Yarema, Geoffrey

By: Yarema, GeoffreyPublication details: Transportation Research Board, 2001; Conference proceedings 24, Description: nr 24, s. 119-20Subject(s): USA | Conference | Financing | Private | Partnership | Legislation | Tax | 02Bibl.nr: VTI P9000:24Location: Abstract: As the reauthorization of the Transportation Equity Act for the 21st Century (TEA-21) approaches, many stakeholders are already starting to forge an agenda for discussion. G. Yarema presents the private-sector perspectives on seven key elements of that agenda. First, he points to reauthorization and expansion of the State Infrastructure Bank (SIB) program so that all 50 states can capitalize their banks with a portion of their federal transportation funding. Second, certain refinements of tax law could permit more private investment and private risk-taking to take place in combination with the use of tax-exempt debt. Third, continued support for design/build contracts could be helpful, given that this method of procurement is a critical component of many innovative financing efforts. Fourth, value pricing, previously known as congestion pricing, offers an opportunity to encourage financing approaches under which the beneficiary pays for an enhanced level of service; ongoing federal leadership will be critical to greater use of value pricing not only for toll roads but also for transit systems and intermodal facilities. Fifth, the TIFIA federal credit program has had some early successes and is a prime candidate for reauthorization, although some of the lessons learned during the early rounds of implementation should be factored in. Sixth, one of the biggest barriers to successful implementation of projects using innovative financing and project delivery techniques is the delay inherent in environmental reviews. TEA-21's streamlining language holds promise, but more work can be done. For example, the enactment of a statute of limitations on the challenges made under the National Environmental Policy Act is suggested. Finally, another tool that has received a lot of attention, and justly so, is the GARVEE bond. Some technical amendments will likely be appropriate during reauthorization.
Item type: Reports, conferences, monographs
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As the reauthorization of the Transportation Equity Act for the 21st Century (TEA-21) approaches, many stakeholders are already starting to forge an agenda for discussion. G. Yarema presents the private-sector perspectives on seven key elements of that agenda. First, he points to reauthorization and expansion of the State Infrastructure Bank (SIB) program so that all 50 states can capitalize their banks with a portion of their federal transportation funding. Second, certain refinements of tax law could permit more private investment and private risk-taking to take place in combination with the use of tax-exempt debt. Third, continued support for design/build contracts could be helpful, given that this method of procurement is a critical component of many innovative financing efforts. Fourth, value pricing, previously known as congestion pricing, offers an opportunity to encourage financing approaches under which the beneficiary pays for an enhanced level of service; ongoing federal leadership will be critical to greater use of value pricing not only for toll roads but also for transit systems and intermodal facilities. Fifth, the TIFIA federal credit program has had some early successes and is a prime candidate for reauthorization, although some of the lessons learned during the early rounds of implementation should be factored in. Sixth, one of the biggest barriers to successful implementation of projects using innovative financing and project delivery techniques is the delay inherent in environmental reviews. TEA-21's streamlining language holds promise, but more work can be done. For example, the enactment of a statute of limitations on the challenges made under the National Environmental Policy Act is suggested. Finally, another tool that has received a lot of attention, and justly so, is the GARVEE bond. Some technical amendments will likely be appropriate during reauthorization.

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