Senator John Hoeven today announced that the President’s Fiscal Year (FY) 2020 budget request includes $150 million in funding for a new Army Corps of Engineers account for public-private partnership (P3) projects like the Red River Valley Flood Protection Project. The Corps created the account as a result of legislation Hoeven passed that directed the Corps to develop a policy on how to evaluate P3s and incorporate them into the budget. Further information regarding the Fargo-Moorhead Region Flood Protection Project will be included by the Corps as they release their detailed budget.
“The dedicated P3 funding in the President’s budget is a tremendous opportunity for advancing comprehensive flood protection in the Red River Valley,” Hoeven said. “We’ve worked hard to ensure that the benefits of P3s are recognized when going through the Corps’ cost-benefit analysis. Our legislation, as well as meetings with the administration, helped ensure this pot of money was included in the budget request. Now, I’ll work through the Appropriations Committee to fulfill this request, and as the Corps’ first P3 project, the Fargo-Moorhead region will be well-positioned to secure the funding.”