As participants in the 2014 ARTBA Public-Private Partnership (P3) Conference were discussing new developments and best practices in advancing innovative methods to deliver transportation improvements, President Obama July 17 announced a new “Build America Investment Initiative.” The three-pronged plan includes:
- Creation of a “Build America Transportation Investment Center” at the U.S. Department of Transportation (DOT) that will bring together and provide technical assistance for state and local governments, developers and investor to help advance transportation improvements;
- Establishment of a “Build America Interagency Working Group” to increase private sector involvement in infrastructure projects outside the transportation area. The group will be headed up by U.S. Treasury Secretary Jack Lew and Transportation Secretary Anthony Foxx and will particularly focus on non-transportation projects with a regional or national significance; and.
- Hosting a September 9 “Infrastructure Investment Summit” to bring together all levels of government, builders and investors to focus on innovative financing of infrastructure projects.
While the President’s new initiative would not address the looming Highway Trust Fund’s revenue shortfall or provide long-term funding for the highway and public transportation programs, he did call on Congress to act in both of these areas during his remarks.
ARTBA member Craig Hoogstraten, with James J. Anderson Construction in Philadelphia, Pa., and vice president of the Associated Pennsylvania Constructors, attended the President’s announcement in Wilmington, Del. U.S. DOT Acting Under Secretary for Policy Peter Rogoff previewed the initiative during his remarks to the ARTBA P3 Conference the morning of July 17.
Read more about the Obama plan.