The US faces a large infrastructure deficit, estimated at $3.6 trillion needed by 2020. The Highway Trust Fund, which funds domestic highway projects through a gas tax, faces a growing shortfall as maintenance costs outpace tax revenues. The EB-5 immigrant investor program has potential to help fund infrastructure by drawing $7.35 billion in overseas investment from 2010-2014. However, current rules prohibit using EB-5 for public infrastructure due to risk requirements. Allowing EB-5 funding of public projects like highways could help address the infrastructure funding gap at no cost to taxpayers.
Transportation Directions: Where Are We Heading? (Jack Basso) - ULI Fall Meet...Virtual ULI
Authorization of the next surface transportation bill has
languished in Congress. Learn about prospects for a
breakthrough and how states are dealing with continued
uncertainty and planning for a future with diminished federal
resources.
Investors will want investment protection built into their model including returns
Government would have to back projects with government debt as well as support through grants and subsidies
Taxpayers would be paying tolls or higher transit fees
Middle class is already tax to death as such an new tolls or fees will mean less money for other goods and services
Transportation Directions: Where Are We Heading? (Jack Basso) - ULI Fall Meet...Virtual ULI
Authorization of the next surface transportation bill has
languished in Congress. Learn about prospects for a
breakthrough and how states are dealing with continued
uncertainty and planning for a future with diminished federal
resources.
Investors will want investment protection built into their model including returns
Government would have to back projects with government debt as well as support through grants and subsidies
Taxpayers would be paying tolls or higher transit fees
Middle class is already tax to death as such an new tolls or fees will mean less money for other goods and services
Washington update by the National Asphalt Pavement Association for delivery at the California Asphalt Pavement Association Fall Asphalt Pavement Conference Nov. 6, 2019 in Sacramento, Calif.
2019 Election| Construction| Permits and FDI| Canada | April 2019paul young cpa, cga
1. residential permits were higher due to builders wanting to get the the permits in before the new development fees were implemented (Metro Vancouver
2. Industrial permits were led by a large plant being built in London, Ontario.
Presentation made by Özlem AYDIN SAKRAK, Turkish Treasury, at the 9th annual network meeting of Senior Infrastructure & PPP officials held at the OECD, Paris, on 1 March 2016
Latest updates in mid-2017, the stakeholders related to the issuance of municipal bonds including the Ministry of Finance, the Financial Services Authority (OJK), the World Bank, and PEFINDO cooperate in advocating the opportunities and risks on the preparation of the Municipal Bonds issuance to the potential local government
Infrastructure Development in South Africa, Stephen Labson slEconomicsStephen Labson
Budgeted public sector infrastructure spending of roughly R845 billion is planned for from 2012/13 to 2014/15 of which R300 billion is targeted to the energy sector and R262 billion in transport.
While funding would appear to be sufficient to support South Africa’s infrastructure investment requirements, there are some challenges to address. We examine some of the key issues ahead in our Overview.
The effect of federal infrastructure spending on private-sector productivity depends in part on the response of state and local governments and in part on how long the investment takes to become productive. Greater emphasis on particular contributions of infrastructure to productivity or different ways of allocating funds could make federal infrastructure spending more productive.
Presentation by Chad Shirley, Deputy Assistant Director for Microeconomic Studies, at the Transportation Research Board’s International Transportation and Economic Development Conference.
Washington update by the National Asphalt Pavement Association for delivery at the California Asphalt Pavement Association Fall Asphalt Pavement Conference Nov. 6, 2019 in Sacramento, Calif.
2019 Election| Construction| Permits and FDI| Canada | April 2019paul young cpa, cga
1. residential permits were higher due to builders wanting to get the the permits in before the new development fees were implemented (Metro Vancouver
2. Industrial permits were led by a large plant being built in London, Ontario.
Presentation made by Özlem AYDIN SAKRAK, Turkish Treasury, at the 9th annual network meeting of Senior Infrastructure & PPP officials held at the OECD, Paris, on 1 March 2016
Latest updates in mid-2017, the stakeholders related to the issuance of municipal bonds including the Ministry of Finance, the Financial Services Authority (OJK), the World Bank, and PEFINDO cooperate in advocating the opportunities and risks on the preparation of the Municipal Bonds issuance to the potential local government
Infrastructure Development in South Africa, Stephen Labson slEconomicsStephen Labson
Budgeted public sector infrastructure spending of roughly R845 billion is planned for from 2012/13 to 2014/15 of which R300 billion is targeted to the energy sector and R262 billion in transport.
While funding would appear to be sufficient to support South Africa’s infrastructure investment requirements, there are some challenges to address. We examine some of the key issues ahead in our Overview.
