Urban Futures Financial Group is the financial advisor for the California Statewide Community Development Authority (CSCDA) and its Total Road Improvement Program (TRIP) project.
The TRIP program allows cities and counties to leverage a portion of their Transportation Sales Tax to finance street and highway maintenance and reconstruction projects such as street reconstruction, rehabilitation, resurfacing and new construction in support of economic development activities. The program provides cities and counties with a low-cost, streamlined and flexible vehicle to issue COPs.
The cost of street repairs increases dramatically after a ten to fourteen year window. Repairing roads with a simple slurry seal is relatively inexpensive (usually falling around $1 per square foot). However, as soon as the road begins to degenerate somewhere between the fourteenth to seventeenth year of use, the cost soars to over $8 per square foot.
Leveraging future transportation sales tax revenues for street projects today saves money simply by staying ahead of more expensive repairs.
Projects funded by TRIP receive more competitive bids, have no impact on the general fund, and increase property values.