Title
Consideration to apply for a SRTA Georgia Transportation Infrastructure Bank Loan
Body
Action Required:
Agenda Vote
Description:
The Georgia Transportation Infrastructure Bank or GTIB is a revolving infrastructure investment fund that provides low-interest loans to state, regional and local government entities to fund needed local transportation projects. Projects eligible for possible funding include highways, roads, bridges, air transport and airport facilities, rail and transit or bicycle facility projects. Eligible costs include all project phases except for ongoing maintenance.
Staff is researching projects that may be eligible such as Oxbo Road, Old Alabama/Old Alabama Connector and the roundabout at Grimes Bridge/ Norcross/ Warsaw.
Based on the procedures we understand so far, we need to compete for these funds. The application window opens in January 2010 and we would like to have several candidate projects in line for potential funding.
Comments:
Staff is seeking the Mayor and council's approval to submit projects to compete for these limited funds.