David Pottier, Chief Financial Officer
MassDOT Investor Relations
MassDOT Investor Relations
Learn about MassDOT Investor Relations including our News & Press Releases, Projects, and Team.
Have questions? Reach out to us directly.
Learn about MassDOT Investor Relations including our News & Press Releases, Projects, and Team.
At MassDOT, transportation is not about roads and bridges, or trains and buses – it is about people. Our mission begins with customers - individuals, businesses, cities and towns, and regional transit agencies. We support programs and projects that deliver a high return on investment. We partner with cities and towns, public agencies, and private sector businesses. MassDOT supports the economic, quality of life, and environmental goals of the Commonwealth.
The Healey-Driscoll administration today announced that it is delivering more than $13 million for 14 projects to support local transportation infrastructure and other needs. The awards come from revenue generated by the Fair Share Amendment and are matching funds for projects and initiatives eligible for federal discretionary grants offered by the U.S. Department of Transportation.
These matching funds are part of a total of $476.5 million in Fair Share dollars made available for transportation investment in the FY24 Massachusetts Budget.
“When we empower city and town leaders to address their unique infrastructure needs, we are helping them achieve a better quality of life for their residents,” said Governor Maura Healey. “We’re proud to partner with the Legislature to dedicate Fair Share funding to critical initiatives like these, which will help make our state’s transportation network safer and more robust – and our municipalities more interconnected.”
“The communities selected for these Fair Share awards have shown that they know how to put infrastructure money to good use,” said Lieutenant Governor Driscoll. “We look forward to seeing the improvements they will deliver for their residents with this funding.
“Local leaders are knowledgeable and proactive when it comes to improving the transportation infrastructure their constituents rely on, and I want to congratulate the winners from this round of Fair Share funding,” said Transportation Secretary Monica Tibbits-Nutt. “We look forward to seeing the projects come to fruition to improve transit, create safer streets and expand transportation options.”
“The revenue from Fair Share funding is reserved for projects that can truly enhance the quality of the transportation and education systems that our communities rely on for a better future,” said Administration and Finance Secretary Matthew J. Gorzkowicz. “These award recipients have demonstrated the potential for their transportation projects to make a difference for users and we are proud to play our part.”
Among the projects receiving these Fair Share funds are:
A number of regional planning agencies are also receiving Fair Share funds for safety action plans. These plans will cover multiple regions throughout Massachusetts, including:
Safety action plans use a data-based approach to improve roadway safety for all users.
The $476.5 million of Fair Share funds included in the FY24 budget supports a variety of projects and initiatives in addition to matches for federal discretionary grants awards. Fair Share line items fund bridge construction, preservation, and repair and supplemental aid for municipalities for local roads and bridges. For transit, Fair Share funds support MBTA capital investments, the exploration of means-tested fares for the MBTA, operating assistance for ferry service, and regional transit authority improvements.
Moody’s Ratings improves rating by two levels, saying “outlook is stable."
The Massachusetts Department of Transportation (MassDOT) is pleased to announce internationally recognized bond credit rating company, Moody’s Ratings, has upgraded the Metropolitan Highway System’s (MHS) Senior Revenue Bonds, moving the rating up two levels, from A2 to Aa3. Along with the new Aa3 rating, Moody’s has determined the “outlook is stable.”
“This rating upgrade should reassure the public that we are on the right trajectory with our budget for the Metropolitan Highway System,” said Transportation Secretary and CEO Monica Tibbits-Nutt. “Moody’s expert analysis is valued and respected worldwide, and we are very pleased our financial management of the Metropolitan Highway System has been determined to be sound and that its liquidity profile is solid.”
MassDOT Chief Financial Officer David Pottier added, “We are pleased Moody’s Ratings believes in our ability to sustain the current liquidity profile while we continue to make major investments in the infrastructure for the Metropolitan Highway System assets. We are further pleased that Moody’s noted the important role of the governance of the MassDOT Board of Directors in achieving this upgrade. We are grateful for the review that was conducted and for the two notch rating upgrade.”
