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Throughput Infrastructure Fund
In 2016, the Utah Legislature passed SB 246 - Funding for Infrastructure Revisions. The bill established the Throughput Infrastructure Fund and allocated $53 million for loans or grants to eligible projects, which could include an electrical transmission line, short line railroad, deepwater port or pipeline for liquid or gaseous hydrocarbons. The fund will be administered by the Community Impact Board, which provides loans and grants to counties, cities and towns that are impacted by mineral resource development on federal lands.
In 2019, the Utah Legislature passed SB 248 – Throughput Infrastructure Amendments. The bill imposes requirements for the first throughput infrastructure project, dictating that itshall be a bulk commodities ocean terminal project. The applicant shall be from an interlocal agency created to undertake a bulk commodities ocean terminal project. The Board shall grant up to 2 percent of the money in the fund to the agency for costs incurred before the acquisition of the project, and shall fund the agency's application if it meets the Baord's criteria.
The Throughput Infrastructure Fund is created utilizing $53 million from sales tax revenues provided via the Communities Transportation Development Restricted Account. During FY2016-FY2018, new federal mineral lease funds coming into the Permanent Community Impact Fund were reallocated to the transportation account called the Communities Transportation Development Restricted Account. Funds in that account will only be used for transportation projects that are eligible for mineral lease funds.
Throughput Infrastructure Fund Cash Flow
Oakland Port Project
In 2015, four county applicants requested a loan from the Community Impact Board to lease access to a deepwater port under construction in Oakland, CA. It is expected that the same or a similar group will submit an application for funding from the Throughput Infrastructure Fund instead. The proposed project would be developed by TGI, and the four county applicants would lease a portion of the port’s capacity. Bulk goods such as coal, potash, salt and hay could be shipped through the port, giving rural Utah industries access to international markets.
Independent Review of Proposal
The Board has developed an initial due diligence checklist that will lay out the requirements for an application to the Throughput Infrastructure Fund (see below). It will help to identify areas in which the Board may need to hire third party reviewers. Because of the scope and nature of the proposed investment, it is likely the Board will need to engage other experts to provide consultation to the Board.
Initial Due Diligence Checklist
This is an outline of items to be reviewed by the Community Impact Board in contemplation of an investment for a deep water port in Oakland, CA. When an application is officially submitted, the Board reserves the right to place additional items on the checklist due to the complexity of the project. In addition, the Board will use the checklist to identify items of due diligence that exceed the capacity of staff or current consultants. In these instances, the Board will seek to procure additional expertise to handle the review of those items.
Return on Investment
What is the proposed loan structure?
How is the loan secured an what type of bond is proposed?
Who does the revenues structure of the transaction support the proposed bond?
Beyond repayment, what economic benefits will be realized with the investment, including job creation?
What contracts are in place and what is the viability of the financial outlay of those contracts?
Has the developer secured all rights related to the proposed project?
What is the legal structure of the proposed lease and any sub-lease arrangements?
What right, responsibilities, processes and procedures are in place for the transaction?
Are there any outstanding legal issues with respect to the transportation and export of all contemplated bulk commodities?
What is the timeline for construction and operation for the port terminal?
What is the proposed timeline for financial commitments, both public and private?
Throughput Infrastructure Fund Project Funding Process