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Results Chart for Delivery Method and Financing
From Public (Government) Sources to Producers: The public sponsors for the project are the South Carolina Transportation Infrastructure Bank (SCTIB) and the South Carolina Department of Transportation.
Direct Cash Support: The project received a SCTIB Grant of $325 million (backed by motor fuel tax, truck registration fees, local taxes, tolls). It also received direct Federal and State funding for a total of $135.2 million.
Credit Enhancements: The project obtained a SCTIB Loan backed by TIFIA Loan for $215 million. The loan was secured by two primary sources: 1) payments from SCDOT ($8 million per year for 25 years) and 2) certain revenues from hospitality fees levied from Horry County as well as intercept of State funds collected by the County if needed. Just 3 years into the project, the USDOT and SCTIB terminated the loan so SCTIB could issue new tax-exempt bonds backed by the revenues pledged to the TIFIA loan since the new bonds carried a lower interest rate.