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An overview of Public-Private Partnerships (P3s) in transportation, including definitions, benefits, challenges, types, and examples. P3s are contractual agreements between a public agency and a private entity for the delivery and financing of projects. the role of the Office of Innovative Program Delivery (OIPD) in transportation P3s, the differences between conventional and P3 projects, and the benefits and challenges of P3s for both public and private sectors. It also includes definitions of key terminology and examples of greenfield, brownfield, and hybrid P3 projects.
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P3 Program Manager Office of Innovative Program Delivery Program Development Team
Innovative Delivery
Revenue
Procurement Finance
Public-Private Partnerships
Conventional Projects (design-bid-build)
P3 Projects (design-build-finance-operate- maintain) Public sector burden with all risks Risk sharing
Succession of separate (and multiple) contracts
Integration of two or more project phases Public Financing Private Financing
Lowest bidder Best suited
Public sector project stewardship (incl. with contract management firm)
Private sector project stewardship
A Concession is a long term lease of public facilities to a private party (concessionaire)
A Special Purpose Vehicle (SPV) is a legal entity created to fulfill narrow, specified tasks
Leveraging is the degree to which an investor or business is utilizing borrowed money (debt)
Debt is a bond or loan, with an obligation to pay interest and principal at a later date
Equity defines ownership interest in a corporation
The Internal Rate of Return is the percentage return on investment.
Growing congestion
Increasing costs to maintain system
Mounting budget pressures
Poor long-term system performance
“Value” can be:
Public Sector must assess “value”:
Slide 16Slide 16
True or False:
P3s may be only be done on greenfield facilities.
Multiple Choice:
Among the considerations for entering into a P3 are…
Slide 17Slide 17
Expedited project delivery
Protection against some risks
Construction and operational efficiencies
Increased investment in transportation assets where unmet needs are the greatest
Opportunities for “new” money (i.e. from equity investors)
Brings together multiple financing sources required for large-scale projects
Enhanced cost control
More certainty regarding cost and schedule
Brings innovation
Introduces life-cycle perspective – better quality up front and improved maintenance
Improved customer focus
Leverages each partner’s strengths
Conserves public sector debt capacity