Ohio eyes four major P3s with ad money
It is the first major initiative ODOT has announced since it launched the Division of Innovative Delivery earlier this year. The department is exploring options to unlock the revenue potential of the Ohio Turnpike and non-interstate rest areas, in addition to developing a programme to generate millions of dollars for the sponsorship and naming rights of certain state-owned assets such as bridges, interchanges and sections of highway.
Money generated from the Sponsorship, Maintenance, and Advertising Revenue Targeted (SMART) programme will assist the construction of some of the state’s largest construction projects, including:
- The second Innerbelt Bridge in Cleveland
- The Brent Spence Bridge in Cincinnati
- The Portsmouth Bypass in Scioto County
- An interchange for US Route 36 and SR 37 on I-71 in Delaware County
"Launching the SMART programme demonstrates that ODOT is serious about thinking outside the box and seeking innovative and alternative funding sources to pay for road construction in Ohio," said ODOT director Jerry Wray.
In January, ODOT announced a $1.6bn budget delaying the state’s largest construction projects. Since then, it has initiated a complete review of all current and future transportation projects to identify candidates for P3s, and has sought to identify additional sources of revenue to aid in the funding of major transportation projects throughout the state. Details of the review are expected later this year.