Parsons Recognized for Project Finance and Economics Role in Award-Winning Ohio River Bridges Project
PASADENA, CA (August 5, 2015) – Parsons is pleased to announce that the East End Crossing of the Ohio River Bridges Project—in which Parsons served as the technical advisor for the implementation of a public-private partnership (P3)—has received the Global Road Achievement Award for project finance and economics from the International Road Federation (IRF). This award recognizes achievements in cost savings and accelerated project delivery, which the East End Crossing accomplished through the use of a P3 procurement process for the development, design, construction, financing, operation, and maintenance of the new cable-stayed bridge, the Indiana approach, and a portion of the Kentucky approach.
The P3 East End Crossing project will save $228 million in construction costs over the original estimate and will be completed—on an accelerated schedule—242 days prior to the Indiana Finance Authority’s (IFA’s) timeline in its Request for Proposal. In addition, the project will be completed 8 years sooner than what would be likely under a traditional design-bid-build method of project delivery. At $677 million, the project finance plan includes the largest issuance to date of private activity bonds for a transportation P3 project.
“The East End Crossing is a ground-breaking P3 project within the Louisville-Southern Indiana region, and a major part of the project’s success was the coordination among all of the stakeholders, including other contractors, the state transportation agencies, and the public,” said Todd Wager, Parsons Group President. “We’re proud to partner once again with INDOT and IFA and help achieve this P3 procurement in less than 13 months from start to financial close. It’s a rare achievement for a transportation procurement of this size.”
The Ohio River Bridges project, one of the largest transportation improvement projects in the nation, involves the design and construction of two new bridges over the Ohio River to connect Kentucky and Indiana in the Louisville-Southern Indiana metropolitan area. It also involves 100+ highway bridges, a 1,700-ft hard-rock tunnel, and 100+ right-of-way acquisitions. The Downtown Crossing, being built by the Kentucky Transportation Cabinet, will increase capacity and improve safety on the existing I-65 crossing between downtown Louisville, KY, and Jeffersonville, IN. The East End Crossing, being built by INDOT, is located 8 miles upstream from the Downtown Crossing and will connect Prospect, KY, and Utica, IN, and complete a long-needed highway loop around the Louisville-Southern Indiana metropolitan area. Both bridges are expected to be substantially completed by the end of 2016.
Parsons is currently providing owner’s engineering technical team and construction management for the East End Crossing. In addition, Parsons was recently named tolling system advisor for the Ohio River Bridges Project and will oversee the toll system integrator and toll operator, and provide advisory services to Kentucky and Indiana related to toll implementation policy and marketing. Upon completion, the two new Ohio River bridges and the adjacent Kennedy Memorial Bridge will feature an all-electronic toll open-road collection system.
The Ohio River Bridges Project and Parsons were also recognized by the IRF in 2009 with the Global Road Achievement Award for program management. Since inception of the IRF Global Excellence Awards in 2000, Parsons has won a total of 18 awards, more than any other firm.Parsons (NYSE: PSN) is a leading disruptive technology provider in the global defense, intelligence, and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, connected infrastructure, and smart cities. Please visit Parsons.com, and follow us on LinkedIn and Facebook to learn how we’re making an impact.