As part of the Louisiana TIMED Managers (LTM) joint venture, the firm’s program management responsibilities include financial management, financing strategy and planning, program controls, public outreach, design oversight, environmental permitting, real estate acquisition and relocation, utility relocation, and construction engineering and inspection services.

In order to fund this immense undertaking under an accelerated schedule outlined in 2002, the Louisiana DOTD had to be able to raise the projected $3 billion needed to complete the program. After examining various alternatives, the joint venture and the state decided to organize a series of bond sales through 2010, which are repaid by the $0.04-per-gallon gas tax passed in 1989. The first issuance in August 2002 netted $275 million in funds for the acceleration of the TIMED program.  A successful subsequent bond sale in 2005 netted an additional influx of $548 million and secured a ratings upgrade for the TIMED bonds. Additional bond sales will provide the necessary funding to accelerate the completion of the program in eight to 10 years.

This financing program represents an impressive step toward picking up the pace on the statewide effort. It infuses TIMED with a much larger cash flow, enabling roads to be built more quickly and enabling Louisiana residents to use these new and improved roadways sooner than anticipated.