Nebraska’s Governor signed a law late last month which allows the state’s Department of Transportation to enter public private partnerships.
The state will likely use the P3 model for an upcoming state expressway project. From the Bond Buyer:
Nebraska is likely to use a public private partnership to finance completion of its expressway system now that the Legislature has passed a law authorizing transportation P3s.
“The expressway system is the reason we introduced this bill,” said Amanda Callaway, legislative aide to state Sen. Lynne Walz, who sponsored LB 1016. The bill allows the Nebraska Department of Transportation to enter into certain public-private partnerships for construction or financing of capital projects or procurement of services under the state’s Transportation Innovation Act.
Nebraska began work on the 600-mile expressway system in 1988, but nearly a third remains unfinished, with a price tag of roughly $500 million – up from $200 million – and a projected completion date of 2040.