The South Carolina Transportation Infrastructure Bank (SCTIB) announced the reopening of applications for the Rural Infrastructure Fund (RIF). The fund, part of the Rural Project Program, will commit $250 million over 10 years to help qualified counties in rural areas improve infrastructure, economic growth and development.
Eligible projects may not exceed $50 million and must be located in counties with fewer than 115,000 residents. Projects also need to provide public benefit by enhancing mobility and safety, promoting economic development or improving the quality of life and general welfare of the public.
Projects like road improvements and other transportation upgrades that are too costly for small county budgets are eligible for the fund. Projects must be eligible under the SCTIB Act.
The application requires counties to supply a description of the project and proof of public benefit, which could include local support from residents, an analysis of the environmental impact or a description of how the project will promote economic development. The application lists 14 examples of proof of public benefit, but applicants are not limited to that list. Additionally, counties are required to list their financial plan in the application.
The SCTIB board will analyze the application on a points-based system. The SCTIB said it will award the most points to project applications that are closest to being “shovel-ready.”
Once the board determines that a project is eligible under the SCTIB Act, the board will conduct an in-depth review and evaluation of the project. This process will assess whether the project qualifies for financial assistance. The board will then refer the application to its Evaluation Committee, which will also review the application. The board may request applicants to make a presentation of their proposed project to the board.
The application deadline is June 13. Projects and financial assistance approved by the board must be submitted to the South Carolina Department of Transportation (SCDOT) Commission and the Joint Bond Review Committee (JBRC) of the General Assembly before the project and funding can receive final approval.
Photo Courtesy Pixabay
The post South Carolina commits $250M for local transit projects appeared first on Government Market News.