Jay Jayasundara, PFI project director and Tracey Ringer, PFI commercial manager, with PFI team members and advisors.Picture courtesy of the Isle of Wight Council.
THE controversial multi-million pound highways PFI contract to repair the Isle of Wight’s crumbling roads has been signed.
The 25 year agreement between the Isle of Wight Council, Vinci Concessions and their partner Meridiam sets out the terms under which the road network will be upgraded and maintained over the next 25 years.
The PFI, which is the biggest deal the Isle of Wight Council has ever made, was signed in London yesterday (Wednesday) by senior figures from the council and Vinci Concessions.
Under the deal a projected £487 million will be spent on the roads over the next 25 years.
Government grant and council cash will be used to carry out what is the biggest engineering project ever undertaken on the Island.
Critics have said it ties the authority into an expensive deal for too long.
The council said it will mean almost every stretch of adopted road, footway, pavement and cycleway be upgraded.
The contract will also include street cleansing, roadside and winter maintenance, the CCTV network, street furniture and road signs as well as street-lighting.
The PFI includes a number of schemes to stabilise the highways, including the Military Road and the Undercliff Drive at Niton.
Work is expected to start in April next year, by which time 65 council staff will have transferred to Ringway.