The State Street Redevelopment Project will modify traffic patterns on State Street through the Purdue University campus, and downplay the corridorÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s historical use as a highway throughÃƒÂ¢Ã¢â€šÂ¬Ã‚Âroute. The project will establish the
corridor as a destination for residents, students and visitors, promoting multimodal travel, bike paths and pedestrian walkways, while improving safety for pedestrians, cyclists and drivers. The project is a DBFOM project being performed by Plenary Group American affiliate (headquartered in Australia), and claims to be the first US Availability Payment P3 Project to reach financial close where the winning partner's bid included a privately place bond with fixed credit speads. The project is billed as a Build-Operate-Transfer arrangement, with an established budget, developer guaranteed price and schedule for design and construction, with no availability payments coming from the public sponsor until the project is completed. The Developer is responsible for O&M during the term, including a 28-year pavement performance guarantee. In addition to substantial modification to State Street, the project includes Perimeter Parkways at Airport Road, McCormick Rd., W. Stadium Ave., Willisams St., and North and South River Roads.
Project Delivery Method:
Design Build Operate Maintain (All Public Finance). Public Sponsor contracts for initial design, construction, and for long term operations and maintenance with a single entity. At the end of the term, Public Sponsor regains
control of the facility.