New Hampshire Gov. John Lynch last week signed a $3.62 billion 10-year transportation plan into law.
The plan, which is updated every other year, has a $670 million funding gap.
“This responsible and thoughtful 10-year transportation plan addresses critical needs, helps to maintain our existing transportation infrastructure, and continues to move forward on important transportation projects across our state,” Lynch said in a press release. “This plan allows us to move forward with important projects, such as the widening of I-93 and replacing the Memorial Bridge, that will stimulate economic growth and make our citizens safer.”
The last 10-year plan cut or deferred $1.7 billion of projects. This update adds $45 million of new projects. Spending on highways is the largest portion of the program, with projects totaling $2.6 billion and a $450 million deficit. New Hampshire’s plan depends on $1.96 billion of federal highway aid.
“Projects in the later years of the plan are inherently less certain in terms of scope, future funding levels, inflation and changing priorities,” the plan’s overview stated.
The state plans to issue $195 million of grant anticipation revenue vehicle bonds to partially finance rebuilding and widening of Interstate 93 between Salem and Manchester. Garvees are secured by anticipated future federal funding. The project is not fully funded and is the subject of a legislative commission looking for alternative funding sources.
The state also plans to sell $45 million of Garvees to partially finance capital spending on the Portsmouth-Kittery Memorial Bridge and the Sarah Mildred Long Bridge. It is seeking $20 million in federal Transportation Investment Generating Economic Recovery grants for the bridges that connect roadways between New Hampshire and Maine.
Improvements to the turnpike system, totaling $463.6 million, would be partially financed with $300 million of bonds.
Other sectors covered in the plan are $224.6 million for rail projects and $259.8 million for airport projects.