Final answer:
The construction financing phase of capital project special assessment phases refers to obtaining funds to finance the construction of a project. It involves identifying the total cost of the project and developing a financing plan. This phase is essential to ensure sufficient funds are available to complete the construction.
Step-by-step explanation:
The construction financing phase in capital project special assessment phases refers to the stage of a capital project where funds are obtained to finance the construction of the project. It involves securing the necessary funding through various methods such as loans, grants, or bonds.
During this phase, the project team identifies the total cost of the construction project, including materials, labor, and other expenses. They then develop a financing plan to ensure that sufficient funds are available to complete the project.
For example, a city planning to build a new bridge may enter the construction financing phase to secure the funds needed for the project before starting the actual construction.