Are there clawbacks to the program?
Repayment obligations are assessed based on an equal weighting of the targets and are included as part of the Grant Agreement. In the event the project covers jobs and investment, each target is weighted at 50% and the repayment obligation is based on the combined level of failure of the targets. For projects that have only a single target, this target will be the only calculation for repayment obligation.
A 100% clawback may be required if at any time VDOT concludes the recipient will be unable to meet its new jobs and capital investment targets by the performance date OR a failure of reaching targets is equal or greater than 75% of the combined target failures.
When is the award disbursed?
Disbursement of the financial assistance can begin following execution of an Award Agreement. Assistance from the Fund may be paid to the recipient based on costs incurred for the project. In some instances, disbursement may be allowed on a lump sum basis, subject to sufficient justification, where a portion, up to the maximum amount of assistance approved, could be disbursed at a single time.
Can funds used to match the Commonwealth’s Opportunity Fund also be used to match the TPOF?
No, although both sources of monies can be used for a project.
Who takes ownership of transportation projects completed with TPOF?
Projects developed with monies from TPOF shall not become private property and shall be maintained by the appropriate entity pursuant to applicable agreements following completion. Any reports, studies, analyses, and other forms of intellectual property created or developed using monies from TPOF shall become property of the Commonwealth.
Are there any funding limitations?
Assistance or commitments from TPOF will be limited to the total value of money available in TPOF. TPOF shall consist of (i) one-third of all interest, dividends, and appreciation that may accrue to the Transportation Trust Fund and the Highway Maintenance and Operating Fund, and (ii) any funds appropriated to it by the general appropriation act and revenue from any other source, public or private. Funding available will also include repayments to TPOF of loans, any revocation of assistance provided to entities that fail to meet performance criteria, any interest and dividends earned on TPOF, and any other appropriations may be used for additional loans or grants for other projects.
What if the total amount of assistance requested exceeds the total amount of funding available?
Eligible applications that include applicant matching funds or equity contributions and projects that are in an advanced state of readiness to proceed will receive priority consideration for assistance.