Highways Expansion and Extension Loan Program Annual Report for FY 2002 TRANSMITTAL LETTER December 1, 2002 The Honorable Jane Dee Hull Governor, State of Arizona The Honorable, Randall Gnant President, Arizona State Senate The Honorable Jim Weiers Speaker, Arizona House of Representatives Members of the Legislature, and Citizens of the State of Arizona Pursuant to the requirements of Title 28, Chapter 21 Arizona Revised Statutes, I am pleased to present the 2002 Annual Report for the Highway Expansion and Extension Loan Program (HELP). Twenty-one new loans totaling over $112 million were approved, bringing the total loan approvals through September 30, 2002 to 43 loans for over $430 million. These totals make the HELP program one of the most active State Infrastructure Banks in the nation. While the HELP fund has made a substantial impact on the acceleration of the Maricopa County Regional Freeway System, we are especially proud of the 30 rural projects that have benefited from the HELP program. HELP projects can be found in 14 of the 15 Arizona counties. As the Arizona economy begins to recover, the HELP program continues to be a vital tool for communities in Arizona. From design to right-of-way purchases to construction, HELP has been a key tool in accelerating needed projects. The State Transportation Board, HELP Advisory Committee and ADOT staff look forward to assisting with the financing of important transportation projects throughout Arizona in the coming years. Sincerely, Victor M. Mendez Chair, HELP Advisory Committee 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 road construction. The 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 or credit enhancement for projects. HELP, Arizona’s SIB, was established in 1998, and is operated under the authority of the State Transportation Board. A seven member HELP Advisory Committee accepts loan applications, reviews and evaluates requests for financial assistance, and makes recommendations to the Transportation Board on loan and financial assistance requests. The current members of the State Transportation Board are: Katie Dusenberry, Chair Ingo Radicke, Vice Chair Bill Jeffers Richard “Dick” Hileman Dallas “Rusty” Gant James Martin Joe Lane Tucson Globe Holbrook Lake Havasu City Wickenburg Willcox Phoenix The current members of the HELP Advisory Committee are: Victor Mendez, Chair Bill Beyer Gary Magrino Jeff Martin Cliff Potts Tami Ryall Paul Schwartz ADOT Glendale Yuma Mesa Payson Gilbert Sun City 2002 HIGHLIGHTS Each of the three areas of the state, MAG (Maricopa County), PAG (Pima County) and statewide (the other thirteen counties), have received substantial assistance from HELP over the past year. Fifty million dollars was borrowed by ADOT to accelerate the Regional Freeway System in Maricopa County. The majority of the dollars will be used to purchase right-of-way for the San Tan Freeway in the Southeast Valley and for construction on the Red Mountain Freeway. Both of these projects will help the State in achieving its goal of completing the Regional Freeway System in 2007. Four projects in Pima County were advanced with the use of HELP loans. These projects include the design for a major widening project on I-10 from Grant to Congress that will ultimately ease congestion along the freeway. Statewide, sixteen loans were made ranging in size from an $80,000 to the Town of Miami to a $13.9 million loan to accelerate the construction of a segment of SR89A in Prescott Valley. Seventy percent of the total number of approved loans have been made to communities in the thirteen rural counties, providing needed funding where options for funding are limited. The percentage distribution of the amount of approved loans by region as of September 30, 2002 is as follows: Maricopa County Pima County 13 other Counties 44.7% 22.4% 32.9% State Infrastructure Bank Loan Agreements by State ~ As of June 2002 State Number of Agreements Loan Agreement Amount Disbursements to Date Alaska 1 $2,737,000 $2,737,000 Arizona 40 $430,226,308 $236,661,689 Arkansas 1 $31,000 $31,000 Colorado 2 $400,000 $400,000 Delaware 1 $6,000,000 $6,000,000 Florida 32 $465,000,000 $98,600,000 Indiana 1 $3,000,000 $1,122,000 Iowa 2 $2,874,000 $2,874,000 Maine 23 $1,758,000 $1,478,000 Michigan 23 $17,034,000 $13,033,000 Minnesota 15 $95,719,000 $41,000,000 Missouri 11 $73,251,000 $67,801,000 Nebraska 1 $3,360,000 $3,360,000 New Mexico 1 $541,000 $541,000 New York 2 $12,000,000 $12,000,000 North Carolina 1 $1,575,000 $1,575,000 North Dakota 2 $3,565,000 $1,565,000 Ohio 39 $141,231,000 $116,422,000 Oregon 12 $17,471,000 $17,471,000 Pennsylvania 23 $17,403,000 $17,403,000 Puerto Rico 1 $15,000,000 $15,000,000 Rhode Island 1 $1,311,000 $1,311,000 South Carolina 6 $2,382,000,000 $1,124,000,000 South Dakota 1 $11,740,000 $11,740,000 Tennessee 1 $1,875,000 $1,875,000 Texas 37 $252,013,000 $225,461,000 Utah 1 $2,888,000 $2,888,000 Vermont 3 $1,023,000 $1,000,000 Virginia 1 $18,000,000 $18,000,000 Washington 1 $700,000 $385,000 Wisconsin 3 $1,814,000 $1,814,000 Wyoming 8 $77,977,000 $42,441,000 $4,061,517,308 $2,087,989,689 297 Note: Includes both Federal and State SIB programs. source: Federal Highway Administration; ADOT THE 2002 LOANS STATEWIDE LOANS More and more cities and counties are pursuing HELP loans for local project financing. Not only do the loans help accelerate needed projects, but they also allow the community to spread the cost of a large project over as many as five years. This makes larger projects more feasible for smaller communities and rural counties. In 2002, the HELP program assisted with the financing of the following statewide projects. Rose Road and Sullivan Street, Town of Miami Date Approved: January 18, 2002 Project: Two small street widening and resurfacing projects. Loan Amount: $80,000 Interest Rate: 2.20% Project Acceleration: 8 months The Town of Miami had two state projects that required the town to provide the local match. The HELP loan enabled the town to provide the matching dollars and to spread the repayment over a three-year period. SR89A, Glassford Hill Section, Yavapai County Date Approved: March 15, 2002 Project: The County, in partnership with ADOT, will realign and widen a five-mile section of SR 89A known as the Glassford Hill Section. The project will widen the roadway from two lanes to a four-lane, controlled-access divided highway. Loan Amount: $4,500,000 Interest Rate: 1.83% Project Acceleration: 16 Months This joint project will improve safety and operation of the corridor from Prescott Valley to Prescott. This project, in conjunction with the new Fain Road project, will provide options to the congested SR69 route from I-10 to Prescott as well as allow local traffic to avoid traffic from I-10. SR89A, Glassford Hill Section, ADOT Date Approved: March 15, 2002 Project: See description above. Loan Amount: $13,855,000 Interest Rate: To be determined. Project Acceleration: 16 Months SR95, Parker to Lakeside, ADOT Date Approved: March 15, 2002 Project: Will widen existing four-mile stretch of highway from two lanes to five lanes. Loan Amount: $500,000 Interest Rate: To be determined. Project Acceleration: 12 Months This project will improve capacity, traffic operations and safety on SR 95. The loan is for the design phase of the project. Construction elements will include drainage improvements, new sidewalks, lighting, and widening of the Osborne Wash Bridge. Avenue 3E Traffic Interchange, ADOT Date Approved: March 15, 2002 Project: Reconstruction of traffic interchange including replacement of the eastbound and westbound mainline bridges on I-8 in Yuma. Loan Amount: $9,900,000 Interest Rate: To be determined. Project Acceleration: 13 Months This interchange services much of the truck traffic in Yuma. The reconstruction