The plan of finance for the TransNet Early Action Program (EAP) allows SANDAG to jumpstart 20 of the 47 projects identified in the 40-year TransNet extension — including widening of Route 76 to I-15, building Route 52 eastward to link with Route 67, an extension of the trolley from Old Town San Diego north onto the campus at UCSD and over to University Towne Centre, and I-15 improvements.
The financial strategy uses bonding to complete the proposed EAP projects, sets aside 10 percent of TransNet major corridor funds for other non-EAP TransNet projects, and leaves 15 percent of state and federal matching funds available for non-EAP and non-TransNet projects. Based on the schedules developed for the EAP projects, this plan of finance is focused on a detailed financial analysis through FY 2015. The plan of finance for other future TransNet projects will be developed in concert with the 2007 Regional Transportation Plan update.
A hedging strategy was used to secure an interest rate of 3.89 percent for the first $600 million of bonds issued in 2008, and the TransNet commercial paper program was increased from $135 million to $335 million to provide the funding needed to accelerate the implementation of the EAP projects.
Project Manager:
Craig Scott
619-699-1926
