SMART Infrastructure: Financing
Identifying New Financing Tools for Infrastructure Projects
An infrastructure crisis is looming at the national, state and local levels. California faces a ten-year, $765 billion infrastructure deficit, $500 billion of which is in transportation. State resources alone cannot fill this gap, and both state and local governments lack adequate tools to address it. To remain globally competitive and to attract investment that will support growth and job creation, California needs new and innovative financing tools.
Goal of SMART Infrastructure: Financing
1) Increase innovation and competitiveness by delivering 21st-century infrastructure for California businesses and citizens. Develop new procurement processes and financing tools to enable accelerated project development, supporting job creation and environmental goals.
2) Address state-level bottlenecks and provide cities, counties and regions with more investment options and increased policy flexibility.
September 14, 2012 - At the request of Michael Rossi, Senior Advisor for Jobs and Business Development in the Governor's Office, the SMART Infrastructure Action Team has submitted a white paper to the Governor’s Office on creating a center for expertise to increase private financing of infrastructure. The was prepared by members Peter Luchetti, Table Rock Capital, Lenny Mendonca, Laura Tyson, and Sean Randolph.
July 3, 2012 - With the support of Action Team members, the California Infrastructure and Economic Development Bank, a major source of financing for public infrastructure and private development, was incorporated into GO-Biz, the Governor’s Office of Business and Economic Development.