CPA & Business Advisory Blog

Eastbound I-90 Bridge is First Ohio Project to Use Design-Build-Finance (DBF) Approach

With the 1st phase of the Innerbelt Bridge construction of I-90 in Cleveland in process, the Ohio Department of Transportation (ODOT) is officially beginning the 2nd phase.  This project will use a public private partnership option (P3) after Ohio enacted legislation in 2011 becoming the 30th state in the nation to permit P3’s.  The use of a P3 is crucial to this project because in January 2012, ODOT announced it had a $1.6 billion budget shortfall in terms of being able to fund all planned projects. 

This is the first time the state has pursued a design-build-finance (DBF) approach for the construction of a major transportation project in Ohio.  Under the DBF approach, contractors will finance and build the bridge and ODOT will pay the contractors back over a specified time.  The project is expected to cost $330 million for the new eastbound bridge and demolition of the current bridge.  Interested DBF teams have until December 21, 2012 to respond to ODOT’s request for qualifications.  A copy of those qualifications can be found here: www.dot.state.oh.us/Divisions/InnovativeDelivery/CCG2RFQ/20121120_CCG2-RFQ.pdf.

You can contact our Real Estate and Construction accountants and business advisors at 440-449-6800.

This entry was posted in CPA & Business Advisory, Real Estate/Construction Accounting. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Both comments and trackbacks are currently closed.
© Copyright 2016 Skoda Minotti | Privacy Policy | Disclaimer | Remote Support
Cleveland 440-449-6800 | Akron 330-668-1100 | Tampa 813-288-8826
Website designed and developed by Skoda Minotti Strategic Marketing