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GARVEE refinance, I-84 corridor, ITIP funding highlight October meeting of Idaho Transportation Board

A GARVEE refinance that saved $13.1 million, setting aside $100 million for needed work in the I-84 corridor, and recognition of various ITIP funding sources were highlights of the October 12 meeting of the Idaho Transportation Board.

Workshop
During the board’s workshop, staff reviewed various funding sources for the Idaho Transportation Investment Program. It focused on state revenue like the new Transportation Expansion and Congestion Mitigation (TECM) Program. Funds from that new source have not been directed to projects yet, so staff recommended dedicating that revenue to a corridor.

The federal Infrastructure for Rebuilding America (INFRA) grant program is calling for projects by early next month. A main criteria is that projects are to be ready for construction in 18 months. Because the program encourages public-private partnerships, staff believes the TECM revenue would be an excellent funding source and improve the department’s chances of receiving a grant.

The board acknowledged the need to improve I-84 from Nampa to Caldwell, and dedicated state funding to the section from Karcher Road in Nampa to Franklin Boulevard in Caldwell. The improvements are estimated to cost more than $100 million.

After INFRA grants are awarded this spring, and ITD finds out if its $90-million application was successful, the final funding plan for this corridor will be determined.

Infrastructure end-of-year report
At its business meeting following the workshop, staff presented the FY17 district infrastructure end-of-year report. The annual federal-aid funding obligation authority was fully utilized. The districts delivered 122 infrastructure projects totaling $316.5 million in FY17. Ten projects were delayed for various reasons, such as environmental or right-of-way issues.

The board also approved additional funding for projects in the out-years of the ITIP. Earlier, the board added two years to the program. Staff requested using consultants to help get those projects ready for construction.

GARVEE Bond refinance
Staff reported that the department, in conjunction with the Idaho Housing and Finance Association and Citigroup, completed the refinancing of $101 million of outstanding callable GARVEE bonds. The refinancing should result in a total savings of approximately $13.1 million.