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"Successful
Delivery of Public-Private Partnerships for Infrastructure
Development." 
Journal of Construction Engineering
and Management, American Society of Civil Engineers,
ASCE, 133(12), 918-931. Abdel Aziz, A. M (2007).
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Two common approaches have been used by governments for
the implementation of public-private partnerships (P3s):
a finance-based approach that aims to use private financing
to satisfy infrastructure needs, and a service-based approach
that aims to optimize the time and cost efficiencies in service
delivery. The implementation of P3s, however, may suffer
from legal, political, and cultural impediments. In the United
States, the federal government enabled a number of acts to
ease the impediments and promote P3s for infrastructure development.
Based on a detailed analysis of P3s in the United Kingdom
and British Columbia, Canada, this paper describes principles
that would characterize the implementation of P3s at the
program level (e.g., whether the implementation is successful).
The principles pertain to the: availability of a P3 legal
framework and implementation units; perception of the private
finance objectives, risk allocation consequences, and value-for-money
objectives; maintenance of P3s process transparency; standardization
of procedures; and use of performance specifications. Guidelines
for successful implementation are explained and discussed
in the context of the United States P3s experience and impediments.
"A
Survey of the Payment Mechanisms for Transportation DBFO
(P3) Contracts in British Columbia" 
Construction Management and Economics,
25(5), 492-543 (London, UK). Abdel Aziz, A. M (2007).
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In
traditional project delivery systems, payment mechanisms provide compensation
for the work performed using construction capital payments. In the alternative
public-private
partnership (P3) systems, payment mechanisms follow the selected
P3 system. For example, the build-operate-transfer
system provides compensation based on project demand using
real-tolls usage payments; the design-build-finance-operate
(DBFO) system provides shadow-tolls usage payments; and the
performance-based DBFO system provides compensation based
on contractor's performance using service availability
payments. Designing the payment structure is an important
task where several factors have to be considered. This paper
analyses the implementation of payment mechanisms in a number
of DBFO transportation projects in BC, Canada, in terms of
payment structure, payment types and characteristics, determination
and funding. The analysis provides insights for the design
of payment mechanisms. The analysis shows that more payment
types are being used and that the mechanisms are designed
to achieve specific government objectives. The analysis refers
to a new ‘hybrid' payment mechanism with elements
derived from the traditional and the P3 systems. The hybrid
system may have potential to minimize the overall project
cost; however, agencies have to be flexible in the delivery
concepts as combinations of payments for inputs, usage and
services might have to be used.
"A
Structure for Government Requirements in Public-Private
Partnerships "
Canadian Journal of Civil Engineering,
28(6), 891-909. Abdel-Aziz, A. M. and
Russell, A.D. (2001).
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A
spectrum of requirements for the procurement of public
infrastructure under various public-private partnership
arrangements has been communicated by governments to the
private sector participants. This paper suggests a structure
for these requirements and demonstrates how they have been
realized in public-private partnership projects. Government
requirements are categorized and described under a structure
of three dimensions: rights, obligations, and liabilities.
Each dimension is further defined and explained through a
number of attributes. The structure provides insights as
to the basis for the different modes under public-private
partnerships such as build-operate-transfer,
build-own-operate-transfer, and build-transfer-operate.
The structure is used to examine government requirements
in a number of public-private partnership transportation
projects. The results show that, for each dimension and its
related attributes, comprehensive and clear articulation
of government requirements is generally needed. This will
reduce the amount of supplemental materials issued for the
request for proposals, help consortiums in responding with
proposals that can fit the requirements and reduce the amount
of time spent in negotiations and (or) the need for contract
amendments to reflect marketplace realities missed earlier.
"Public-Private
Partnerships and the Development of Transport Infrastructure:
Trends on Both Sides of the Atlantic"
First International
Conference on Funding Transportation Infrastructure. Perez,
Benjamin G. (PB Consult) and James W. March (FHWA). Institute
of Public Economics at the University of Alberta. (August 2006).
