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N E W T R A N S P O RTAT I O N I N I T I AT I V E S A N D D E M A N D S O N F I N A N C I N G 51 Gibson introduced the various proposals currently human resources in each mode and each agency at each under consideration. First, he discussed the concept of the governmental level. Transportation Finance Corporation with a revolving fund repaid by grants and tolls. An alternative is a regional rail finance component capitalized with federal SESSION 2: FINANCING MARINE funds, tax credit bonds, or other sources. A further TRANSPORTATION SYSTEMS option, according to Gibson, would be a national rail net- work program, a grant program akin to the highway pro- William Dryer, Summit Partners, LLC (Moderator) gram. He warned against the Alameda Corridor approach Robert James, Port Authority of New York and New unless other fundamental charges and taxes are in place. Jersey (Discussant) Theodore Prince, Optimization Alternatives Limited, Inc. Importance of a Multimodal Perspective in M. John Vickerman, Transystems Corporation Developing Finance Approaches: Anthony J. Taormina, OmniTRAX, Inc. Putting an End to Modal Stovepiping Mortimer Downey Alameda Corridor: A Case Study Mortimer Downey spoke to the importance of linking all Theodore Prince modes in the planning process. He noted that the existent of three or four Senate committees with relevant jurisdiction Using the Alameda Corridor as a case example, helped to create funding silos. He also addressed the need to Theodore Prince addressed the challenges of imple- research, develop, and provide new tools to multimodal menting and financing a multimodal project of sub- stakeholders and organizations. Another key component is stantial scale and impact. He discussed what worked the development of performance-based solutions. well and what did not, including impacts on other Downey also discussed the potential for interstate facilities. compacts for individual projects and program financ- Prince noted the impact of larger vessel throughput ing. Recognizing the obstacles to regional approaches, and discussed the fact that, to maximize corridor bene- Downey emphasized their potential to contribute to fit, short-haul service from San Pedro ports to inland solving multimodal project financing challenges. distribution centers--and return of empties--may be He noted the opportunity to look at everything all at necessary. The question, according to Prince, will be, once, with reauthorization of surface transportation, Who builds it and how is it funded? aviation, and Amtrak programs on the table. He cited four areas that need to be addressed: Productivity in Marine Terminals: There should be a review of the various existing A Financing Challenge and proposed federally sponsored financing vehicles [e.g., full funding grant agreements, the Railroad M. John Vickerman Rehabilitation and Improvement Financing Program, passenger facility charges, the Transportation M. John Vickerman addressed the challenge of financing Infrastructure Finance and Innovation Act (TIFIA), and increased capacity in marine terminals. Complementing state infrastructure banks (SIBs)] to overcome some of the remarks of Prince, Vickerman also drew attention to the patchwork, create more consistency, and link these the need for port and intermodal research. sources better to normal financing. All of the modes ought to take a lesson from the Federal Highway Administration pyramid of project Short-Line Rail: Private Investments in the finance tools and look at their types of projects in that Marine Transportation System light; that is, don't waste grant resources on projects that may have potential financing. Anthony J. Taormina Integrate the modal planning and project develop- ment process more effectively, including the use of all Anthony J. Taormina discussed private investment in the policy tools--operations, demand management, short-line rail and the role of ports in the logistical intermodal development--not just project investment. chain. In the course of his remarks, he also addressed Create the effective institutions and individuals the need for public investment as seed money for who can contribute, and avoid duplicating these scarce portmaritime research.