Presentation on theme: "April 2, 2003. $1 Billion - $1.2 Billion The Pawlenty-Molnau Transportation Financing Package will improve Minnesotas transportation system by greatly."— Presentation transcript:
April 2, 2003
$1 Billion - $1.2 Billion The Pawlenty-Molnau Transportation Financing Package will improve Minnesotas transportation system by greatly accelerating construction of more than one billion dollars worth of critical, but long-delayed, state highway and bridge projects.
The package will: Accelerate $1.0 – 1.2 billion in highway construction projects by as much as nine years.
The package will: Issue up to $550 million in new state trunk highway bonds. Leverage bond funds to accelerate use of $550 million in future federal highway funds. Redirect $42 million per year of current funding from Mn/DOT to pay bond debt service.
The package will: Target $50 million of the $1.0 – 1.2 billion for transit-related trunk highway capital improvements within the metro-area. Provide $5 million over five years for capital investments that support Greater Minnesota transit service.
The package will: Appropriate $100 million from trunk highway fund growth to maintain safety, repair and preservation of the existing highway system. Explore options prior to the 2004 legislative session to assist local units of governments in financing their share.
Projected Package Benefits: Project Advancements $ Millions Advanced projects with $1 billion - $1.2 Normal state road construction program Trunk highway fund growth
Benefits Critical highway and bridge projects will be completed up to nine years earlier than currently scheduled. Construction of long-delayed projects will provide congestion relief, add system capacity and enhance economic and personal mobility in Greater Minnesota and the Twin Cities metro area.
Benefits Significant financial savings will result from building major projects earlier and over a shorter period of time. The accelerated program will produce a domino effect allowing advancement of smaller projects in future years throughout the state.
Benefits The Minnesota Department of Transportation will refocus on core responsibilities of roadway safety, preservation and project construction. Accelerated funding for Transit Advantage capital improvements will support and encourage bus transit use within metro-area highway corridors.
Benefits Additional funding for capital investments will support Greater Minnesota transit service. The package maintains the states priority commitment to statewide highway system safety, repair and preservation.
Project selection criteria: Within the states year construction program. Provides congestion relief, added capacity, or increased mobility through bottleneck removal or in interregional corridors. Multi-year, capital intensive projects. Developed to the point where acceleration is possible.
Redirecting $42 million The redirection of $42 million in current Mn/DOT spending from lesser-priority initiatives to highway construction projects will pay the debt service on $550 million in new trunk highway bonds.
Proposed Reallocated Mn/DOT Funding as a Percentage of Trunk Highway Funding $42,000,000 (3.9 percent) $1,027,000,000
Redirecting $42 million Administration and Overhead: $16,275,000 Information Technology: $10,075,000 Road Maintenance: $4,000,000 Equipment and Facilities: $3,150,000 Research: $2,500,000
Redirecting $42 million Snow and Ice Removal: $2,500,000 Rest Areas: $2,000,000 Striping: $1,000,000 Landscaping: $500,000
Pawlenty-Molnau Transportation Financing Package Proposed Reallocated Mn/DOT Funding $42 Million Administration and Overhead Information Technology Snow and Ice Removal Road Maintenance Equipment and Facilities Research Rest Areas Striping Landscaping