Georgia Transportation Infrastructure Bank Now Open
Georgia communities can now apply for low-interest loans and grants to finance local transportation projects through the Georgia Transportation Infrastructure Bank, established by House Bill 1019 in April 2008.
The Georgia Transportation Infrastructure Bank or GTIB is a revolving infrastructure investment fund, much like a bank, that provides loans with attractive terms to state, regional and local government entities to fund much needed local transportation projects. Projects eligible for possible funding include those that are “motor fuel tax eligible” such as roads and bridges. Eligible costs include all project phases except for ongoing maintenance.
“State infrastructure banks complement traditional federal-aid highway and transit grants by providing states increased flexibility for financing infrastructure investments, and the governor and General Assembly are to be commended for adding yet another effective tool to address our state’s transportation needs,” said State Road and Tollway Authority Executive Director Gena Evans. “The Georgia State Infrastructure Bank is an exciting new funding resource modeled after those in 32 other states to meet a growing need to increase viability for those projects limited by traditional funding sources and which add transportation and economic value to the state.”
The GTIB will be managed by SRTA, whose code was amended to receive initial funding to offer $33.1 million in loans and $10 million in grants. SRTA will establish advisory committees to implement the application review and selection process. The Georgia Environmental Facilities Authority (GEFA) will provide financial analysis and the SRTA Board of Directors will make final approval and loan and grant awards. All funds held in GTIB accounts will be held at the Office of Treasury and Fiscal Services.
GTIB loan and grant procedures including application, guidelines and terms and interest rates are now available on the SRTA website (link) Applicants may also email GTIBinfo@georgiatolls.com with questions.
