Milestone tax-exempt bond financing wraps up for first Army Corps P3

By Yvette Shields, Caitlin Devitt
October 12, 2021, 2:33 p.m. EDT

A long-planned flood prevention project on the Red River between North Dakota and Minnesota reached a financing milestone last week with the pricing of a $273 million tax-exempt bond issue for the public private partnership for a civil works project led by the Army Corp of Engineers.

The $273 million “green” labeled bonds, issued through the Wisconsin-based Public Finance, Authority, will help fund the local piece of the $2.75 billion Fargo-Moorhead Diversion Project first spearheaded by the Corps to stem the chronic overflow of the Red River and tributaries that flood during storms and snow melt, repeatedly submerging parts of Fargo, North Dakota and Moorhead, Minnesota, across the river…

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