The effect of federal infrastructure spending on private-sector productivity depends in part on the response of state and local governments and in part on how long the investment takes to become productive. Greater emphasis on particular contributions of infrastructure to productivity or different ways of allocating funds could make federal infrastructure spending more productive.
Presentation by Chad Shirley, Deputy Assistant Director for Microeconomic Studies, at the Transportation Research Board’s International Transportation and Economic Development Conference.
Aadhya Glazing Varnish
Varnishes provide protective protective coatings for wooden surfaces,paintings,metal artwork and even a mural besides many other objects.Varnish film enhances the appearance of the object,beautifies and after curing,it forms a protective film that is highly resistant to environmental stress due to moisture, corrosion and fungle growth.
Metal objects / articals made of brass,copper,silver,aluminium etc.tarnish on exposure to atmosphere.These require periodic cleaning of the oxidative coating by rubbing /polishing formulations.Similarly other materials like plastic,rexin,painted artwork,murals,rubber etc.become dull and unattractive with the passage of time.Although shellac based coating compositions are in the business for the restoration work but the varnish has to be applied periodically as the caoting wears away or become dull with the passage of time.Restores / commercially available grinding / polishing formulations also do not provide long lasting protection from tarnishing of metal objects,require periodic cleaning by rubbing / polishing .Consumers prefer use of a coating which is more frequent application of restorer.
A semi synthetic composition has been developed which is based on shellac ,synthetic resin and commonly used solvents.A double coat ( or more ,if required , depending on the substrate) of the varnish on the desired surface after drying gives a visually appealing,glossy finish and lustrous shine resulting in a natural attraction for the viewers.
Aadhya International’s Multi Purpose Glazing Varnish is especially developed for on application on a number of surfaces like brass,copper,silver,wood ,mild steel, aluminium , Tin, leather, rexin and plastic gives visually appealing glossy finish and lustrous shine.
Aadhya Multi purpose shiner varnish is fairly resistant towards humidity, water and acid vapour.
Department of Transportation Fiscal Year 2012 Budget HighlightsPorts-To-Plains Blog
The President’s FY 2012 budget request includes a total of $129 billion for the
Department of Transportation. A key element of this request is the inclusion of a $556 billion six-year surface transportation reauthorization proposal to improve the
Country’s highways, transit, and rail infrastructure and to ensure that these systems
are safe.
Are Public-Private Partnerships the Solution for the U.S. Infrastructure Issue?CBIZ, Inc.
While many typically associate the buzz-word "infrastructure" with crumbling roads and bridges, the issues are far more pronounced than what we see on our daily commute. There have been increased calls for public-private partnerships to alleviate or mitigate the ever-growing list of problems with U.S. infrastructure. The shape and structure of those partnerships, however, is a different story.
Essential Transit: Funding Efficient and Equitable Rapid Transit to Increase ...Wagner College
This monograph was written for Wagner College's Hugh L. Carey Institute for Government Reform in May 2020 by Patrick O'Connor. Born in Leominster, Massachusetts, Patrick O’Connor moved to New York and graduated from Wagner College with a degree in finance in 2013. While at Wagner, he captained the football team and was named the college’s 2013 Male Student-Athlete of the Year. After three years of risk management work at JPMorgan Chase, he was accepted as a 2016 Teach for America corps member. For the last four years, he has taught high school algebra in Lawrence, Massachusetts while obtaining a master’s degree in education at Boston University in 2018. O’Connor has been accepted to Harvard Law School and will matriculate there in the fall of 2020.
The Impact of the Financial Crisis on Public Private Partnerships
Filip Drapak, Senior PPP Specialist, World Bank
Public Private Partnerships have been an innovative technique to fund large government projects. How the financial crisis has changed this approach will be the subject of this discussion.
1. PUBLIC SECTOR DIGEST | FEBRUARY 2016
P O L I T I C S & P O L I C Y
TACKLING THE INFRASTRUCTURE DEFICIT:
USING PRIVATE DOLLARS FOR PUBLIC PROJECTS
SHANE SKELTON, ALLIANCE FOR INNOVATION AND INFRASTRUCTURE
JOHNSON-SHOYAMA GRADUATE SCHOOL OF PUBLIC POLICY
n December 1st, conferees from the United States Senate and
House of Representatives reached an agreement1 on a $305
billion, five-year transportation funding bill known as the
FAST Act. The agreement, or “conference report”, was sent
back to both chambers of Congress for an up or down vote,
where it was quickly approved, making it the first long-term surface trans-
portation infrastructure funding bill since 2005. The agreement came just
in time, as current funding authorization would have expired only days
later. President Obama signed the measure into law on Friday December
4th 2015.
