The Louisiana Legislature’s Joint Transportation Committee has voted to advance the renegotiated I-10 Calcasieu River Bridge P3.
Earlier this month, Governor Jeff Landry announced that he had negotiated new terms for the P3 deal, after the previous iteration was rejected by the committee last year.
The approval yesterday marks a dramatic turnaround for one of the US’s flagship P3 projects. Congressman Clay Higgens commented that the vote marks a “significant milestone".
The new agreement will see an average reduction in tolls of over 25%, with certain kinds of vehicles, such as large pickup trucks, seeing larger reductions. It will also include some form of “no risk” 15% equity share taken by the local Imperial Calcasieu authority.
Last summer, the Louisiana Department of Transportation and Development (LaDOTD) selected the Plenary-led consortium as its winner for the project that will see a new eight-lane bridge and interstate reconfiguration delivered through a P3.