In an effort to find alternative financing for road improvements, state officials today announced they’re seeking private investors interested in helping Louisiana upgrade and enhance the Interstate 10 corridor in the Baton Rouge area.
The Louisiana Department of Transportation and Development says it has issued a request for information to find private firms interested in partnering with the state.
“This is a first step in positioning the state to leverage private sector resources in delivering major enhancements to the I-10 Capital Corridor,” Gov. John Bel Edwards says in a prepared statement. “We aren’t likely to have the revenue needed to make a (public-private partnership) work for the entire corridor today, but we will be ready to advance such a partnership if the Legislature acts in a meaningful way to fund transportation during the upcoming regular session.”
Louisiana is grappling with a $13 billion maintenance backlog for road and bridge improvements. In an effort to tackle the problem, state lawmakers last year amended the law to allow DOTD to solicit public-private partnerships. Today’s issuance of the RFI is the first major push to do so.
DOTD says the partnerships generally consist of a private investor providing capital for construction in exchange for long-term contributions from governments.
“Private investors have their eyes on Louisiana and are eager to invest here,” DOTD Secretary Shawn Wilson says. “If we have the funding, I am confident that (public-private partnerships) can work in Louisiana. When handled responsibly, the benefit of these agreements is that more projects can be delivered sooner and that is what we want to provide to the people of Louisiana.”
