NOTICE TO APPLICANTS
At its meeting on October 24, 2017, the SC Transportation Infrastructure Bank Board voted unanimously to accept and implement the recommendation of its Evaluation Committee that completed applications under consideration by the Board be held in abeyance until the Board determines that circumstances have changed concerning the availability of the Bank’s resources to allow the further consideration of those applications by the Bank.
The Evaluation Committee’s recommendation is in response to pending lawsuits against the General Assembly challenging the constitutionality of Act 275 of 2016 and Act 40 of 2017. The Acts authorize SCDOT to seek financing from the Bank on certain types of projects, but due to the pendency of the lawsuits, the Bank is not in a position to issue revenue bonds that could be repaid with revenue provided by the Acts. The repeal of Act 98 of 2013 during the last legislative session also is a factor in the Board’s recent action. Act 98 provided the SCDOT and Bank revenues to fund certain types of interstate projects. SCDOT and the Bank must address the need to complete the interstate projects underway that were being funded by Act 98.
As soon as the Board determines it can go forward with funding new projects, current applicants will be notified and the normal application process will resume
Normal Application Process (Currently Suspended)
The Bank invites the submission of applications from local governments (project sponsors or owners) for financial assistance for transportation projects. The submissions to be considered in 2018 must be received by the Bank at its offices by January 31, 2018. The Bank will evaluate the applications and projects which are determined to be eligible and qualified based on the Bank’s application criteria, the Bank’s Operating Guidelines, the South Carolina Transportation Infrastructure Bank Act, and Act 275 of 2016 (see attached Addendum). The Bank will render decisions on those applications by September 1, 2018. The projects approved for financial assistance by the Bank will be submitted for review and consideration to the SCDOT Commission and the General Assembly’s Joint Bond Review Committee.
Please note that a project must have total minimum eligible project costs of at least $25 million and have a minimum score under the factors listed in the application of 70. Projects may not be combined to meet the minimum project cost. Local financial matches, as explained in the Operating Guidelines, Procedures, and Standard Conditions, are an important factor in the review of a project. The projects also will be ranked by the Bank with the assistance of SCDOT based on the criteria noted in Section 7 of Act 275 of 2016. The bank may fund complete projects, partial projects, or no projects annually.