CARSON CITY, Nev. (AP) — State officials have decided to shift back to more traditional methods to finance a Las Vegas freeway expansion that's the largest road project in Nevada history.
Members of the state transportation board voted Monday to use government-issued bonds for Project Neon instead of the untested P3 public-private partnership. The public-private partnership would have involved using private financing, and state officials would have paid off the debt like a mortgage.
But costs for that plan have jumped, largely due to higher interest rates.
Project Neon will improve a stretch of Interstate 15 that sees about 257,000 vehicles a day and runs from Sahara Avenue to the Spaghetti Bowl interchange.
The total cost of the project is estimated at more than $1 billion.
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