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The project, dubbed Project Neon and estimated to cost a total between US$1.3 and 1.5 billion, will be a partnership between the Nevada Department of Transportation and a private company that will help finance, build and maintain the stretch of more than three miles.
Approximately 257,000 vehicles travel the stretch daily, and improving traffic safety is a top priority for NDOT.
The NDOT said three companies were interested in becoming part of the public-private partnership (P3), and one would be selected later this year.
InfraPPP announced the list of shortlisted proposals for the US$1 billion project in early November 2013. The list is the following:
Following approval from the state Board of Finance, the bonds will go on sale, and officials believe that will probably happen February 26. The bonds will have a AA rating.
Board member Tom Skancke of Las Vegas said the public-private partnership could be used on projects in other parts of the state.
Nevada Governor, Brian Sandoval, instructed NDOT Director Rudy Malfabon to keep state legislators informed about the project. He said many lawmakers had questions and doubts about the financing of the project at the last meeting of the Legislative Interim Finance Committee.
The multi-phase, multi-year project will boost safety, mobility, and accessibility in the most heavily trafficked corridor in the state of Nevada.
The primary features of Project NEON's initial improvement will include building a one-mile high occupancy vehicle (HOV) bridge connecting I-15 to US 95, creating a new HOV interchange, reconstructing the Charleston/I-15 interchange and ramp braiding for the southbound movements.