Arizona Department of Transportation Highway Extension and Expansion Program 2016 Annual Report Highway Extension and Expansion Program, 2016 Annual Report INTRODUCTION The Highway Expansion and Extension Loan Program (HELP) provides the State and its communities with an innovative financing mechanism to accelerate the funding of transportation projects. This mechanism is referred to as a State Infrastructure Bank (SIB) and was initially authorized by Congress in 1995. A SIB operates like a bank by providing loans for eligible projects. HELP, Arizona’s SIB, was established in 1998, and is operated under the authority of the State Transportation Board. The members of the State Transportation Board as of June 30, 2016 are shown below. Deanna L. Beaver Chairman District 6 William F. Cuthbertson, Vice Chairman District 3 Michael S. Hammond, Member District 2 Steve Stratton, Member District 4 Jack Sellers, Member District 1 Arlando S. Teller District 5 Joseph E. La Rue Member District 1 FY 2016 ACTIVITY No new HELP loans were approved in 2016 and no loans were outstanding. Laws 2015, Chapter 8 transferred $20 million of non-federal funds from the HELP fund to the state general fund to occur in fiscal year 2016. After this transfer, the remaining balance of the fund at June 30, 2016 was $59,293,343. 1 Highway Extension and Expansion Program, 2016 Annual Report FINANCIAL CONDITION OF THE HELP FUND Arizona Department of Transportation Highway Expansion and Extension Loan Program Fund Statement of Net Position For the fiscal years ended June 30, 2016 and 2015 (Audited) 2 Highway Extension and Expansion Program, 2016 Annual Report FINANCIAL CONDITION OF THE HELP FUND Arizona Department of Transportation Highway Expansion and Extension Loan Program Fund Statement of Revenues, Expenses and Changes in Net Position For the fiscal years ended June 30, 2016 and 2015 (Audited) 3 Highway Extension and Expansion Program, 2016 Annual Report HIGHWAY EXPANSION AND EXTENSION LOAN PROGRAM (HELP) LOAN STATUS AS OF JUNE 30, 2016 STATEWIDE LOANS PROJECT SPONSOR PURPOSE OF LOAN PROJECT LOCATION LOAN APPROVAL INTEREST RATE* MAXIMUM LOAN FINAL MATURITY DRAWS TO DATE OUTSTANDING LOAN BALANCE ADOT Reconstruction SR260, Show Low to Pinetop 2/18/2000 2.93% $5,664,000 Feb-02 $4,666,837 Paid in full 02/25/2002 TOWN OF CHINO VALLEY Construction Center Street 3/17/2000 4.50% $300,000 Jan-05 $300,000 Paid in full 01/11/2005 ADOT Design, Right of Way Various projects state wide 5/19/2000 3.46% $5,707,000 Mar-04 $5,165,861 Paid in full 03/16/2004 CITY OF SIERRA VISTA Construction Buffalo Soldier Trail 7th St. to SR 90 7/21/2000 4.00% $1,970,000 Jun-03 $1,970,000 Paid in full 06/13/2003 LA PAZ COUNTY Reconstruction Salome Road Centennial Wash 12/18/2000 2.93% $2,000,000 Jan-04 $1,448,568 Paid in full 05/31/2002 ADOT Reconstruction SR 260, Pinetop to Hon-Dah 1/19/2001 2.93% $8,400,000 May-03 $6,038,856 Paid in full 05/20/2003 SANTA CRUZ COUNTY Reconstruction South River Road 1/19/2001 3.11% $1,150,000 Jan-07 $643,827 Paid in full 