Public-Private Partnership To Be Explored For Ironton-Russell Project
Columbus (Tuesday, August 23, 2011) – Looking for innovative ways to increase revenue and reduce taxpayer costs, the Ohio Department of Transportation will begin to explore new means to secure resources, harness potential investment and garner financing for transportation projects.
With the Transportation Budget Bill (House Bill 114) going into effect in July, ODOT can now enter into partnerships with private entities for the delivery and financing of transportation projects. Public-private partnerships will allow ODOT to work with the private sector in developing new and innovative ways to develop, finance, maintain or operate a transportation facility.
Along with numerous projects throughout the state that will require significant funding, the Ironton-Russell Bridge replacement project in Lawrence County could potentially be shaped by the P3. By taking the time to explore alternative funding sources, though, the scheduled October 6th sale date of project will be delayed; however, it is anticipated that the project will sell during the current fiscal year, or by June 2012.
“While this will have an immediate impact on the start of construction for this project, it could have a greater, more far-reaching impact on the long-term economic health of the department,” said District 9 Deputy Director Vaughn Wilson, noting that current cost estimates for the Ironton-Russell Bridge Replacement project are between $85 and $90 million.
ODOT has long been partners with local governments to develop projects that reduce congestion, improve safety and promote economic development. Although the department will continue to work with local governments to build their projects; it is necessary that ODOT find new sources of revenue, and enlisting the help of the private sector to do this is one such mechanism.
For more information, please contact:
Kathleen Fuller, Public Information Officer
1-740-774-8834 (direct line or outside Ohio)
1-888-819-8501, ext. 7748834 (toll free in Ohio)