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Oregon Transportation Infrastructure Bank (OTIB)

Oregon Transportation Infrastructure Bank (OTIB). Prepared by: Matthew Harris, Senior Financial Analyst. What is OTIB?. Loan program for transportation projects in Oregon Established in 1996-97 as a pilot State Infrastructure Bank Capitalization of $58.4 million. Goals of OTIB.

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Oregon Transportation Infrastructure Bank (OTIB)

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  1. Oregon Transportation Infrastructure Bank (OTIB) Prepared by: Matthew Harris, Senior Financial Analyst

  2. What is OTIB? • Loan program for transportation projects in Oregon • Established in 1996-97 as a pilot State Infrastructure Bank • Capitalization of $58.4 million

  3. Goals of OTIB • Leveraging Transportation Funds • Accelerating Planned Projects • Improving Communities’ Ability to Meet Transportation Needs • Encouraging Economic Development • Facilitating Non-Traditional Projects

  4. State agencies Cities Counties Special Districts (including LIDs, Transit, Road) Tribal Governments Private Sector Businesses Who can apply?

  5. What can be funded? • Highway projects (If Federalized, Title 23) • Transit projects (Title 49) • Other infrastructure related projects Projects must be in the Statewide Transportation Improvement Program (STIP)

  6. Funds Available • State Highway Funds - $5.9M • Comingled State/FederalHighway Funds - $2.2M • State Highway Funds subject to Title 23 Requirements - $1.5M • Transit/Federal Funds - $2.5M • Available Line of Credit from State Highway Fund - $7.9M

  7. Highway Projects - Eligible Expenditures • Preliminary Engineering • Right-Of-Way Acquisition • Roadway Construction • Bridge Rehabilitation & Replacement • Construction Management • Signals • Loan Fee • Other Costs as Identified in State & Federal Law

  8. Transit Projects – Eligible Expenditures • Vehicle Purchases • ADA-Related Equipment • Transit Facilities (intermodal facilities, maintenance facilities, and shelters) • Vanpools • Loan Fee • Other Costs Identified in Federal Regulations

  9. Loan Process • Project Proposal • Application • Staff Review • CFO or OTC Approval • Terms & Conditions Letter • Loan Documents

  10. Why OTIB? • Generally “AA” Costs of Borrowing Through Pledge of Higher User Tax Apportionment • Draw Down Construction Loans • Low Cost of Financing (1%) • Very Flexible Terms • No Prepayment Penalty • DOJ Standardized Loan Documents

  11. City of McMinnville $3,209,000 20 years @ 2.26% Aa3 (15bps spread) Interest Savings: $58,108 Total Savings: $91,318 (2.18%) Yamhill County $10,366,640 20 years @ 2.26% A (44bps spread) Interest Savings:$553,628 Total Savings:$594,498 (4.32%) Case StudyNewberg-Dundee Bypass

  12. What’s Next for OTIB? • Outreach! • Revamp of Application Process • Recapitalization

  13. For More Information, Contact: Matthew Harris Senior Financial Analyst Oregon Department of Transportation (503) 986-3393 Matthew.D.Harris@odot.state.or.us

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