09/27/2005 5 Highway Extension and Expansion Program, 2016 Annual Report LOAN STATUS AS OF JUNE 30, 2016 STATEWIDE LOANS PROJECT SPONSOR PURPOSE OF LOAN PROJECT LOCATION LOAN APPROVAL INTEREST RATE* MAXIMUM LOAN FINAL MATURITY DRAWS TO DATE OUTSTANDING LOAN BALANCE ADOT Design Naha 'Ta' Dziil Rd Sanders TI 3/16/2001 3.32% $1,000,000 Jan-05 $1,000,000 Paid in full 01/20/2005 CITY OF YUMA Reconstruction Ave. A, 40th Street to Desert Avenue 4/20/2001 1.65% $1,000,000 Dec-06 $1,000,000 Paid in full 12/05/2006 TOWN OF TAYLOR Reconstruction Paper Mill Road 5/18/2001 3.42% $1,000,000 Jun-05 $1,000,000 Paid in full 06/02/2005 ADOT Reconstruction SR 260, Christopher Creek 5/18/2001 2.85% $41,900,000 Jul-05 $37,678,400 Paid in full 06/22/2005 TOWN OF PAYSON Reconstruction McLane Road 6/15/2001 3.56% $1,100,000 Jul-06 $1,100,000 Paid in full 06/30/2006 CITY OF YUMA Reconstruction I-8, Giss Parkway Redondo Drive TI 6/15/2001 1.77% $2,000,000 Jul-06 $2,000,000 Paid in full 07/05/2006 ADOT Design, Right of Way SR89A, Glassford Hill Section 1.76% $3,216,000 Sep-03 $2,031,264 Paid in full 09/17/2003 TOWN OF MIAMI Reconstruction Rose Road & Sullivan Street 2.20% $80,000 Jun-05 $80,000 Paid in full 06/02/2005 09/21/2001 1/18/2002 6 Highway Extension and Expansion Program, 2016 Annual Report LOAN STATUS AS OF JUNE 30, 2016 STATEWIDE LOANS PROJECT SPONSOR PURPOSE OF LOAN PROJECT LOCATION LOAN APPROVAL INTEREST RATE* MAXIMUM LOAN FINAL MATURITY DRAWS TO DATE OUTSTANDING LOAN BALANCE ADOT Construction SR 89A, Glassford Hill Section 3/15/2002 1.35% $13,855,000 Oct-04 $13,855,000 Paid in full 10/19/2004 ADOT Construction Avenue 3E Traffic Interchange 3/15/2002 0.86% $9,900,000 Aug-04 $9,900,000 Paid in full 8/19/2004 YAVAPAI COUNTY Construction SR 89A, Glassford Hill Section 3/15/2002 1.83% $4,500,000 Jun-05 $4,500,000 Paid in full 06/06/2005 ADOT Right of Way US 60/SR 79 Traffic Interchange 3/15/2002 1.56% $4,000,000 Oct-04 $2,691,459 Paid in full 10/19/2004 ADOT Design SR 95, Parker to Lakeside 3/15/2002 1.14% $500,000 May-05 $500,000 Paid in full 05/19/2005 GILA COUNTY Reconstruction Fossil Creek Road 4/19/2002 1.43% $1,237,500 Mar-09 $1,237,500 Paid in fill 03/19/2009 GILA COUNTY Reconstruction Six Shooter Canyon Road 4/19/2002 1.81% $600,000 Jun-08 $600,000 Paid in full 06/13/2008 GILA COUNTY Construction Six Shooter Road and Bridge 4/19/2002 3.12% $487,500 Dec-08 $487,500 Paid in full 12/05/2008 7 Highway Extension and Expansion Program, 2016 Annual Report LOAN STATUS AS OF JUNE 30, 2016 STATEWIDE LOANS PROJECT SPONSOR PURPOSE OF LOAN PROJECT LOCATION LOAN APPROVAL INTEREST RATE* MAXIMUM LOAN FINAL MATURITY DRAWS TO DATE OUTSTANDING LOAN BALANCE ADOT Construction SR 260, Cottonwood to Camp Verde 5/17/2002 1.99% $5,000,000 Jun-06 $5,000,000 Paid in full 06/19/2006 YAVAPAI COUNTY Construction Fain Road Realignment 6/21/2002 2.25% $4,500,000 Jun-06 $4,500,000 Paid in full 05/31/2006 CITY OF LAKE HAVASU CITY Reconstruction SR 95, North City Limits 6/21/2002 1.18% $789,508 Feb-05 $789,508 Paid in full 