The Maine Department of Transportation (MaineDOT) is to issue a tender in the spring to develop the Interstate 95 interchange in Waterville, which comes as the first project of a program designed to increase partnerships with the private sector.Under the proposals, MaineDOT will seek a private firm to carry out the development and partial financing of the project, although the department will continue to oversee maintenance of the highway, a spokesperson told P3 Bulletin. The winning bidder will cover the financing of the construction costs of the deal.
The project will also be co-funded with the help of Trafton Properties, a Rhode Island-based land holding company that owns 923 acres near the site. The company has agreed to match the department's $1.81m contribution to the project. Additional funds are coming from the federal Economic Development Administration, which has awarded a $1m grant.
The proposals represent the first project to be tendered under the state’s Business Partnership Initiative, introduced in 2013. The plans have been designed to harness P3s to create new, much-needed transportation projects in the region.
“Because of stagnant federal funding, we need to be innovative,” the spokesperson said. “If a private firm is able to and can demonstrate that it has the potential to move a project forward, we will partner with that business.”
For contact details, click here.