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A C C E L E R AT I N G P R O J E C T D E V E L O P M E N T 71 State/Regional Projects Marketable Projects of National Significance Revenue-Based State Infrastructure Banks Projects Federal Credit Program Loans Revenue Loans Guarantees Projects Guarantees Standby Lines of Credit Requiring Standby Lines of Credit Other Credit Assistance Other External Financing Grand Management Techniques Grant-Supported Traditional Notes and Bonds Advance Construction Non-Revenue-Generating Flexible Match Transportation Projects FIGURE 1 Innovative finance: FHWA perspective. Environmental clearance and statutory requirements, tives of prudent and sustainable project development Political and institutional factors, and and practical and expedient project delivery. This con- Community involvement and sustainability issues. ference is the right setting to focus on the definition and recommendation of such solutions. There have been countless edicts, administrative orders, and academic studies aimed at streamlining and increasing the effectiveness of the planning and devel- ENVIRONMENTAL CLEARANCE AND opment process. However, with the increased con- STATUTORY REQUIREMENTS sciousness concerning the impacts and sustainability of the built environment, the sheer number of require- About a month ago, on September 18, President Bush ments and processes that must be incorporated has issued Executive Order 13274, "Environmental grown exponentially, and the term "streamlining" Stewardship and Transportation Infrastructure Project appears oxymoronic to many. Reviews." Similar to the war powers resolution recently Particularly germane to our agenda at this conference adopted by Congress, this order presumably provides the is the irony that to take greatest advantage of many of administration with unfettered capability to declare war the tools and techniques available in the financial sector on environmental regulations and redundancies in pro- to deliver projects faster, the capital markets seek ject review. Among other provisions, the newest edict on increased certainty at the same time that the project environmental streamlining provides for the following:3 delivery process is experiencing increased uncertainty. This paradox is highly relevant, since the reauthoriza- Each agency required by law to conduct environ- tion process will almost certainly recommend methods mental reviews "shall ensure completion of such for increased participation of the private sector and part- reviews in a timely and environmentally responsible nerships between government and business for trans- manner." portation project development. For private enterprise to USDOT shall establish the "interagency `Trans- become integrally involved in the transportation project portation Infrastructure Streamlining Task Force' to (1) finance and development process, third partyrelated monitor and assist agencies . . . to expedite reviews, issue project development risk must be substantially elimi- permits, or similar actions, as necessary; (2) identify and nated. Even within the public sector, increasingly com- promote policies aimed at streamlining the process of mon project delivery systems, including designbuild approvals for transportation infrastructure projects; and and designbuildoperatemaintain, require reliance on (3) review a list of `priority projects' for addition or principles of project finance that in turn demand greater amendment at least quarterly." certainty in the budgeting and scheduling of project The membership of the task force includes the sec- development and delivery. However, the various require- retaries of agriculture, commerce, interior, defense, and ments and measures associated with project delivery have the combined effect of moving the development 3 Executive Order 13274, "Environmental Stewardship and process in exactly the opposite direction. Transportation Infrastructure Project Reviews." Federal Register, The dichotomy is evident. Solutions must evolve that Vol. 67, No. 184, Sept. 23, 2002, p. 59449. From the Federal meet the often competing but equally legitimate objec- Register Online via GPO Access,