EMERGENCY TRAVEL ALERT:
For information on the current situation, please visit the following - Alerts.
Financial Information / Office of Comptroller / Divisions / Project Finance / State Infrastructure Bank
Application and Negotiation dates for federal and state eligible production-ready projects in state fiscal year 2019/20 are as follows:
APPLICATION AND NEGOTIATION DATES
(DATES ARE PRELIMINARY AND SUBJECT TO CHANGE)
Open for Applications
Closed for Applications
Application and Financial Analysis
Commence Negotiations with Loan Candidates
May 1, 2018
June 29, 2018
July - September 2018
November/December - 2018
The Department will determine an indicative interest rate for the application based on current market conditions, financial strength of the borrower, term and risk of loan. SIB funds for the upcoming application cycle will be available July 1, 2019.
Applications are accepted for federal and state eligible projects during the published advertisement period via the department's on-line advertised process. Application and Negotiation dates are preliminary and subject to change. Awards are contingent upon legislative/budget appropriation, negotiation of the SIB loan agreement and successful issuance of SIB revenue bonds/bonding requirements, if appropriate.
The State Infrastructure Bank (SIB) is a revolving loan and credit enhancement program 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 or private entities carrying out or proposing to carry out projects eligible for assistance under federal and state law. The SIB cannot provide assistance in the form of a grant. The federally-funded account is capitalized by federal money matched with state money as required by law under the Transportation Equity Act for the 21st Century (TEA-21). All repayments are repaid to the federally-funded SIB account and revolved for future loans. Projects must be eligible for assistance under title 23, United States Code (USC) or capital projects as defined in Section 5302 or title 49 USC. Projects 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.
The state-funded account is capitalized by state money and bond proceeds per Sections 339.55, F.S. and 215.617, F.S. All repayments are repaid to the State Board of Administration where debt service is paid on any outstanding bonds with the remainder returned to the state-funded account and revolved for future loans. 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. The state-funded SIB can be used in constructing and improving transportation facilities or ancillary facilities that produce or distribute natural gas or fuel. Also eligible are projects of the Transportation Regional Incentive Program (TRIP) per Section 339.2819(4), F.S. Projects must be consistent, to the maximum extent feasible, with local Metropolitan Planning Organizations (MPO) and local government comprehensive plans and must conform to policies and procedures within applicable Florida Statutes and other appropriate state standards for the transportation system.
Beginning July 1, 2017, applications for the development and construction of natural gas fuel production or distribution facilities used primarily to support the transportation activities at seaports or intermodal facilities are eligible. These loans may be used to refinance outstanding debt.
The state-funded account also allows for the lending of capital costs or to provide credit enhancements for emergency loans for damages incurred on public-use commercial deepwater seaports, public-use airports, and other public-use transit and intermodal facilities that are within an area that is part of an official state declaration of emergency per Chapter 252, F.S. and other applicable laws.
For more information, please contact:
Stephen Rogers, SIB Program Manager
Florida Department of Transportation
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