In announcing the upgrade, Moody’s stated, in part, that the upgrade, “reflects a track record of sound governance and financial performance of MHS and large contract assistance payments from the state which diminish bondholders' exposure to toll revenue volatility. The MHS currently has around $1.3 billion of bonds outstanding, of which $641 million are senior lien revenue bonds, and the balance are subordinated lien revenue bonds, rated Aa2 stable.” The ratings service added, “Governance is a key driver for the rating action and reflects the support by the state through contract assistance payments and the close relationship with the state as all board members are selected by the governor.”
The Metropolitan Highway System (MHS) is managed by MassDOT and includes:
The MHS transportation network consists of almost 250 lane miles of roadway, of which approximately two thirds are tolled. Tolled facilities include the Ted Williams Tunnel, Sumner/Callahan Tunnel System and the Boston Extension.
The MHS network also includes 227 bridges and viaducts and seven major tunnel structures, (three under Boston Harbor: Ted Williams, Sumner and Callahan; I-93 northbound and southbound tunnels, I-90 connector tunnel under Fort Point Channel and through South Boston, CANA tunnel beneath City Square through Charlestown).
Federal grant received for Route 20 and Grafton Street Interchange project, which extends to Flint Pond
The Healey-Driscoll administration is celebrating a $3.7 million award from the U.S. Department of Transportation for the Route 20 and Grafton Street Interchange Project. The project will provide critical relief for areas of Worcester and Shrewsbury that have long been impacted by severe flooding. The grant was awarded under the Promoting Resilient Operations for Transformative, Efficient, and Cost-saving Transportation (PROTECT) Grant Program, as part of the Bipartisan Infrastructure Law (BIL) and represents 80 percent of the total project’s costs.
“This award is a gamechanger for Worcester and Shrewsbury. We need to act now on critical transportation infrastructure projects like this, which will provide urgently needed relief for communities impacted by flooding and strengthen resilience,” said Governor Maura Healey. “We are grateful for the support of leaders in Worcester and Shrewsbury our Congressional Delegation, and the Biden-Harris administration for helping us deliver on this project and others that will benefit generations to come.”
“We're proud to be receiving this grant that will increase road safety and resilience on this busy thoroughfare between Worcester and Shrewsbury,” said Lieutenant Governor Kim Driscoll. “City and town leaders were strong partners in helping our administration advance this federal funding application, and we are looking forward to rebuilding the interchange and nearby road area, so this route no longer floods during major storms.”
“We have appreciated all the help from our congressional delegation in securing federal funding for our grant applications, including for this project which will allow us to rebuild the interchange and install flood relief infrastructure,” said Transportation Secretary Monica Tibbits-Nutt. “We are grateful to our elected and municipal leaders who help us to deliver transportation infrastructure projects, especially this one, where images of the Route 20 interchange during heavy rainstorms show puddles several feet deep and extending hundreds of feet long.”
The Healey-Driscoll Administration has taken an aggressive approach to competing for federal funding that has been successful in securing nearly $3 billion in federal dollars from BIL, as well as the Inflation Reduction Act, the CHIPS and Science Act and other sources of federal funding, to advance job creation, workforce development, economic competitiveness, climate resiliency, decarbonization and equity in Massachusetts. The administration also has more than $2 billion requested in applications currently pending before federal agencies to fund ongoing projects in communities across the state.
“This award is an important result of our whole-of-government strategy to maximize the federal funding available to Massachusetts and put federal dollars to work in our communities improving infrastructure, increasing climate resiliency, and creating good paying jobs and equitable economic growth,” said Director of Federal Funds and Infrastructure Quentin Palfrey. “Thank you to President Biden, Secretary Buttigieg and our partners in the Massachusetts congressional delegation for making possible this exciting award.”
