The Build America Bureau recently awarded the South Carolina Department of Transportation (SCDOT) a $1 million Innovative Finance and Asset Concession Program grant.
The program funds study opportunities for private sector solutions such as public-private partnerships (P3) that are designed to implement large regional transportation projects more quickly, reducing congestion and improving mobility.
SCDOT will use funding to study innovative financing and P3 opportunities along major interstate and future interstate corridors. The study will find opportunities for revenue saving measures and innovative financing approaches that will help SCDOT deliver projects more quickly.
“Thanks to the support of the governor and General Assembly and their recent efforts to modernize transportation in South Carolina, SCDOT now has more tools in the toolbox to improve the state’s transportation network,” Transportation Secretary Justin Powell said. “Our team is moving quickly to implement these new tools, and this grant will support our efforts to bring innovative solutions to tackle challenges and position South Carolina for generations to come. Our strong partnerships will advance transportation initiatives that benefit the people of South Carolina.”
The department next will enter into a grant agreement for the study. It plans to provide the public with regular updates on the process and results.