The Build America Bureau recently awarded 45 Innovative Finance and Asset Concession (IFAC) Program grants totaling $46.97 million to 27 states for infrastructure projects that include a public-private partnership (P3s).
“Funding from the IFAC program will help recipients look beyond traditional project funding and delivery methods to generate value and complete critical infrastructure upgrades faster and at lower cost to taxpayers,” Dr. Morteza Farajian, Build America Bureau Executive director, said.
Awardees include:
The Pennsylvania Department of Transportation was awarded $1.25 million to explore P3 opportunities for creating high-occupancy toll lanes on Interstate 279/579.
The Road Commission of Oakland County, Mich., was awarded $1 million to support the development of a countywide wireless communications program.
Denton, Texas, was awarded $1 million to develop an intelligent transportation systems master plan for the city that integrates modern communications, sensors and data analytics into the transportation infrastructure.
The West Virginia Department of Highways was awarded $999,763 to evaluate improvement needs for state-owned bridges and explore P3 project delivery opportunities.
The Build America Bureau serves as a coordination point for states, municipalities, private partners and other project sponsors seeking federal financing. It lends federal funds to qualified public and private borrowers and provides technical assistance services and grants.