The Texas Department of Transportation (TxDOT) has identified a late change to the financing of its US 181 Corpus Christi Bridge Project.
Sources close to the deal told P3 Bulletin that the project will now be funded entirely by the public sector after late changes to the procurement plans.
TxDOT will now use funds currently programmed within the Unified Transportation Program, as well as funds received by local entities to finance the project.
The deal had originally been procured with planned private financing, but this component of the deal was scrapped once the agency determined that there was sufficient public funds available.
As previously reported, TxDOT awarded the contract to an ACS, Flatiron and Dragados joint venture in May. The contract was signed on September 28.
The late decision has been met with interested by the P3 market, with one source telling P3 Bulletin that the move could “leave a bad taste” among financiers.
“Next time TxDOT procure a deal like this, people will certainly now be skeptical,” another source said.
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