Fact Sheet: Warwick Intermodal Station
Warwick, RI
Approved FY 2003
Borrower
http://www.dot.state.ri.us/
The Rhode Island Economic Development Corporation (RIEDC), the Rhode Island Airport Corporation (RIAC), and the Rhode Island Department of Transportation (RIDOT).
Description
This intermodal transportation facility will include a commuter rail station, a bus terminal, a consolidated rental car facility, a 3,200-space parking garage, and a skywalk to T.F. Green Airport, which serves the Providence area and southern Massachusetts.
Project Status
Construction schedule is to be determined; RIAC expects to bid pre-construction services contracts over several months in Spring, 2007. The Board of the Rhode Island Airport Corporation confirmed the selection of the Construction Manager, Gilbane, in October. The Board approved pre-construction services in February. An updated cost estimate is expected in April 2007. The Guaranteed Maximum Price contract is scheduled to be signed in October 2007. Substantial completion is expected by October 2009.
Funding Sources
Anticipated funding sources are as follows (dollars in millions):
- Federal grants: $88.9
- State funds: 22.2
- CFC: 33.1
- Senior bond proceeds: 36.1
- TIFIA loan: 42.0
Total: $222.3
TIFIA Credit Assistance
Direct loan: $42 million.
The TIFIA loan will be secured by customer facility charges imposed by RIAC upon people renting cars at the airport as well as payments by the rental car companies for tenant improvements in the Intermodal Facility.
TIFIA Financial Performance
The TIFIA loan closed June 27, 2006. An initial draw is expected in April 2007. Loan repayments are scheduled to begin in 2009 and conclude in 2042.