The International Road Federation (IRF) has awarded its Global Road Achievement Award for project finance and economics to Parsons for the East End Crossing of the Ohio River Bridges Project.
Parsons, which served as the technical advisor for the implementation of a public-private partnership (PPP), received the award for achievements in cost savings and accelerated project delivery.
This was done through the PPP procurement process for the development, design, construction, financing, operation and m
The International Road Federation (IRF) has awarded its Global Road Achievement Award for project finance and economics to 3220 Parsons for the East End Crossing of the Ohio River Bridges Project.
Parsons, which served as the technical advisor for the implementation of a public-private partnership (PPP), received the award for achievements in cost savings and accelerated project delivery.
This was done through the PPP procurement process for the development, design, construction, financing, operation and maintenance of the cable-stayed bridge, the Indiana state approach and a portion of the Kentucky state approach.
The IRF, a non-government, not-for-profit membership organisation in Washington, DC, encourages and promotes development and maintenance of better, safer and more sustainable roads and road networks around the world.
A statement from Parsons noted that 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 eight 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, state transportation agencies and the public,” said Todd Wager, Parsons group president.
“We’re proud to partner once again with2855 Indiana Department of Transportation 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,” he said.
The Ohio River Bridges project involves the design and construction of two bridges – the East End Crossing and the Downtown Crossing -- over the Ohio River to connect the states of Kentucky and Indiana in the Louisville-Southern Indiana metropolitan area. It also involves more than 100 highway bridges, a 518m hard-rock tunnel and over 100 right-of-way acquisitions.
The East End Crossing, being built by the Indiana Department of Transportation, will connect Prospect, a neighbourhood of the city Louisville in Kentucky state, and the town of Utica, in Indiana state. The bridge will complete a highway loop around the Louisville-Southern Indiana metropolitan area. The East End Crossing and another crossing, the Downtown Crossing, are expected to be substantially completed by the end of 2016, according to Parsons.
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 and the city of Jeffersonville in Indiana.
Parsons is currently providing an 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. The company will oversee the toll system integrator and toll operator and advise on toll implementation policy and marketing services to Kentucky and Indiana states.
When finished, the two Ohio River bridges and the adjacent Kennedy Memorial Bridge will feature an all-electronic toll open-road collection system.
Parsons and The Ohio River Bridges Project were also recognised by the IRF in 2009 with the Global Road Achievement Award for programme management.
Parsons, which served as the technical advisor for the implementation of a public-private partnership (PPP), received the award for achievements in cost savings and accelerated project delivery.
This was done through the PPP procurement process for the development, design, construction, financing, operation and maintenance of the cable-stayed bridge, the Indiana state approach and a portion of the Kentucky state approach.
The IRF, a non-government, not-for-profit membership organisation in Washington, DC, encourages and promotes development and maintenance of better, safer and more sustainable roads and road networks around the world.
A statement from Parsons noted that 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 eight 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, state transportation agencies and the public,” said Todd Wager, Parsons group president.
“We’re proud to partner once again with
The Ohio River Bridges project involves the design and construction of two bridges – the East End Crossing and the Downtown Crossing -- over the Ohio River to connect the states of Kentucky and Indiana in the Louisville-Southern Indiana metropolitan area. It also involves more than 100 highway bridges, a 518m hard-rock tunnel and over 100 right-of-way acquisitions.
The East End Crossing, being built by the Indiana Department of Transportation, will connect Prospect, a neighbourhood of the city Louisville in Kentucky state, and the town of Utica, in Indiana state. The bridge will complete a highway loop around the Louisville-Southern Indiana metropolitan area. The East End Crossing and another crossing, the Downtown Crossing, are expected to be substantially completed by the end of 2016, according to Parsons.
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 and the city of Jeffersonville in Indiana.
Parsons is currently providing an 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. The company will oversee the toll system integrator and toll operator and advise on toll implementation policy and marketing services to Kentucky and Indiana states.
When finished, the two Ohio River bridges and the adjacent Kennedy Memorial Bridge will feature an all-electronic toll open-road collection system.
Parsons and The Ohio River Bridges Project were also recognised by the IRF in 2009 with the Global Road Achievement Award for programme management.
