HARRISBURG, Pa., Dec. 4, 2015 /PRNewswire-USNewswire/ -- Governor Tom Wolf today announced that the Pennsylvania Economic Development Financing Authority's (PEDFA) Rapid Bridge Replacement Project transaction was selected as the Northeast Region's 2015 Deal of the Year by The Bond Buyer.
Recognized as the largest private activity bond financing of a public-private partnership in U.S. history and the largest road project in Pennsylvania's history, PEDFA's Rapid Bridge Replacement Project transaction's Northeast Regional honor put the transaction in the running as a finalist for The Bond Buyer's annual Deal of the Year Awards.
"It is exciting to see that this PEDFA-financed project is being recognized," said Governor Wolf. "Making projects like this a reality takes time, planning and teamwork on behalf of state agencies, boards, and private partners and it is great to see their efforts recognized for a transaction that will allow for much-needed work to hundreds of Pennsylvania bridges."
PEDFA's $721.5 million Rapid Bridge Replacement Project transaction is also considered the first public-private partnership (P3) to bundle multiple bridges into a single procurement in the U.S. The transportation project is intended to expedite the replacement of over 10 percent of Pennsylvania's structurally deficient bridges. The project will consist of replacing 558 structurally deficient bridges across the commonwealth through the design, construction, maintenance, life-cycle, and financing of the replacement bridges.
The project was approved during the PEDFA board meeting in February 2015 and is slated for completion prior to August 2018.
"Making investments in our infrastructure is critical to the overall economic success of the commonwealth," said Department of Community and Economic Development Secretary Dennis Davin. "Recognition of this project is reaffirmation that we are committed to Governor Wolf's government that works initiative."
"With such a large inventory of bridges and a sizeable backlog of repair needs, we looked to innovative solutions to address the problem," said PennDOT Secretary Leslie S. Richards. "We are working hard with our P3 partners to deliver our promise of 558 bridges replaced over the next three years."
PennDOT awarded the project to Plenary Walsh Keystone Partners, LLC pursuant to the department's formal request for proposal process.
The Pennsylvania Economic Development Financing Authority provides cost-effective financing to businesses by issuing bonds, selling the bonds to private investors, and lending the proceeds to eligible businesses.
The Bond Buyer's annual Deal of the Year Awards recognizes innovation in municipal finance. The editors of The Bond Buyer select outstanding municipal bond transactions for recognition. The 2015 awards drew nominations that represent the diverse range of communities and public purposes served by the municipal finance market.
For a list of bridges scheduled for replacement during the Rapid Bridge Replacement Project, visit www.parapidbridges.com.
For more information about the Pennsylvania Economic Development Financing Authority, visit www.newpa.com.
For more information about PennDOT's P3 program, visit www.penndot.gov.
Lyndsay Kensinger, DCED, 717-783-1132
Rich Kirkpatrick or Erin Waters-Trasatt, PennDOT, 717-783-8800
SOURCE Pennsylvania Office of the Governor