The Indiana Finance Authority (IFA) has published today that the selected consortium for the East End Crossing of the Louisville-Southern Indiana Ohio River Bridges Project has reached Financial Close, marking the end of an aggressive proposal and selection process.

IFA and INDOT have set a record as they have closed a $1-billion MegaProject in less than a year and with a substantial cost discount. The RFQ was launched in March 2012 and one year after financial close has been reached.

"Indiana's public-private partnership procurement for the East End Crossing is being hailed as a model for other states," said Indiana Public Finance Director Kendra York. "Indiana kept the project on schedule and received responsive proposals from all four short-listed teams - a first for a P3 procurement in the United States."

WVB East End Partners - a team of Walsh Investors LLC, VINCI Concessions and Bilfinger Project Investments - was selected for its innovative proposal to design, build, finance, operate and maintain the East End Crossing. The Indiana Finance Authority (IFA) finalized an agreement and reached "commercial close" with WVB East End Partners in December 2012.

The preferred proposal will design and build the East End Crossing for $763 million, which is 23 percent less than previous cost estimates. The proposal commits to opening the new bridge to traffic by October of 2016, compared to the original estimate of June 30, 2017.

WVB is contributing $78 million of private equity and has raised $702 million in tax-exempt Private Activity Bonds. The IFA and Indiana Department of Transportation (INDOT) will make $392 million in milestone payments across the construction period. WVB expects to mobilize construction forces in May.