GARVEE stands for Grant Anticipation Revenue Bonds and is a financing tool based on leveraging future federal highway dollars to build roads now and provide a safer, more efficient road system in Idaho.

The projects that are proposed to be completed with GARVEE dollars are:

• · I-84 to Emmett (25 miles, $157 million)
  · Emmett to Mesa (80 miles, $157 million)
  · St. Anthony to Ashton (14 miles, $31 million)
  · McCammon to Soda Springs (13 miles, $187 million)
  · Timmerman to Ketchum (26 miles, $105 million)
  · Caldwell to Meridian (15 miles, $231 million)
  · Boise, Orchard Interchange to Isaacs Canyon Interchange (9 miles, $343 million)
  · Twin Falls Snake River Crossing (14 miles, $184 million)
  · SH-1 to Canadian Border (15 miles, $31 million)
  · Garwood to Sagle (29 miles, $157 million)
  · Worley to Setters (6 miles, $22 million)
  · Thorn Creek to Moscow (7 miles, $18 million)
  · Smokey Boulder to Hazard Creek (5 miles, $19 million)

Each project must go through the normal Idaho Transportation Board process that includes environmental review, public involvement, and addition to the Statewide Transportation Improvement Program (STIP). The ITD Board can replace any projects that do not pass a stage of development. The legislature will annually review the GARVEE program and can stop implementation if problems arise. The legislature also added caps of 20% for the first four years, 30% for the following years and beginning in 2011, the cap can be raised if the legislature agrees.

This program adds 258 miles to the current system and completes projects that are so large and expensive that they would not be done for 30 or more years if ever under the current pay-as-you-go system. It improves the safety of our highways by creating four-lanes in places where there are currently two. It assists with economic development by connecting Idaho and improving the north-south travel in our state. It also creates economic benefits by adding jobs in construction, services, tourism, agriculture, and more.

The Idaho Housing Finance Association will issue bonds. The first bonds will be let in 2007.

Factoid Archives