will replace two bridges and reconstruct the North Frontage Road to align it with the property line of two existing businesses. US60/SR79 Traffic Interchange, ADOT Date Approved: March 15, 2002 Project: Purchase right-of-way for construction of a new traffic interchange at Florence Junction. Loan Amount: $4,000,000 Interest Rate: To be determined. Project Acceleration: 27 Months The purchase of right of way for the project will allow for the acceleration of construction of a new diamond interchange. This interchange is one of the lowest rated in terms of safety in the entire state. Fossil Creek Road, Gila County Date Approved: April 19, 2002 Project: Widening and improved drainage, guardrails, sidewalks and erosion controls along a 2.5 mile section of Fossil Creek Road in Strawberry, Arizona. Loan Amount: $1,237,500 Interest Rate: To be determined. Project Acceleration: 12 Months Fossil Creek Road serves as the sole major rural collector for the Town of Strawberry. This project will widen the roadway from 22 feet to 24 feet with two-foot wide unpaved shoulders and a separate six-foot wide multi-purpose pathway. Six Shooter Road Reconstruction, Gila County Date Approved: April 19, 2002 Project: Widening, drainage improvements, erosion control, guardrails and pavement markers and signage. Loan Amount: $600,000 Interest Rate: To be determined. Project Acceleration: 12 Months Six Shooter Canyon Road serves as the sole major rural collector for areas south of Globe. This project is 0.8 miles in length and will widen the roadway two feet as well as provide a two-foot shoulder on each side of the road. Six Shooter Road and Bridge, Gila County Date Approved: April 19, 2002 Project: Construction of a new bridge across Ice House Canyon near Globe. The project will include improving the approaches to the bridge to meet current design standards. Loan Amount: $487,500 Interest Rate: To be determined. Project Acceleration: 12 Months This bridge project includes sidewalk and guardrail installation as well as improving 0.3 miles of pavement. The road and bridge will each be widened two feet with two-foot shoulders on each side. SR260, Cottonwood-Camp Verde, Segment 2, ADOT Date Approved: May 17, 2002 Project: The project will construct a five-lane undivided roadway section and construct two new bridges, the I17/SR260 bridge and the Verde River bridge. Loan Amount: $5,000,000 Interest Rate: To be determined. Project Acceleration: 38 Months This entire project will improve SR260 from I-17 through Cottonwood, approximately 15 miles. This segment will construct a new Traffic Interchange at I-17 and provide a five-lane roadway section with a continuous left turn lane. SR95, Lake Havasu City Date Approved: June 21, 2002 Project: Widen to a four-lane divided roadway with a median, and overlay existing roadway with asphalt. Loan Amount: $789,508 Interest Rate: To be determined. Project Acceleration: 18 Months The City of Lake Havasu applied for this loan so access to a commercial center could be completed at the same time as an ADOT project widening SR95 along the Colorado River. The loan amount will be repaid to the city by the developer of the commercial center. Fort Grant Road Traffic Interchange, ADOT Date Approved: June 21, 2002 Project: Design a new traffic interchange with new overpass, and relocate the entrance and exit ramps. Loan Amount: $650,000 Interest Rate: To be determined. Project Acceleration: 24 Months A new traffic interchange is needed at Fort Grant Road and I-10 due to the construction of a new truck stop just north of the interchange and the congestion from existing business development. Fain Road Realignment, Yavapai County pp , Project: Replacement and alignment of Fain Road to the Airport Road connector portion of SR89A in Prescott Valley. Loan Amount: $4,500,000 Interest Rate: 2.25% Project Acceleration: Timing of the project has been set to