California launches transportation advisory RFP

Qualified financial advisors have been invited to pitch for a mandate to help the state carry out a series transport PPPs.

The State of California has launched a tendering process to choose a financial advisor for its transport PPP projects.

It is offering a management fee of $1.5 million for a two-year mandate to help steer a number of transportation projects through a series of schemes.

Governor Arnold Schwarzenegger changed the law in February to pave the way for PPPs in his state which has been beset by budget problems.

The RFP for the role requires that the chosen business will have at least ten years' experience as a financial advisor on large scale projects – including PPPs.

Among the projects earmarked is the Doyle Drive Project in San Francisco, which will see a 1.5-mile stretch of road replaced.

An announcement on the successful bidder for the role of financial advisor will be made on 23 November, according to the document.