02/01/2005 ADOT Design Fort Grant Road Traffic Interchange 6/21/2002 1.35% $650,000 Nov-06 $650,000 Paid in full 04/26/2006 CITY OF SAFFORD Construction 20th Avenue 8/16/2002 2.42% $2,000,000 Oct-07 $2,000,000 Paid in full 10/02/2007 TOWN OF THATCHER Construction 20th Avenue 8/16/2002 1.56% $2,000,000 Oct-07 $2,000,000 Paid in full 10/03/2007 CITY OF KINGMAN Construction North Bank Street 9/23/2005 3.11% $2,000,000 Nov-11 $2,000,000 Paid in full 11/17/2011 CITY OF ELOY Reconstruction Sunshine Boulevard 11/16/2007 1.49% $3,200,000 Mar-14 $3,200,000 Paid in full 04/16/2013 8 Highway Extension and Expansion Program, 2016 Annual Report LOAN STATUS AS OF JUNE 30, 2016 STATEWIDE LOANS PROJECT SPONSOR PURPOSE OF LOAN PROJECT LOCATION LOAN APPROVAL INTEREST RATE* MAXIMUM LOAN FINAL MATURITY DRAWS TO DATE OUTSTANDING LOAN BALANCE PINAL COUNTY Reconstruction Thornton Road 12/21/2007 2.35% $2,000,000 May-12 $2,000,000 Paid in full 04/25/2012 CITY OF TOMBSTONE Construction Yellow Jacket Way 11/18/2005 To be Determine d $150,000 Nov-10 Loan award lapsed - MOHAVE COUNTY Design and Construction Highway 91, Beaver Dam Wash Bridge 4/21/2006 To be Determine d $8,700,000 Jun-10 Loan award lapsed - CITY OF BISBEE Reconstruction Arizona Street 9/21/2007 To be Determine d $2,400,000 Oct-10 Loan award lapsed - TOWN OF PAYSON Reconstruction Bonita Street, Phase II 3/21/2008 To be Determine d $1,200,000 May-13 Loan award lapsed - TOWN OF MAMMOTH Reconstruction Main Street 12/14/2001 - $334,800 - Withdrawn - * Interest rate will be determined by the State Transportation Board when the first construction draw is made. 9 Highway Extension and Expansion Program, 2016 Annual Report LOAN STATUS AS OF JUNE 30, 2016 MAG LOANS PROJECT SPONSOR PURPOSE OF LOAN PROJECT LOCATION LOAN APPROVAL INTEREST RATE* MAXIMUM LOAN FINAL MATURITY DRAWS TO DATE OUTSTANDING LOAN BALANCE CITY OF CHANDLER New Construction Urban Freeway System Price Freeway: Warner to Frye 3/20/1998 3.59% $26,000,000 Jul-02 $26,000,000 Paid in full 11/30/2001 Red Mountain Freeway: Country Club to Gilbert 3/20/1998 4.41% $24,000,000 Mar-03 $24,000,000 Paid in full 03/21/2003 Various: As stipulated in Senate Bill 1201 11/15/1999 3.92% $100,000,000 Jun-01 $90,324,109 Paid in full 06/28/2001 11/17/2000 2.48% $22,500,000 Jun-05 $22,500,000 Paid in full 02/17/2005 CITY OF MESA ADOT New Construction Urban Freeway System Purchase of Right of Way for Urban Freeway System ADOT/ CITY OF PHOENIX Construction SR 51 Completion Union Hills L101 ADOT Right of Way, Construction Regional Freeway System 9/21/2001 3.30% $50,000,000 Dec-08 $50,000,000 Paid in full 04/17/2008 ADOT Right of Way, Construction Regional Freeway System 11/21/2003 1.44% $80,500,000 Jun-09 $80,500,000 Paid in full 06/15/2009 CITY OF GOODYEAR Design I-10 Widening 4/21/2006 3.13% $7,369,000 Jun-10 $6,783,964 Paid in full 06/10/2010 10 Highway Extension and Expansion Program, 2016 Annual Report LOAN STATUS AS OF JUNE 30, 2016 MAG LOANS PROJECT SPONSOR PURPOSE OF LOAN PROJECT LOCATION LOAN APPROVAL INTEREST