coincide with the completion of the Glassford Hill Section of SR89A. This project, along with the Glassford Hill Section of 89A, will create a loop around Prescott Valley to assist in relieving congestion on SR69 coming from I-17. This will have a major impact on mobility for the area. 20th Avenue, City of Safford Date Approved: August 16, 2002 Project: Widen and improve 20th Avenue from Route 70 to Relation St. Loan Amount: $2,000,000 Interest Rate: To be determined. Project Acceleration: 3 Years This is a joint project with the Town of Thatcher to ease congestion on 20th Ave. The congestion has led to delays for emergency vehicles trying to access the hospital. The project will address safety issues and assist with commercial development along the street. 20th Avenue, Town of Thatcher Date Approved: August 16 2002 Project: Widen and improve 20th Avenue from Route 70 to Relation St. Loan Amount: $2,000,000 Interest Rate: To be determined. Project Acceleration: 3 Years This is a joint project with the City of Safford to ease congestion on 20th Ave. The congestion has led to delays for emergency vehicles trying to access the hospital. The project will address safety issues and assist with commercial development along the street. Main Street, Town of Mammoth Date Approved: December 14, 2001 Project: Resurface the entire length of Main Street. Loan Amount: $334,800 Interest Rate: To be determined. Project Acceleration: 3 years Mammoth was scheduled to receive funding for this project through the Central Arizona Association of Governments (CAAG) in 2005. With this HELP loan, the town will be able to accelerate the project, pay the interest for the loan and repay the principal in 2005 when CAAG has the dollars scheduled. ( Note: The Town of Mammoth has indicated that it intends to withdraw this application.) PIMA COUNTY LOANS Three projects in Pima County received HELP loans during the fiscal year. Tucson is experiencing major congestion problems along I-10 and, with added development, needs additional work done on its collector and arterial road system. Each of these loans addresses this need for Pima County. Shannon Road, Ina Road to Magee Road, Pima County Date Approved: December 14, 2001 Project: Widen approximately 0.85 mile of Shannon Road from two lanes to a four-lane divided roadway. Loan Amount: $1,400,000 Interest Rate: 3.23% Project Acceleration: 24 Months Development in the area has caused major congestion. This widening project will provide an eight-foot wide multi-use lane for bicyclist and right-turn movements along both directions of traffic. New drainage, noise barriers and landscaping will also be part of the project. Ajo Way, Country Club to Alvernon Way, Pima County Date Approved: December 14, 2001 Project: Widen Ajo Way to a six-lane roadway for a one-mile segment between Country Club and Alvernon. Loan Amount: $3,700,000 Interest Rate: 3.23% Project Acceleration: 24 Months Widening of this section of Ajo Way will improve service to this area, which now functions at level of service D in the afternoon peak hours. I-10 Mainline Widening, Grant Road to Congress, ADOT Date Approved: March 15, 2002 Project: Design the widening project for I-10. This project consists of 4 lanes in each direction plus auxiliary lanes between interchanges. Ramps will be improved and improved drainage systems will be installed. Loan Amount: $5,500,000 Interest Rate: To be determined. Project Acceleration: 9 Months Moving the design of this project up nine months will enable the construction project to be shifted from fiscal year 2005 to fiscal year 2004. Tangerine Road, Town of Oro Valley Date Approved: August 16, 2002 Project: Widen Tangerine Road from First Ave. to the west Town limits. Loan Amount: $1,716,000 Interest Rate: To be determined. Project Acceleration: 16 months Tangerine Road is experiencing major growth rates for daily traffic as