The State Transportation Infrastructure Bank (STIB) Evaluation Committee met Monday to review pending 2019 applications. The Bank received 12 applications in 2019, and representatives from each City/County briefly presented overviews of their proposed projects. Ultimately, the Committee selected seven projects which moved to the full STIB Board for approval on Tuesday.
STIB Chairman John White said that due to the economic impacts of COVID-19, the Bank’s capacity had been reduced to $490 million. This is a $170 million reduction from last year.
Because of the economic turmoil, the STIB Board approved the Evaluation Committee’s recommendation to award projects in two phases, using up to 75% of capacity in Phase 1. The seven projects approved by the STIB for Phase 1 are outlined below.
These applications will go to the Joint Bond Review Committee (JBRC) for review.
The majority of the projects awarded Tuesday will help alleviate congestion in their respective areas.
In the case of the I-95 Exit 3 project, locals contend that the project will bring tremendous economic impacts to the area and benefit the state as a whole. Chairman White noted that the Exit 3 project could be a transformative project for the Bank, and he predicted that years from now, people would look back and know the Bank had the vision to make that project happen.
All remaining 2019 applications will remain viable through 12/31/2020 and will have a chance for any awards made in Phase 2 (possibly in late fall).
Chairman White noted that the STIB would inform applicants who were not selected this round of their score and any additional information that may be needed regarding their applications.