James Taylor, President
Mr. Taylor’s area of expertise is developing non-recourse project finance strategies for transportation infrastructure. Prior to joining Mercator Advisors in 2006, he worked as an investment banker for a total of 19 years in the Public Finance Departments of Bear Stearns, Lehman Brothers and Smith Barney.
Mr. Taylor is currently advising the Metropolitan Washington Airports Authority on capital financing activities and other issues related to its Dulles Corridor Enterprise, under which it operates and maintains the Dulles Toll Road. He helped develop and implement the financing strategy for the private consortium that was selected by the Port Authority of New York and New Jersey to develop, construct and operate Terminal 4, the international air passenger terminal at Kennedy International Airport. He also was one of the lead investment bankers on the 1995 revenue bond financing for the E-470 Toll Road Project in Denver, Colorado, a transaction recognized by Institutional Investor magazine as a “Project Finance Deal of the Year.”
Mr. Taylor helped design and deliver many of the professional education and technical training programs offered by the Build America Transportation Investment Center (BATIC) Institute, a cooperative venture between AASHTO and USDOT that was established to promote public sector capacity building in the analysis, understanding and use of project finance techniques. In May 2018, he developed and moderated the BATIC Institute P3 Learning Lab, a two-day event designed specifically for representatives from state departments of transportation that have dedicated P3 units or personnel with responsibility for developing and implementing P3 projects.
Catherine Reddick, Vice-President
Ms. Reddick has nearly two decades of experience in transportation infrastructure funding and finance. She works at the intersection of policy and practice, advising government agencies on revenue strategies and innovative financing tools to help advance major infrastructure projects.
Since 2014, Ms. Reddick has provided the American Association of State Highway and Transportation Officials (AASHTO) with policy and budget analyses related to state transportation finance and federal surface transportation reauthorizations. She has developed data visualizations and deliverables that help AASHTO illustrate key trends and policy issues to diverse stakeholders.
Ms. Reddick advised the Nebraska Department of Transportation (NDOT) on the development of the plan of finance for the Lincoln South Beltway project. At the time, NDOT lacked the authority to issue debt, and the project was one of the largest in the state’s history. The innovative plan of finance allowed NDOT to utilize a new funding stream from the Build Nebraska Act to pay the contractor over an eight year timeframe and avoid impacting the rest of the statewide transportation program.
She has also developed and facilitated professional education sessions on mileage-based user fees/ road usage charges, value for money analysis, public-private partnerships, and other finance topics for diverse audiences. Ms. Reddick is currently a member of the National Academy of Sciences Transportation Research Board (TRB) Committee on Economics and Finance.
Bryan Grote, Treasurer
Bryan Grote has over 30 years of experience in federal finance and infrastructure policy. His background and expertise in federal budget issues, credit policies and management practices has enabled him to contribute to numerous financial policy analyses for government agencies and stakeholder groups.
Prior to co-founding Mercator Advisors in 2001, Mr. Grote served as senior advisor to the USDOT’s Assistant Secretary for Budget and Programs and Chief Financial Officer. In that capacity he coordinated legislative proposals, financial policies, special projects and new programs for the USDOT–including the design and implementation of the TIFIA credit assistance program.
As a principal of Mercator Advisors, he works with state and local governments to develop and implement financial assistance programs. He helps public sponsors of major projects design their plans of finance and identify sources of capital. He also advises clients on federal policies and assists with the development of financing strategies that can support their initiatives.
David Seltzer
David Seltzer, Principal, co-founded Mercator Advisors in 2001 with Bryan Grote. He has over 40 years of experience in public and project finance, advising governmental issuers on finance strategies and assembling debt financings. David spent two decades in public finance/investment banking, where he assembled and advised on transportation and infrastructure financings for E.F. Hutton, Lazard Frères and Lehman Brothers. He subsequently served as in-house financial advisor to the Federal Highway Administrator regarding development and implementation of “innovative financing” initiatives, including TEA-21 finance provisions (1996-1999). He played a central role in conceptualizing and implementing USDOT’s TIFIA credit program. At Mercator, David has advised on both specific transactions and federal and state policy initiatives.
David has taught graduate-level courses in finance and accounting at the Wharton School and the Fels Center of Government at the University of Pennsylvania and for the University of Southern California. He has served on the Executive Committee of the Transportation Research Board and has served as Chairman of the Board of Philadelphia Gas Works and currently chairs the Philadelphia Youth Sports Collaborative. David also serves on the boards of the Philadelphia Museum of Art and Starfinder Foundation.
Max Inman
Mr. Inman worked for the Federal Highway Administration (FHWA) for 33 years. Serving for 12 years as the Chief of the Federal-aid Financial Management Division, he was responsible for developing and administering financial policies for the Federal-aid Highway Program, including FHWA’s innovative finance programs. He has an extensive background in transportation policy, having been involved in the development and execution of transportation reauthorization legislation from the 1982 act to the 2005 act.
While serving as Chief of the Federal-aid Financial Management Division, Mr. Inman also served in an interim capacity as the Director of the Office of Fiscal Services with overall responsibility for FHWA’s budgeting, accounting and financial management activities; as the Chief of the TIFIA Joint Program Office overseeing the federal transportation credit program; and as FHWA’s Budget Officer with responsibility for the development and execution of FHWA’s $39 billion budget. Prior to his Washington Office assignment, Mr. Inman served in FHWA field offices in North Carolina, South Carolina, Washington, and Missouri, gaining on-site experience with issues relating to highway construction and the operation of state transportation agencies.