Board OKs traditional financing for I-15 expansion

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Updated: 8/19 7:16 pm

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.

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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