Focus: Innovation

PUBLIC-PRIVATE PARTNERSHIPS STRENGTHEN INLAND WATERWAYS

Many states and the federal government agree that a Public-Private Partnership (P3) model can maximize value for their constituents, help to deliver a lower total project cost, and can be delivered more quickly. An inland waterway project in the state of Illinois is developing with this innovative funding mechanism in mind. The proposed project would require the significant rehabilitation of eight locks with capital costs expected to run between $500 million and $750 million.

A regional authority (the Midwest Waterways Authority) has been established in Illinois to run the project and the state of Illinois has expressed interest in serving as a non-federal sponsor of the project. After decades of underinvestment and an increasing population, today’s infrastructure needs are large and continue to grow. Innovative funding through P3s is one solution to this country’s infrastructure needs.

Source: ASCE Game Changers