SPRINGFIELD, Ill. and INDIANAPOLIS, May 29, 2013 /PRNewswire/ -- The Illinois Department of Transportation (IDOT) and the Indiana Department of Transportation (INDOT) have just announced plans for an international industry forum, entitled: Partnering for Progress: Financing through Public-Private Partnerships for the Illiana Corridor project in Will County, IL. and Lake County, Ind. The two-day event will be held on June 24 & 25, 2013, at the Donald E. Stephens Convention Center in Rosemont, IL.
"This project represents a tremendous opportunity for Illinois and Indiana," said Illinois Governor Pat Quinn. "This forum is an important step toward getting a much-needed project off the ground quickly, putting people back to work and keeping the region economically competitive."
"This forum is the best way for partners to bring their innovative ideas to the table to inform this project, to help shape it, and perhaps make it an example for future infrastructure projects," said Indiana Governor Mike Pence.
Public Private Partnerships (P3) have been used for decades internationally, and have become a key project implementation strategy over the past 15 years in the United States. A P3 is an agreement between a public agency and a private entity to design, build, finance, operate and maintain a project. The private investor may consist of a team of engineering firms, construction companies and financiers. A typical P3 would involve the private party providing the financing, construction services, and potentially operations and maintenance services over an extended period. Tolling or combinations of fund sources would be used to reimburse the investor over an agreed upon period.
"Illinois and Indiana have been partners on the Illiana Corridor for more than two years and we're thrilled to be able to showcase our project to an international audience of investors as well as local contractors and laborers," said IDOT Secretary Ann Schneider. "We're happy to join Indiana as one of the early adopters in P3 transportation projects."
The industry forum is expected to attract up to 1,000 attendees, ranging from local laborers, contractors and DBEs to international investors and construction management companies.
Highlights of the conference include: a keynote address from Illinois Governor Pat Quinn and Indiana Governor Mike Pence, a 10,000-square-foot exhibit area for potential contractors, partners and investors, one-on-one meetings with project managers and an evening networking reception. For more information about the Forum and how to register, please visit www.IllianaCorridor.org/P3.
ABOUT THE ILLIANA CORRIDOR: The Illiana Corridor is a proposed 47-mile access controlled highway facility that extends from I-55 in Illinois on the west to I-65 in Indiana on the east. The preferred corridor is located in Will County in Illinois and Lake County in Indiana. When built, the Illiana Corridor Project will reduce the strain of truck traffic on local roads, thereby improving safety, travel times, and accessibility to jobs. Potential economic benefits include the creation and retention of more than 9,000 construction jobs and more than 25,000 long-term jobs.
Jae Miller, IDOT (312) 814-4693
Jim Pinkerton, INDOT (219) 325-7455
SOURCE Illinois Department of Transportation; Indiana Department of Transportation