DOTD seeking private investors to help upgrade Interstate 10
BATON ROUGE - Louisiana is seeking to use a new financing method to upgrade Interstate 10 in the Baton Rouge area.
The state Department of Transportation and Development is soliciting information from private investors willing to put up money for the roadwork. In exchange, they would get long-term payments from the state, either through tolls or some other revenue source.
The arrangement is known as a public-private partnership. DOTD says it's the first time Louisiana has considered it for road or bridge work. Lawmakers changed state law last year to allow for the possibility.
Gov. John Bel Edwards' administration is looking for new ways to pay for transportation projects, facing a $13 billion backlog. DOTD issued a request Monday for information from interested investors. The deadline to submit proposals is March 31.