The Bond Buyer announced its annual Deals of the Year in several categories. The winner in the P3 category was a bond issuance which financed a portion of the $2.75 billion Fargo-Moorhead Metropolitan Area Flood Risk Management Project. The Fargo Moorhead project is a public-private partnership (P3), between the Red River Valley Alliance and the Fargo Moorhead Metro Flood Diversion Authority, to reduce local flooding risk in the Red River Valley.
The project also involves a very substantial participation by the US Army Corp of Engineers (ACE) under its highly innovative public-private partnership program. The bonds were issued through the Public Finance Authority as one component of a three-part debt financing package and set the template for the new ACE federal P3 pilot program to address flood mitigation and ecosystem restoration.