residential and commercial development continues to increase at the second fastest rate in the state. This project is a good example of the local COG and local community joining together to address a much needed project. MARICOPA COUNTY LOANS MAG Regional Freeway System, ADOT Date Approved: September 21, 2001 Project: Various projects on the Regional Freeway System with the majority being used for right-of-way purchases and construction of the San Tan Freeway and the Red Mountain Freeway corridor. Loan Amount: $50,000,000 Interest Rate: 3.30% Project Acceleration: 84 Months The goal of completing the Regional Freeway System by 2007 continues on track due partly to funding provided by this HELP loan. The San Tan and Red Mountain Freeways in the East Valley will be accelerated using these funds to make right-of-way purchases and provide a portion of the construction costs. FINANCIAL CONDITION OF HELP FUND Arizona Department of Transportation Highway Expansion and Extension Loan Program Fund Statement of Net Assets For the fiscal year ended June 30, 2002 (Unaudited) Assets Current assets: Restricted cash on deposit with the State Treasurer Receivables: Accrued interest Loans Due from other Arizona Department of Transportation funds Due from other state agencies 2002 $ 141,334,598 666,035 51,019,947 571,451 158,953 193,750,984 Total current assets Noncurrent assets: Receivables: Loans 55,099,529 55,099,529 Total noncurrent assets 248,850,513 Total assets Liabilities Current Liabilities: Accrued payroll and other accrued expenses Compensated absences 3,905 17,313 21,218 Total current liabilities Noncurrent liabilities: Advances from other Arizona Department of Transportation funds 20,000,000 145,536,466 Notes payable Total noncurrent liabilities 165,536,466 Total liabilities 165,557,684 Net assets Restricted for loans and other financial assistance Total net assets 83,292,829 $ 83,292,829 FINANCIAL CONDITION OF HELP FUND Arizona Department of Transportation Highway Expansion and Extension Loan Program Fund Statement of Activities For the fiscal year ended June 30, 2002 (Unaudited) 2002 Operating revenues: Interest on loans receivables Total operating revenues Operating expenses: Salaries and related benefits Supplies Professional and outside services Travel Interest on notes payable Other $ 2,226,502 2,226,502 251,220 1,043 139,498 6,126 4,821,052 45,783 Total operating expenses 5,264,722 Operating income <3,038,220> Non-operating revenues : Interest on investments Total non-operating revenues Income before transfers Transfers in Changes in net assets Total net assets - July 1 Total net assets - June 30 5,540,498 5,540,498 2,502,278 2,502,278 80,790,551 $ 83,292,829 Map Table STATEWIDE Loan Amount City / Location Project Name Project Description 1 Carr Canyon Rd - Hunter Canyon Rd Design 2 Buffalo Soldier Trail Construction 3 Van's Trading Post to East of SR264 Design 4 Salome Rd Centennial Wash Crossing Reconstruction $2,000,000 La Paz County 5 Lake Havasu Blvd to Old London Bridge Rd Design $1,850,000 Mohave County 6 SR260 Showlow - McNary - Eager Reconstruction $5,664,000 Showlow 7 Pinetop to Hondah Reconstruction $8,400,000 Pinetop 8 US60 / SR79 TI Design $600,000 Pinal County 9 HWY 89 - Center Street traffic signal Construction $300,000 Chino Valley 10 Glassford Hill Design $1,500,000 11 Ave 3E SR280 TI Design $800,000 12 South River Rd Reconstruction $1,150,000 Santa Cruz County 13 St. Johns - Sanders Highway Design $1,000,000 Apache County 14 Ave. A Reconstruction Reconstruction $1,000,000 City of Yuma 15 Paper Mill Rd. Improvement Reconstruction $1,000,000 Town of Taylor 16 SR260 Christopher Creek Segment Reconstruction $41,900,000 17 McLane Road Reconstruction Reconstruction $1,100,000 Payson 18 I-18 / Giss Parkway / Redondo Dr. TI Reconstruction $2,000,000 Yuma 19 89A Glassford Hill Design $3,216,000 Prescott Valley 20 Main Street Reconstruction $334,800 21 Sullivan Street / Rose Road Reconstruction $80,000 Miami 22 Ave 3E Reconstruction $9,900,000 Yuma 23 US60 / SR79 TI Reconstruction $4,000,000 Pinal County 24 89A Glassford Hill Reconstruction $13,855,000 25 SR95 Reconstruction $500,000 $457,000 $1,970,000 $500,000 Cochise County Sierra Vista Coconino County Prescott Valley Yuma Gila County Mammoth Prescott Valley Parker 26 89A Glassford Hill Reconstruction $4,500,000 Prescott Valley 27 Fossil Creek Road Reconstruction $1,237,500 Gila County 28 Six Shooter Canyon Road Reconstruction $600,000 Gila County 29 Six Shooter Road and Bridge Construction $487,500 Gila County 30 SR260 Cottonwood to Camp Verde Construction $5,000,000 Yavapai County 31 SR95 North City Limits "Centre" Construction $789,508 Mohave County 32 Fort Grant Road TI Construction $650,000 Cochise County 33 Fain Rd. Realignment Construction $4,500,000 Yavapai County 34 20th Avenue Construction $2,000,000 Safford 35 20th Avenue Construction $2,000,000 Thatcher $126,841,308 PAG Project Name Project Description Loan Amount City / Location 1 I-10 - I-19 TI Design $3,285,000 Pima County 2 I-10 - I-19 TI Design $1,000,000 Pima County 3 I-10 Mainline Prince Rd Design $1,000,000 Pima County 4 6th Avenue Project Street improvements $2,000,000 Tucson 5 6th Avenue Project Phase II Street improvements $4,500,000 Tucson 6 JCT I-10 / I-19 Phase 1&2 Construction $62,500,000 Tucson 7 Shannon Road: Ina Rd - Magee Rd Street Improvements $1,400,000 Pima County 8 Ajo Way: Country Club Rd- Alvernon Way Street Improvements $3,700,000 Pima County 9 I-10 Mainline Grant to Congress Design $5,500,000 Pima County 10 Tangerine Road Construction $1,716,000 Oro Valley $86,601,000 MAG Project Name Project Description Loan Amount City / Location 1 Price Freeway - Warner to Frye Construction $26,000,000 Chandler 2 Red Mountain Country Club to Gilbert Construction $24,000,000 Mesa Above two loans are not included in totals 3 Squaw Peak Freeway SR51 Construction $22,500,000 Phoenix 4 Mag System Right of Way Right of way $100,000,000 Maricopa County 5 MAG Regional Freeway System RFS Completion $50,000,000 Maricopa County 48 Total projects $172,500,000 GRAND TOTAL $385,942,308 LOAN STATUS AS OF SEPTEMBER 2002 STATEWIDE LOANS PROJECT PURPOSE OF PROJECT LOAN INTEREST MAXIMUM FINAL DRAWS TO SPONSOR LOAN LOCATION APPROVAL RATE* LOAN MATURITY DATE OUTSTANDING LOAN BALANCE ADOT Reconstruction SR260, Show Low to Pinetop 02/18/2000 2.93% $5,664,000 Feb-02 $4,666,837 Paid in full 02/25/2002 TOWN OF CHINO VALLEY Construction Center Street 03/17/2000 4.50% $300,000 Jan-05 $300,000 $175,000 ADOT Design, Right of Way Various projects state wide 05/19/2000 3.46% $5,707,000 Mar-04 $4,747,689 $3,743,964 Buffalo Soldier Trail 07/21/2000 7th St. to SR 90 4.00% $1,970,000 Jun-03 $1,970,000 $560,000 CITY OF SIERRA VISTA Construction 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, 01/19/2001 Pinetop to Hon-Dah 2.93% $8,400,000 Jan-03 $6,038,856 $3,417,199 SANTA CRUZ COUNTY Reconstruction South River 01/19/2001 Road 3.11% $1,150,000 Jan-05 $643,827 $578,827 ADOT Design Naha 'Ta' Dziil Rd Sanders TI 03/16/2001 3.32% $1,000,000 Jun-04 $382,715 $382,715 Ave. A, 40th Street to Reconstruction 04/20/2001 Desert Avenue 1.65% $1,000,000 Dec-06 $1,000,000 $1,000,000 CITY OF YUMA TOWN OF TAYLOR Reconstruction Paper Mill Road 05/18/2001 3.42% $1,000,000 Jun-05 $1,000,000 $700,000 ADOT Reconstruction SR 260, Christopher 05/18/2001 Creek 2.85% $41,900,000 Jul-05 $19,317,371 $19,317,371 TOWN OF PAYSON Reconstruction McLane Road 06/15/2001 3.56% $1,100,000 Jul-06 $1,100,000 $995,795 CITY OF YUMA Reconstruction I-8, Giss Parkway Redondo Drive TI 06/15/2001 1.77% $2,000,000 Jul-06 $1,500,000 $1,500,000 ADOT Design, Right of Way SR89A, Glassford Hill Section 09/21/2001 1.76% $3,216,000 Aug-03 $2,031,264 $2,031,264 Reconstruction Rose Road & Sullivan Street 01/18/2002 2.20% $80,000 Jun-05 $80,000 $80,000 YAVAPAI COUNTY Construction SR 89A, Glassford Hill Section 03/15/2002 1.83% $4,500,000 Jun-05 $4,500,000 $4,500,000 ADOT Construction SR 89A, Glassford Hill Section 03/15/2002 1.35% $13,855,000 Jun-04 $400,039 $400,039 ADOT Right of Way US 60/SR 79 Traffic 03/15/2002 Interchange 1.56% $4,000,000 Oct-04 $2,669,792 $2,669,792 YAVAPAI COUNTY Construction Fain Road 06/21/2002 Realignment 2.25% $4,500,000 Jun-06 $4,500,000 $4,500,000 Main Street 12/14/2001 To be Determined $334,800 Jun-05 - - To be Determined $500,000 Jan-05 - - TOWN OF MIAMI TOWN OF Reconstruction MAMMOTH SR 95, Parker to Lakeside ADOT Design 03/15/2002 ADOT Construction Avenue 3E To be Traffic 03/15/2002 $9,900,000 Determined Interchange Jun-04 - - GILA COUNTY Reconstruction Fossil Creek To be 04/19/2002 $1,237,500 Road Determined Jun-08 - - GILA COUNTY Reconstruction Six Shooter Canyon Road 04/19/2002 To be Determined $600,000 Jun-08 - - GILA COUNTY Construction Six Shooter Road and Bridge 04/19/2002 To be Determined $487,500 Jun-08 - - ADOT Construction SR 260, Cottonwood To be 05/17/2002 $5,000,000 to Camp Determined Verde Jun-06 - - ADOT Design Fort Grant To be Road Traffic 06/21/2002 Determined Interchange $650,000 Nov-06 - - CITY OF LAKE HAVASU CITY Reconstruction SR 95, North City Limits 06/21/2002 To be Determined $789,508 Jul-04 - - CITY OF SAFFORD Construction 20th Avenue 08/16/2002 To be $2,000,000 Determined Oct-07 - - TOWN OF THATCHER Construction 20th Avenue 08/16/2002 To be $2,000,000 Determined Oct-07 - - LOAN STATUS AS OF SEPTEMBER 2002 PAG LOANS PROJECT SPONSOR CITY OF TUCSON ADOT CITY OF TUCSON PURPOSE OF LOAN PROJECT LOAN INTEREST MAXIMUM FINAL DRAWS TO LOCATION APPROVAL RATE* LOAN MATURITY DATE 6th Avenue, Street 19th Street 03/17/2000 Improvements to I-10 OUTSTANDING LOAN BALANCE 4.50% $2,000,000 Jan-05 $2,000,000 Paid in full 05/01/2001 05/19/2000 1.77% $5,285,000 Jun-05 $5,285,000 $3,754,643 6th Avenue, Street Ajo Way to 06/15/2001 Improvements Rodeo Wash 2.91% $4,500,000 Jan-06 $4,500,000 $3,700,000 I-10 / I-19 09/21/2001 Interchange 2.11% $62,500,000 Jan-06 $11,235,874 $11,235,874 Design, Right of Way Various projects in Pima County ADOT Construction PIMA COUNTY Street Improvements Shannon Road Ina Rd to Magee Rd 12/14/2001 3.23% $1,400,000 Jul-07 $1,400,000 $1,250,000 Street Improvements Ajo Way, Country Club to Alvernon Way 12/14/2001 3.23% $3,700,000 Jul-07 $3,700,000 $3,330,000 ADOT Design I-10 Mainline Widening, Grant to Congress 03/15/2002 To be $5,500,000 Determined Jun-03 - - TOWN OF ORO VALLEY Construction Tangerine Road Widening 08/16/2002 To be $1,716,000 Determined Jul-05 - - PIMA COUNTY LOAN STATUS AS OF SEPTEMBER 2002 MAG LOANS PROJECT PURPOSE PROJECT LOAN INTEREST SPONSOR OF LOAN LOCATION APPROVAL RATE* MAXIMUM LOAN New Construction Urban Freeway System Red Mountain Freeway: Country Club to Gilbert 03/20/1998 4.41% $24,000,000 Feb-03 $24,000,000 $13,770,249 New Construction CITY OF Urban CHANDLER Freeway System Price Freeway: Warner to Frye 03/20/1998 3.59% $26,000,000 Jul-02 $26,000,000 Paid in full 11/30/2001 ADOT Purchase of Right of Various: As Way for stipulated 11/15/1999 Urban in Senate Freeway Bill 1201 System 3.92% $100,000,000 Jun-01 $90,324,109 Paid in full 6/28/2001 ADOT/ CITY OF PHOENIX SR 51 Completion Construction 11/17/2000 Union Hills - L101 2.48% $22,500,000 Jun-05 $22,500,000 $22,500,000 Right of Way, Construction 3.30% $50,000,000 Dec-06 $27,600,000 $27,600,000 CITY OF MESA ADOT Regional Freeway System 09/21/2001 FINAL DRAWS TO OUTSTANDING MATURITY DATE LOAN BALANCE * Interest rate will be determined by the State Transportation Board when the first construction draw is made. Prepared By: Arizona Department of Transportation Financial Management Services Highway Expansion and Extension Loan Program Section 206 S. 17th Avenue, Suite 200 B Phoenix, AZ 85007-3213 Phone (602) 712-7441 * Fax (602) 712-6672