$1,000,000.00 awarded for innovative finance and asset concession (ifac) to city of savannah

The Department of Transportation awarded a $1.0 million cooperative agreement to the City of Savannah on September 15, 2026, under the Asset Concessions and Innovative Finance Assistance program (CFDA 20.945) to conduct a feasibility study for the Bay Street Tunnel and validate its viability as a potential public-private partnership or asset concession opportunity.

The recipient will deliver a work plan, quarterly reports, project deliverables, and documentation of compliance with 2 CFR 200. The study will support the City of Savannah's technical capacity to identify underutilized transportation assets and evaluate opportunities for private sector involvement in project planning, development, financing, construction, maintenance, and operation. The beneficiaries are Savannah city residents and commuters.

The period of performance runs from September 15, 2026, through September 14, 2029. Work is performed in Georgia. The $1.0 million is fully obligated as of the award date.

Activities to be performed: conduct a feasibility study for the BAY street tunnel to validate its viability. Deliverables/expected outcomes: work plan, quarterly reports, project deliverables and 2 CFR 200 compliance. Beneficiaries: savannah city residents, commuters.