O
2. PUBLIC SECTOR DIGEST | FEBRUARY 2016
Domestic surface transportation infrastructure funding, or lack thereof, in the United
States has become a significantly detrimental, yet largely ignored issue. In 2013, the World
Economic Forum ranked the United States 25th in the world for Infrastructure quality.2
Adding insult to injury, the American Society of Civil Engineers (ASCE) has assessed U.S.
infrastructure with a grade of D+.3 Evidence of the United States’ dilapidated infrastruc-
ture can be seen all around, from the recent I-10 bridge collapse in California4 to the
Washington state bridge collapse in 2013.5
Over time, the issue has transformed from one of prestige to one of safety. It is not only
important to build new highway systems, ports, and rail networks but it is also important
to consistently upgrade the ones already in use. This keeps the country well connected and
provides efficient and cost effective transport of goods, personnel, and services.
The FAST Act,6 referred to above, has been hailed as a much-needed comprehensive piece
of infrastructure legislation. Among other things, it calls for spending $205 billion on
highways and $48 billion on transit projects, streamlines the funding and approval pro-
cess, and creates a new grant program to use for development projects. While this seems
to be a step in the right direction, the bill does not address the fundamental flaw in the
surface infrastructure funding program, namely the mismatch between receipts and obli-
gations to and from the Highway Trust Fund, and finding a credible long-term infrastruc-
ture funding source to re-align the mismatch.
The Highway Trust Fund is the primary mechanism through which the federal govern-
ment contributes to domestic highway projects. The fund is financed by a per gallon excise
tax imposed on the sale of gasoline and diesel fuel. The tax has been held at a constant rate
since 1993 at 18.4 cents a gallon for gasoline and 24.4 cents on diesel fuel. The problem is
that while the tax collects about $34 billion annually, the actual maintenance costs are up-
wards of $50 billion.7 This creates a shortfall of $16 billion (a number expected to grow
significantly in future years), leaving no room for new projects, and little room for neces-
sary maintenance and repairs. In recent years the funding shortfall has been bandaged by
a series of unrelated provisions, but no long-term solutions have made it through Con-
gress. The most recent five-year highway bill, passed in December 2015, was no exception.
In addition to the gas tax, which takes care of highways, surface transportation infrastruc-
ture viewed more broadly is funded by numerous public and private sector entities. In the
2014 fiscal year, the public sector alone spent $279 billion8 on transportation infrastruc-
ture. According to ACSE an overhaul of current infrastructure, including the restoration of
bridges, rail roads, and roads requires an investment of $3.6 trillion by 2020.9 If current
levels of spending and funding were to continue, this would lead to a shortfall of approxi-
mately $2 trillion.
I. TOWARD A WIN-WIN SOLUTION
Though seemingly unrelated, a pilot program known as the EB-5 Investor Visa program,
created in The Immigration Act of 1990, may be the key to unlocking additional infrastruc-
ture investment. The program is intended to draw overseas investment into the U.S. in ex-
change for conditional permanent residency to international citizens and their families
who invest either $500,000 in a Targeted Employment Area (TEA), or $1 million in a non-
TEA, and employ at least 10 U.S citizens or permanent residents.10 The residency is made
permanent after a re-evaluation period of two years.
According to Invest in the USA, $7.35 billion entered the United States economy through
this program in the four-year period spanning 2010 to 2014. Additionally, EB-5 invest-
ments were credited with creating 120,000 domestic jobs since inception.11 Demonstrating
its value and potential, investments through the program surged in 2008 when the finan-
cial crisis led to a drop in domestic lending.12
3. PUBLIC SECTOR DIGEST | FEBRUARY 2016
The EB-5 pilot program is operating under a short-term extension, and will expire unless
re-authorized prior to the 11th of December 2015. The most notable changes expected in
the re-authorization are the Senate Judiciary Committee’s proposals to increase minimum
investments to $800,000 and $1.2 million in TEA and non-TEA respectively, several
measures to combat fraud, and more stringent applicant screening for criminal involve-
ment.13
Many countries around the world have some kind of Investor Visa program, including in
the Europe and the Middle East. Potential investors are subjected to a thorough vetting
process to ensure financial stability, and security background checks in order to be eligible
for the program. Furthermore, a biannual re-evaluation process ensures that investors are
meeting all the requirements of the program before permanent residency is granted. In-
vestor visas have become an increasingly important tool for governments looking to raise
large amounts of alternate funding and supplement spending. The program’s best feature
is that EB-5 development projects are completed at no cost to the United States govern-
ment.
