DOT Moves To Streamline TIFIA Loan Decisions
Nossaman Partner Geoffrey Yarema was quoted in the Engineering News-Record article "DOT Moves To Streamline TIFIA Loan Decisions" regarding the need for speedier review and approval of Transportation Infrastructure Finance and Innovation Act ("TIFIA") loans by the U.S. Department of Transportation.
On July 24, 2013, Mr. Yarema and other industry experts provided testimony during the Senate Environment and Public Works Committee's oversight hearing on the implementation of the TIFIA Program following MAP-21's expansion of the program almost a year ago. The article noted that Mr. Yarema gave the Senate committee several recommendations, such as streamlining the pre-application process, including TIFIA seekers' letters of intent and the DOT credit review. Mr. Yarema also recommended the DOT provide "conditional commitments" to projects before the project sponsors get bids for the contracts, which would increase competition for the work.
Committee Chairman Barbara Boxer (D-Calif.) praised the recommendations from Mr. Yarema and the other witnesses and said that she planned to send a letter to Anthony Foxx, U.S. Secretary of Transportation, outlining suggested TIFIA improvements.