“Our interchange plans including the addition of drainage infrastructure have had strong local support and we are pleased to have won this PROTECT funding as it provides an opportunity to deliver on the vision of this project and its significant benefits to the municipalities involved, the central Massachusetts region, and the state as a whole,” said Highway Administrator Jonathan Gulliver.
“The Bipartisan Infrastructure Law was designed to fund projects exactly like Route 20 and Grafton Street: enhancements that will make our roadways safer, more reliable, and more climate resilient while improving water quality for nearby communities,” said Senator Edward J. Markey. “I am proud to have worked with Senator Warren, Congressman McGovern, Governor Healey, Secretary Monica Tibbits-Nutt, and state and local officials to secure this funding.”
"With this federal funding, we’re improving our infrastructure, bolstering our resilience, and enhancing our water quality in Worcester and Shrewsbury for generations to come,” said Senator Elizabeth Warren. “I'm going to keep fighting for federal funding to ensure a more sustainable future alongside the Massachusetts delegation and the Healey-Driscoll administration."
“Roadway flooding stops commuters from getting to work, kids from getting to school, and emergency vehicles from providing assistance,” said Congressman James P. McGovern. “This investment of $3.7 million in federal funding will allow MassDOT to replace and expand the outdated drainage system for the Route 20 and Grafton St. interchange in Worcester. I know this section of road is prone to flooding, and thanks to the passage of the Bipartisan Infrastructure Law, passed by House Democrats, overseen by Secretary Buttigieg, and signed into law by President Biden, we got this done.”
“These funds will bring great relief to the Grafton Street/Route 20 area under the Route 122 overpass which is prone to flooding during storms and poor drainage, impacting residents’ travel,” said Worcester City Manager Eric D. Batista. “Thank you to our federal and state partners for bringing this project forward and investing in climate resilient infrastructure that will benefit residents for years to come.”
"Shrewsbury's newly adopted Climate Action and Resiliency Plan notes the need to prepare for the current and coming impacts of climate change including flooding, which happens often along this section of Route 20,” said Shrewsbury Select Board Chair Beth Casavant. “With increased commercial and residential development, this funding will make our community safer by modernizing aging infrastructure to meet the challenges of today's climate. State and local partnerships like this lead to better outcomes for all. "
The Flood Relief on Route 20, Grafton Street, (Route 122), Interchange to Flint Pond Project presents a powerful opportunity to alleviate flooding, improve water quality, and increase transportation infrastructure climate resilience for a deficient stretch of critical roadway while supporting projected growth in the Central Massachusetts region.
There is a history of flooding in these areas, which often results in road closures, delays, safety concerns, and vehicle damage. Records show that much of the existing drainage infrastructure was built in the 1930s, predating much of the development currently abutting this portion of the highway, and is unable to sufficiently drain the highly developed watershed. In recent years, flood frequency at the project location has increased, with the Route 20 and Grafton Street Interchange experiencing serious flooding 6 to 10 times a year. Flooding on August 19, 2021, caused several vehicles to become disabled and passengers needed the assistance of First Responders to safely get to dry land.
Through this project, a dedicated trunk line and numerous new drainage inlets will be installed, including improvements to existing drainage infrastructure. These improvements will increase the ability of the low-lying area to drain during storm events, greatly reducing flooding frequency and duration. A stilling basin will also be added at the outfall location, which includes both existing and proposed outfalls, to reduce the potential for soil erosion at the outfall.
This project is the result of a robust conversation with the community, analysis by transportation and water resources professionals, and deep engagement by stakeholders. Since 2018, MassDOT has spent approximately $96,000 on flood evaluation and preliminary design. MassDOT will be spending approximately $700,000 to advance the design to the 100 percent design stage, complete subsurface utility inspection, site-specific survey, and complete state and local environmental permitting.
The PROTECT program provides $1.4 billion in funding over five years. This program provides funding to ensure surface transportation resilience to natural hazards including climate change, sea level rise, flooding, extreme weather events, and other natural disasters through support of planning activities, resilience improvements, community resilience and evacuation routes, and at-risk coastal infrastructure. For more information is available here.
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