Website
This
investigation focuses on how forces - such as the will of
the government to extract resources to meet the public's needs and the
extent to which the national economy can produce them - have shaped the
use of P3s in developing transport infrastructure in Europe and the United
States. It begins by describing the different ways the public and private
sectors collaborate to develop transport infrastructure in the United
States and then compares recent experience and emerging trends
in P3 applications on both sides of the Atlantic.
International Public-Private Partnership Synthesis Report
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This report synthesizes the findings of a series of reports
prepared for FHWA following an international public-private
partnership (P3) scan conducted in 2008. The scan, sponsored by
FHWA, the National Cooperative Highway Research Program, and the
American Association of State Highway and Transportation
Officials, led investigators to the United Kingdom, Australia,
Portugal, and Spain to study the P3 markets in those countries
and bring back transferable lessons for the evolving P3 market in
the U.S. The scan resulted in four targeted reports on P3 tools,
techniques and projects, as well as a summary report of the scan
experience. This synthesis report was created to present the
wealth of information from those reports in an accessible format.
The synthesis report contains three sections. The first section summarizes notable P3 practices used in the four scan countries and Canada (included in the analysis but not formally part of the scan trip), including subjects such P3 delivery options, value for money analysis, and risk allocation. The second section provides a brief overview of the development of the P3 market in each of the five countries, accompanied by 12 project profiles of notable P3 projects in each market. The last section is a summary of lessons learned from the scan reports that may be beneficial for actors in the U.S. The 12 project profiles included in the synthesis report share the formatting of profiles on the FHWA IPD website for ease of reference.
Model P-3 Contracts Listening Session (January 16, 2013)
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MAP-21 requires the U.S. DOT/FHWA to develop standard model P3 contracts for the development, financing, construction, and operation of transportation facilities. On Wednesday, January 14, 2013, FHWA held a Listening Session for public project sponsors, consultants, private sector contractors, financing institutions, union representatives, concessionaires, and other organizations involved in project development; and members of the general public to provide input as it initiated development of these contracts. Topics discussed included: the design of the model contract template; the scope of the model contracts; and specific provisions included in the model contracts.
Establishing A Public-Private Partnership Program: A Primer
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Establishing a Public-Private Partnership (P3) program within a public agency involves issues from enabling legislation through identification, evaluation, negotiation and management of P3 projects. This primer explores key issues involved in establishing a P3 program at a public agency with a focus on P3s for new capacity for highway infrastructure.
This primer contains eight chapters. Following an introduction, Chapter 2 presents the key challenges to successful program development, highlighting organization/cultural changes, coordination, and conserving institutional. Chapter 3 describes the strategies for implementation, including roles, staff building/hiring/training and specialized P3 units. Chapter 4 discusses legal and statutory issues, while Chapter 5 presents methods for identifying, evaluating and structuring P3 projects. Chapter 6 presents information on conducting procurement and Chapter 7 has recommendations for oversight and monitoring. Finally, Chapter 8 includes concluding remarks on on the responsibilities and considerations of policymakers as they assume the new role of a performance-based contract manager.
Financial Structuring and Assessment for Public-Private Partnerships: A Primer
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This primer addresses Financial Structuring and Assessment for public-private partnerships (P3) and has been prepared as a companion document to FHWA's recent primers on Value for Money Analysis, Establishing A Public-Private Partnership Program and Risk Assessment for P3s. Most P3 projects are financed by using a combination of private equity, debt, and (often) public subsidies. For financial assessment of P3s, it is important to understand these sources of capital, how they are combined (referred to as "financial structure"), and how funds invested in a project are repaid.
