contract for the Cooper River Bridge Replacement
Project, the single-biggest project in SCDOT history,
was signed in July 2001.
The financial package for the bridge consists
of a $325 million funding grant and a $215 million loan from the South Carolina
Transportation Infrastructure Bank (SIB), and match funding from the Federal Highway Administration.
Originally, the SIB loan funds were guaranteed by a Transportation Infrastructure Finance and Innovative Act (TIFIA) loan from the FHWA. During construction this loan was converted to state-issued bonds. The TIFIA
Program was established in TEA-21 and provides
direct loans or loan for transportation
projects exceeding $100 million dollars. The loan
is to be repaid by the SCDOT,
the State Ports Authority, and Charleston County.