Sacramento International Airport Secures Historic TIFIA Loan for SMForward

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Wednesday, January 8, 2025 at 10:49 AM - For Immediate Release

Sacramento, CA - The Build America Bureau has officially executed a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan with Sacramento International Airport (SMF), marking the first time funding for an airport project has been secured under the program. The loan will provide critical financing for the new Pedestrian Walkway, offering significant cost savings and supporting long-term infrastructure improvements.

"We are grateful to our elected officials for assisting us in securing this loan on multiple fronts," said Cindy Nichol, Sacramento County's Director of Airports.

Rep. Ami Bera (D-CA, District 6) and Rep. Doris Matsui (D-CA, District 7) supported the pursuit of this loan. Rep. John Garamendi (D- CA, District 8) championed TIFIA's expansion to airport projects. The Sacramento County Board of Supervisors was instrumental in the effort to achieve this financing.

TIFIA is a federal program offering low-interest loans to large-scale infrastructure projects historically focused on surface transportation. Under the Bipartisan Infrastructure Law, signed by President Biden in 2021, TIFIA eligibility was expanded to include airport projects.
The Build America Bureau, as part of the U.S. Department of Transportation, offers expertise and guidance to access federal funding for qualified infrastructure projects.

"Being the first airport to close a TIFIA loan offers an incredible opportunity to improve infrastructure while keeping costs low for our airport and community," said Nichol. "The combination of our rural qualification and TIFIA's flexible terms made pursuing this financing a clear choice."

SMF will benefit from the program's flexible terms, including low fixed interest rates, deferred repayments, and up to a 35-year repayment period. The $36.1 million TIFIA loan is projected to save SMF more than $15 million compared to traditional financing methods.

"The Pedestrian Walkway is part of the $1.3 billion SMForward capital campaign to modernize and enhance infrastructure," said Chris Wimsatt, Assistant Director of Airports for Sacramento County. "Ensuring SMF's ability to meet the needs of the traveling public today and in the future. The TIFIA program offers an innovative financing solution that allows us to modernize our facilities while keeping costs low."

Following the execution of this loan, SMF intends to pursue additional TIFIA financing for future projects.

For more information about SMForward, visit www.smforward.com.

Photo 1 - (Left to right) Colin Bettis, County Debt Officer; Phil Serna, County Supervisor; and Chris Wimsatt, Assistant Director of
Airports signing loan documents in Sacramento, CA, on January 7, 2025.
Photo 2 - Laurie Cullen (left), Bureau Airport Program Lead (contractor); and Cindy Nichol, Sacramento County Director of
Airports in Washington, DC, on January 8, 2025.

The Sacramento County Department of Airports is responsible for planning, developing, operating and maintaining the county's four airports: Sacramento International Airport, Executive Airport, Mather Airport and Franklin Field. Sacramento International Airport offers more than 155 daily nonstop flights on 12 domestic and international carriers to 36 destinations. The regional economic impact of the Sacramento County Department of Airports is more than $4 billion annually. For more information, visit sacramento.aero.

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