RATE* MAXIMUM LOAN FINAL MATURITY DRAWS TO DATE MARICOPA COUNTY Design, Right of Way, Construction MC 85, 107th Ave. to 75th Ave. 3/21/2008 - $25,700,000 Jul-13 Withdrawn - CITY OF PHOENIX Design, Right of Way, Construction Dixileta Drive TI 11/18/2005 - $11,900,000 - Withdrawn - CITY OF PEORIA Design, Construction SR 101 - Union Hills Drive TI 5/16/2008 - $9,910,000 - Withdrawn - * Interest rate will be determined by the State Transportation Board when the first construction draw is made. 11 OUTSTANDING LOAN BALANCE Highway Extension and Expansion Program, 2016 Annual Report LOAN STATUS AS OF JUNE 30, 2016 PAG LOANS PURPOSE OF LOAN PROJECT LOCATION LOAN APPROVAL INTEREST RATE* MAXIMUM LOAN FINAL MATURITY DRAWS TO DATE OUTSTANDING LOAN BALANCE CITY OF TUCSON Street Improvements 6th Avenue, 19th Street to I10 3/17/2000 4.50% $2,000,000 Jan-05 $2,000,000 Paid in full 05/01/2001 ADOT Design, Right of Way Various projects in Pima County 5/19/2000 1.77% $5,285,000 Jun-05 $5,285,000 Paid in full 06/22/2005 CITY OF TUCSON Street Improvements 6th Avenue, Ajo Way to Rodeo Wash 6/15/2001 2.91% $4,500,000 Jan-06 $4,500,000 Paid in full 01/03/2006 ADOT Construction I-10 / I-19 Interchange 9/21/2001 2.11% $62,500,000 Jan-06 $62,500,000 Paid in full 04/18/2005 PIMA COUNTY Street Improvements Ajo Way, Country Club to Alvernon 12/14/2001 3.23% $3,700,000 Jul-07 $3,700,000 Paid in full 01/17/2007 PIMA COUNTY Street Improvements Shannon Road, Ina Rd to Magee Rd 12/14/2001 3.23% $1,400,000 Jul-07 $1,400,000 Paid in full 01/17/2007 ADOT Design I-10 Mainline, Grant to Congress 3/15/2002 0.86% $5,500,000 Jun-06 $4,098,869 Paid in full 06/20/2006 TOWN OF ORO VALLEY Construction Tangerine Road Widening 8/16/2002 1.19% $1,716,000 Jul-05 $1,716,000 Paid in full 08/01/2005 PROJECT SPONSOR 12 Highway Extension and Expansion Program, 2016 Annual Report LOAN STATUS AS OF JUNE 30, 2016 PAG LOANS PURPOSE OF LOAN PROJECT LOCATION LOAN APPROVAL INTEREST RATE* MAXIMUM LOAN FINAL MATURITY DRAWS TO DATE OUTSTANDING LOAN BALANCE TOWN OF ORO VALLEY Construction La Canada Drive Extension 2/20/2004 2.52% $5,000,000 Feb-08 $5,000,000 Paid in full 03/07/2008 TOWN OF MARANA Construction Thornydale Road 11/19/2004 2.51% $7,000,000 Mar-10 $7,000,000 Paid in full 04/21/2010 PIMA COUNTY Construction Alvernon Way, River Rd. to Ft. Lowell 5/20/2005 3.06% $4,836,000 Jun-09 $4,836,000 Paid in full 06/01/2009 CITY OF TUCSON Construction Mountain Avenue, Roger Rd. to Ft. Lowell 3/16/2007 1.97% $14,000,000 May-11 $13,400,000 Paid in full 05/03/2010 TOWN OF ORO VALLEY Construction La Canada Drive Widening 7/20/2007 3.20% $8,000,000 Aug-12 $8,000,000 Paid in full 07/22/2011 ADOT Construction I-10, Pinal Air Park to Marana TI 11/19/2004 - $18,500,000 - Withdrawn - CITY OF TUCSON Construction Harrison Road 8/20/2004 - $12,293,000 - Withdrawn - TOWN OF SAHUARITA Construction La Canada Phase II 9/23/2005 - $3,900,000 - Withdrawn - PROJECT SPONSOR * Interest rate determined by the State Transportation Board when the first construction draw is made. 13