City Awarded Federal Grant for Public Private Partnerships on Transit Oriented Projects

Last month, the City of Philadelphia was awarded $1.55 million from the U.S. Department of Transportation (DOT)'s Innovative Finance and Asset Concession Grant Program(IFACGP) to advance multimodal transportation through asset concession planning. The City recognizes the private sector's potential for advancing sustainable and multimodal transportation systems. This funding will help to develop business plans that identify new approaches for funding Indego Bikeshare stations, bus transit shelters, Americans with Disabilities Act (ADA) compliant curb ramps, electric vehicle (EV) charging stations, and transit-oriented mixed-use development.

Funding from IFACGP will also be used to develop a training and mentoring program to increase participation of minority-owned small business contractors on transportation construction projects. The City of Philadelphia is committed to supporting the growth of diverse businesses in the city, and the funds and expert services from IFACGP will provide a solid groundwork to increase opportunities for historically underutilized businesses.

Read the complete DOT press release for details on other recipients across the country.

About the Innovative Finance and Asset Concession Grant Program

The IFACGP is a new grant program authorized by the Bipartisan Infrastructure Law (BIL) to assist public entities in exploring innovative financing and delivery opportunities, including facilitation and evaluations of public-private partnerships for Transportation Infrastructure Finance and Innovation Act (TIFIA) eligible projects. The City of Philadelphia's Infrastructure Solutions Team (IST) is committed to advancing racial equity and growing generational wealth with BIL funding.