A wide variety of investments are made through the EB-5 program - it is not limited to in-
frastructure projects. In fact, one flaw in the program as currently constituted is the bar-
rier to entry for investments in public infrastructure. The law requires invested capital be
placed “at risk”, but neglects to define the precise degree of risk necessary for the invest-
ment to move forward. The general guideline is that the capital must be committed with-
out the explicit guarantee of a return. Since the government backs public infrastructure
projects, like those eligible for Highway Trust Fund dollars (or similar state projects),
there is really no risk of losing invested capital. This creates a strange dichotomy where the
projects most in need of alternative funding are the only ones ineligible to receive it.
For example, when a group of EB-5 applicants were given the green light to invest in the
Seattle 520 Bridge Replacement Project by purchasing Washington State bonds, it ap-
peared to be a win–win situation. The state gets its bridge and the investors gain lawful
entry to the United States. Unfortunately, the project was unable to proceed when it was
determined that the general obligation bonds did not meet the risk threshold. General ob-
ligation bonds are secured by state revenues, and despite the short maturation of the
bonds in question being initially interpreted as risk; EB-5 regulations prohibit the guaran-
tee of fund reimbursement.
At a time when lawmakers are debating mechanisms to fund domestic infrastructure while
simultaneously managing a huge budget deficit, the EB-5 investor program may be a very
effective solution that creates jobs, all at no cost to American citizens. In addition to reau-
thorizing the program, Congress may want to consider modifying the program by allowing
more access to public infrastructure projects and increasing the program’s visa allocation.
SHANE SKELTON works as the Executive Director of the Alliance for Innovation and Infrastructure
(Aii) and leads the group in tackling issues related to the nation’s infrastructure. Shane is the former
Counsel & Policy Advisor for the U.S. House of Representative’s Committee on the Budget. On the
Budget Committee, Shane handled all energy, natural resources, and regulatory policy for the Chair-
men, as well as all of the mandatory and discretionary spending accounts falling within the energy
and natural resources portfolio.
4. PUBLIC SECTOR DIGEST | FEBRUARY 2016
1
Laing, K. (2015, December 1). Negotiators strike deal on five-year, $305B highway bill. Retrieved December
2, 2015, from http://thehill.com/policy/transportation/261666-negotiators-strike-deal-on-five-year-transpor-
tation-bill.
2
Kawa, L. (2013, January 16). America's Infrastructure Ranks... 25th In The World. Retrieved December 2,
2015, from http://www.businessinsider.com/us-infrastructure-behind-developed-world-2013-1.
3
American Society of Civil Engineers. American Infrastructure Report Card. Retrieved December 2, 2015, from
http://www.infrastructurereportcard.org.
4
American Society of Civil Engineers. American Infrastructure Report Card. Retrieved December 2, 2015, from
http://www.infrastructurereportcard.org.
5
Thompson, D. (2013, May 24). The Falling-Bridge Lesson: The U.S. Infrastructure Failure Is Still Totally Inex-
cusable. Retrieved December 2, 2015, from http://www.theatlantic.com/business/archive/2013/05/the-fall-
ing-bridge-lesson-the-us-infrastructure-failure-is-still-totally-inexcusable/276220/.
6
Transportation Committee. (2015, November). FAST Act. Retrieved December 2, 2015, from http://transpor-
tation.house.gov/uploadedfiles/house_senate_big_4.pdf.
7 Phillips, M. (2014, July 17). Gas Tax Can't Fill Up Federal Highway Trust Fund. Retrieved December 2, 2015,
from http://www.bloomberg.com/bw/articles/2014-07-17/gas-tax-cant-fill-up-federal-highway-trust-fund.
8
Congressional Budget Office. (2015, March 1). Public Spending on Water and Transportation Infrastructure,
2014. Retrieved December 2, 2015, from https://www.cbo.gov/sites/default/files/114th-congress-2015-
2016/reports/49910-Infrastructure.pdf.
9
American Society of Civil Engineers. American Infrastructure Report Card. Retrieved December 2, 2015, from
http://www.infrastructurereportcard.org.
10
USCIS. EB-5 Immigrant Investor Program. Retrieved December 2, 2015, from http://www.uscis.gov/eb-5.
11
IIUSA. Invest In the USA. Retrieved December 2, 2015, from https://iiusa.org.
12
Huddleston, B., & Cardenas, A. (2015, October 6). EB-5 Program Extended as-is through December 11, In-
creased Minimum Investment Amounts Likely Thereafter. Retrieved December 2, 2015, from
http://www.haynesboone.com/news-and-events/news/alerts/2015/10/06/eb5-program-extended-as-is-
through-december-11.
13
American Job Creation and Investment Promotion Reform Act of 2015. Retrieved December 2, 2015, from
https://www.congress.gov/bill/114th-congress/senate-bill/1501/text.