Last Ten Minutes with Dana Newsome

Earlier this month, the TIMED Program sold $1.1 billion in bonds.  That’s billion….with a B.  That’s a lot of money we can use to build TIMED roads and bridges. 

The TIMED Program began with a boost from a bond sale back in 1990.  From there, projects were funded as the $0.04 per gallon TIMED gas and special fuels tax was collected.  Needless to say, it can take a long time for four pennies to add up in the bank and be available to fund design, right-of-way acquisition and construction of a highway. 

In 2003, the TIMED Program was fully converted to a bond-financed program.  By allowing the sale of bonds, the state of Louisiana accelerated the TIMED Program by 19+ years.  Bonds are a way for the state to borrow money.  Just like you and I borrow money to buy houses, cars, furniture, college educations – the TIMED Program needed to borrow money to have enough funding to build all of the TIMED projects more quickly.  Imagine if we all had to save our pennies and have 100% of the funding necessary before we could build a house, buy a car or go to college??  For most of us, that day would take forever to get here.  Same concept applies to TIMED. 

TIMED bonds are seen as a good investment by institutional and private investors because they are lower risk (than say stocks), have a guaranteed rate of return, include tax benefits and are secured by the Louisiana gasoline taxes, so investors know they will be paid back.  Since 2003, Louisiana has sold more than $1.8 billion (again, billion with a “B”) in bonds.  This debt has enabled the Program to complete 79 miles of roadway widening and start widening an additional 141 miles of TIMED roads.  

The recent $1.1 billion in bond revenue will allow for $800 million in new construction lettings to occur in fiscal year 2007.   This bond revenue is also allowing for the construction progress on the widening of the Huey P. Long Bridge in Jefferson Parish and the progress on the new John James Audubon Mississippi River Bridge north of Baton Rouge.  This funding will also help pay for engineering, utility relocation and right-of-acquisitions on 155 additional miles of TIMED roadways and on the new high-level Florida Avenue Bridge in New Orleans East.

So, what does $1.1 billion buy?  New and improved transportation corridors for Louisiana.  New and improved evacuation routes for Louisiana.  New and improved economic development opportunities for Louisiana. 

If you build it, they will come……is a mantra we can apply to the TIMED Program.  Without improved transportation and the ability to move goods and people throughout a state, new business can not thrive.  Just yesterday, Governor Blanco announced that JELD-WEN, the world's largest manufacturer of reliable windows and doors, will build a door facings plant in Winn Parish.  Well, TIMED just so happens to be investing more than $200 million in widening the U.S. 167 corridor in Winn Parish.  TIMED can’t take all the credit, but without reliable transportation access, JELD-WEN would have a hard time delivering those door facings to the rest of the world!

That’s the last ten minutes of my day.  Join me again soon to see what else TIMED is doing for our state.

Dana

Fiscal Year 2006 was a challenging year for everyone in Louisiana, including the TIMED Program.  The hurricanes of 2005 affected our employees, our contractors and our projects.  The hurricanes brought unexpected cost increases to the TIMED Program.  New Orleans East, where the new Florida Avenue Bridge corridor is located, was completely flooded and underwater after Hurricane Katrina.  TIMED routes U.S. 171 and U.S. 165 were used for evacuation routes. Construction workers were displaced.  Construction equipment was destroyed.  Construction materials became scarce.  We are all still recovering, rebuilding, restoring.

But today is an exciting day.  The TIMED Program is releasing the Fiscal Year 2006 (FY 2006) annual report highlighting the accomplishments of the past year.  The past year which includes the time period the hurricanes hit and caused so much damage.  I am proud to be releasing a document that shows what hard work, commitment and perseverance can accomplish.  The men and women who are dedicated to keeping the TIMED Program on an accelerated path to completion were very successful in FY 2006.  

A few of the accomplishments of FY 2006 (which ended June 30) include:

·                more than $1.1 billion in active construction contracts

·                209 miles of roadway under construction

·                broke ground on the new Mississippi River Bridge connecting New Roads and St. Francisville, the John James Audubon Bridge

·                began the four-phase widening project on the Huey P. Long Bridge in New Orleans

·                completed 27 additional miles of four-lane roadway construction

To receive a copy of our FY 2006 annual report, you can visit http://www.timedla.com/upload/files/news/Annual%20Report%202006%20V2.pdf or call my office at (866) 846-3352 and we will mail you a free copy.  

As a resident of Louisiana, you should be proud of the progress and success of the TIMED Program.  It is your $0.04 gas tax hard at work rebuilding, restoring and reinvesting in our state.

Thanks for sharing the last ten minutes of my day with me.  Hope to see you again soon –

dana

Welcome to “Last Ten Minutes” with Dana Newsome:  a transportation-focused blog highlighting Louisiana’s TIMED Program and digressing occasionally to hot topics in the transportation industry.  My goal is to share with you my thoughts at the end of the day – the last ten minutes of my day that is.  Many days it’s hard to find an extra ten minutes for anything while working on Louisiana’s largest transportation program, but I am eager and excited to communicate my thoughts and insight with each of you.  

As communications director for Louisiana’s TIMED Program, I have the opportunity to share exciting news and progress on our $4.7 billion transportation program.  This blog provides me another opportunity to help share this news.  I hope you will join me and send me feedback on my posts.  I also encourage questions and suggestions for future blog topics.

Louisiana’s TIMED Program is progressing and moving forward, despite the hurricanes of 2005.  The Fiscal Year 2005/06 Annual Report is being issued this week and is posted on our website for your review.  We are very proud of the accomplishments of the past year and are looking forward to another successful year for 2007.

Well, this ten minutes is about up – I am looking forward to visiting with you again soon and am preparing entries on topics including:  TIMED Funding, TIMED Construction Progress, TIMED and Economic Development, TIMED as part of the DOTD’s Transportation Plan.  

Thanks for spending the last ten minutes of my day with me.  Hope to see you again –

dana