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State Infrastructure Bank

Financial Information / Office of Comptroller / Divisions / Project Finance / State Infrastructure Bank

State Infrastructure Bank

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Letter of Interest, Application, and Negotiation dates for federal and state eligible production-ready projects in state fiscal year 2017/18 are as follows:

 

 

 

LETTER OF INTEREST, APPLICATION, AND NEGOTIATION DATES

(DATES ARE PRELIMINARY AND SUBJECT TO CHANGE)

 

Letter of Interest

Open for Invited Applications

Closed for Invited Applications

Commence Negotiations with Loan Candidates

February 1, 2016 - May 31, 2016

 

July 1, 2016

 

August 26, 2016

November/December - 2016

 

 

Upon review of an acceptable LOI, the Department will determine an interest rate for the application based on current market conditions, financial strength of the borrower, term and risk of loan.  The entity will then be invited to submit a formal application.  SIB funds for the upcoming application cycle will be available July 1, 2017.

 

Letters of Interest and Applications are accepted for federal and state eligible projects during the published advertisement period via the department's on-line advertised process.  Letter of Interest, Application and Negotiation dates are preliminary and subject to change.  Awards are contingent upon legislative/budget appropriation, negotiation of the SIB loan agreement and successful issuance of SIB revenue bonds/bonding requirements, if appropriate. 

 

The State Infrastructure Bank (SIB) is a revolving loan and credit enhancement program consisting of two separate accounts and is used to leverage funds to improve project feasibility.  The SIB can provide loans and other assistance to public or private entities carrying out or proposing to carry out projects eligible for assistance under federal and state law.  The SIB cannot provide assistance in the form of a grant.  The federally-funded account is capitalized by federal money matched with state money as required by law under the Transportation Equity Act for the 21st Century (TEA-21).  All repayments are repaid to the federally-funded SIB account and revolved for future loans.  Projects must be eligible for assistance under title 23, United States Code (USC) or capital projects as defined in Section 5302 or title 49 USC.  Projects must be included in the adopted comprehensive plans of the applicable Metropolitan Planning Organization (MPO) and must conform to all federal and state laws, rules and standards.

 

The state-funded account is capitalized by state money and bond proceeds per Sections 339.55, F.S. and 215.617, F.S.  All repayments are repaid to the State Board of Administration where debt service is paid on any outstanding bonds with the remainder returned to the state-funded account and revolved for future loans.  Projects must be on the State Highway System or provide increased mobility on the State's transportation system, or provide intermodal connectivity with airports, seaports, rail facilities and other transportation terminals.  Also eligible are projects of the Transportation Regional Incentive Program (TRIP) per Section 339.2819(4), F.S.  Projects must be consistent, to the maximum extent feasible, with local Metropolitan Planning Organizations (MPO) and local government comprehensive plans and must conform to policies and procedures within applicable Florida Statutes and other appropriate state standards for the transportation system. 


The state-funded account also allows for the lending of capital costs or to provide credit enhancements for emergency loans for damages incurred on public-use commercial deepwater seaports, public-use airports, and other public-use transit and intermodal facilities that are within an area that is part of an official state declaration of emergency per Chapter 252, F.S. and other applicable laws.

 

For more information, please contact:

 

 

Jennifer G. Weeks, SIB Program Manager
(850) 414-4459
jenniferg.weeks@dot.state.fl.us