USDOT creates financing center for transportation projects including public/private partnerships

September 30, 2015

Corridor Capital, a long-time presence in passenger rail transportation projects, has strongly advocated the creation of public/private partnerships as a way of growing passenger rail and related transportation projects and infrastructure. The United States Department of Transportation has introduced a new federal program to assist in the creation of public/private partnerships. A press release from USDOT is below.

U.S. Transportation Secretary Foxx Unveils Build America Transportation Investment Center

WASHINGTON – U.S. Transportation Secretary Anthony Foxx today formally unveiled the Department of Transportation’s Build America Transportation Investment Center (BATIC).

BATIC will serve as the single point of contact and coordination for states, municipalities and project sponsors looking to utilize federal transportation expertise, apply for federal transportation credit programs and explore ways to access private capital in public private partnerships.Website Insert Development Finance and Management copy

Andrew Curtis Right will serve as the Executive Director of BATIC. Prior to serving at USDOT, Mr. Right worked in the financial services industry advising on transportation infrastructure transactions. Mr. Right received a B.S.E. in Civil Engineering and Operations Research, with certificates (minors) in Engineering and Management Systems and Public and International Affairs, graduating Summa Cum Laude and Phi Beta Kappa from Princeton University in 1997.  He also received an M.B.A. from the Harvard Business School in 2003 where he was elected a Baker Scholar, the designation for the top 5% of the graduating class.

“With his background in civil engineering and infrastructure financing, no one is more qualified and ready to lead BATIC than Andrew,” said U.S. Transportation Secretary Anthony Foxx. “He and his team will provide project partners and potential investors with the clarity and technical assistance they need to move more projects forward and reduce our nation’s infrastructure deficit.”

BATIC was established a year ago and is the product of President Obama’s Build America Investment Initiative, a government-wide effort aimed to harness the potential of private capital to complement government funding. BATIC will assist project sponsors to navigate the procedural, permitting, and financial barriers to increased infrastructure investment and development.

BATIC will work with AASHTO through a cooperative agreement to establish The BATIC Institute: An AASHTO Center for Excellence (the Institute). The BATIC Institute will aim to improve State DOTs and other public sector organizations’ ability to effectively employ project finance tools through a program of training, sharing best practices, and technical assistance. As part of this effort, AASHTO and USDOT will work with project sponsors across the country to identify institutional capacity building needs and develop resources.

“Transportation departments are increasingly challenged to find the financial resources needed to maintain and modernize their aging infrastructure systems,” said AASHTO Executive Director Bud Wright. “This Institute is a vital resource for state and local government officials looking to identify and utilize ‘real world’ solutions to finance transportation projects.”

In the fall of 2016, the Department of Transportation will be unveiling a new state of the art center of excellence for BATIC. The space will be modernized to include updated standard design features, modernized technology, and collaborative space designed to foster the “one stop shopping” concept that the BATIC embodies as a core business practice.

Secretary Foxx and Mr. Right will travel to New Jersey on Thursday to participate in a BATIC press conference at the Port of Newark.

For more information, please visit www.transportation.gov/BATIC.

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Tuesday, September 29, 2015

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