Those involved with Project Neon are glowing right now.
The Nevada Board of Transportation approved the sale of $100 million in revenue bonds to purchase right-of-way to expand I-15 in Las Vegas. Approximately 257,000 vehicles travel the stretch daily, and improving traffic safety is a top priority. Project Neon will cost $1 billion to execute, and the project will be a joint venture with the Nevada Department of Transportation (NDOT) and a private company that will help finance, build and maintain more than 3 miles of pavement. The NDOT said three companies were interested in becoming part of the public-private partnership (P3), and one would be selected later this year.
Following approval from the state Board of Finance, the bonds will go on sale, and officials believe that will probably happen Feb. 26. The bonds will have a AA rating.
The Nevada Board of Transportation is hoping this project will spur more P3s throughout the state.