When the Northeast Ohio Areawide Coordinating Agency (NOACA)’s usual source of funding for transportation projects was out of funds, the agency looked to the Cleveland-Cuyahoga County Port Authority instead, Cleveland.com reports. Usually, NOACA “funds Transportation Improvement Projects through the State Infrastructure Bank [SIB], a revolving loan fund states can use for transportation projects.” However, the SIB’s funds “are exhausted,” according to the article. NOACA voted to apply for financing through the Port Authority, “which can issue bonds on the agency’s behalf,” because “these projects are very important to NOACA’s members and to the region, and we did not want them to get delayed,” said Grace Gallucci, NOACA’s executive director. If ODOT and the Port Authority approve, “the financing would cover five projects with a total cost of $60.1 million,” of which NOACA is responsible for about $45 million. The projects include the rehabilitation of East 55th Street in Cleveland, a $12-million project “involving the structures supporting parking around Tower City” in Cleveland, and rehabilitation of “four bridges on Highland Road in Euclid.” Gallucci said, “[i]nnovative financing mechanisms like this will allow NOACA to keep planned projects on schedule.” For more, read the full article.
Agency looks to Port Authority financing to keep transportation projects on schedule
