BREAKING NEWS! FIRST P3 ON CORPS PROJECT ANNOUNCED!
USACE is celebrating the Metro Flood Diversion Authority’s contractor selection of a public-private partnership (P3) to the Red River Valley Alliance, Corporaciόn Acciona Infraestructuras S.L.
The P3 contract is the first public-private financing of a civil works project in the Corps of Engineers’ history. The Fargo-Moorhead Flood Risk Management Project, in Fargo, North Dakota, and Moorhead, Minnesota, was the inaugural pilot project for the innovative funding concept. This accelerated solution significantly increases the speed to complete the region’s resilience to the annual Red River of the North flood threat.
"The implementation of this project using public, private partnership provides proof of concept and represents a new era in community-based infrastructure investment,” said Lt. Gen. Scott Spellmon, U.S Army Corps of Engineers commanding general.
Compared to traditional construction delivery, the P3 model will save $330M and 10 years.