This primer contains ten chapters. Following an introduction, Chapter 2 presents the basic concepts of project finance for P3s. Chapter 3 describes the various types of revenue sources that are used with P3s together with their advantages and disadvantages with regard to P3s in Chapter 3. Chapter 4 discusses sources of public sector financing for P3s, while Chapter 5 discusses the various sources of private capital and their incentives and capabilities, including how debt repayments may be scheduled to match projected cash flows to help make the project financially viable. Chapter 6 discusses the role of financial models, focusing on what is analyzed and interpretation of results rather than the details of the modeling process. Chapters 7, 8 and 9 describe the metrics used for financial evaluation by public agencies, equity investors and lenders respectively. Finally, Chapter 10 concluding remarks on the different ways in which financial assessments are used by project sponsors and private developers as P3 projects advance through the procurement and implementation processes.
Risk Assessment for Public-Private Partnerships: A Primer
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This primer addresses Risk Assessment for public-private partnerships (P3) and has been prepared as a companion document to FHWA’s recent primers on Value for Money Analysis, Establishing A Public-Private Partnership Program and Financial Structuring and Assessment for P3s. Project risk management is an iterative process that begins in the early phases of a project and is conducted throughout the project’s life cycle. It involves systematically considering all possible outcomes before they happen and defining procedures to accept, avoid, or minimize the impact of risk on the project.
The primer contains seven chapters. Following an introduction, Chapter 2 discusses how the extent of risk transfer varies by type of project and type of P3 contract. Chapter 3 outlines the key types of risks faced in P3 projects. Chapter 4 presents analysis of project risks to assess their cost impacts. Chapter 5 explains how risks are optimally allocated between the public and private sectors to minimize total project life-cycle costs. Chapter 6 discusses how costs of risks under traditional and P3 procurements may be incorporated into Value for Money analyses often used to compare the two procurement options. Chapter 7 concludes with a summary.
Value for Money Assessment for Public-Private Partnerships: A Primer
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This primer addresses Value for Money Assessment (VfM) for public-private partnerships (P3) and has been prepared as a companion document to FHWA’s recent primers on Risk Assessment, Establishing A Public-Private Partnership Program and Financial Structuring and Assessment for P3s. The VfM analysis process is used to compare the aggregate benefits and the aggregate costs of a P3 procurement against those of the traditional public alternative. VfM assessment is different from benefit-cost analysis, which determines whether investing in a public sector project is a good use of societal resources. They are also distinct from the process of establishing whether or not a project is actually affordable to the government.
The primer contains nine chapters. Following an introduction, Chapter 2 provides an overview of the VfM analysis process. Chapter 3 discusses discounting of future costs and revenues to facilitate comparison of the procurement alternatives in terms of present value. Two key components of the PSC are life-cycle costs and the costs or risks. They are discussed in Chapters 4 and 5 respectively. Toll revenue risk is discussed separately in Chapter 6. Chapter 7 discusses quantitative assessment of VfM and Chapter 8 discusses qualitative assessment. Finally, Chapter 9 presents a summary with cautionary notes based on experience to date.
Public–Private Partnership Concessions for Highway Projects: A Primer
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This primer provides a brief introduction to public–private partnership (P3) concessions for transportation project finance. Although many types of P3s exist, this primer focuses on P3s that involve assumption of financing risk by the private sector, as well as long-term (i.e., 10+ years) operations and maintenance. These types of long-term P3s are typically termed Design-Build-Finance-Operate (DBFO) concessions, because the private sector assumes the obligation to design, build, finance, operate, and maintain a facility for a specified term in exchange for the right to some form of compensation for a specified term.
The primer reviews the basic structure of P3 project finance concessions and introduces the key public and private project participants and their roles. It also describes the motivations of both public and private partners for entering into P3s, presents typical P3 concession characteristics, and clarifies common misconceptions of what P3s can and cannot accomplish. Finally, the primer outlines typical P3 implementation steps and provides recent examples of P3 concessions.
P3 Program Road Map
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The FHWA P3 Roadmap identifies initiatives and actions to be implemented by FHWA from 2013 through 2017 to support the development and use of public-private partnerships (P3s) across the United States with a unified approach. The primary audience for these activities is FHWA and its partner agencies within the U.S. DOT as well as external public sector stakeholder organizations and interest groups.
FHWA P3 Program Plan
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The FHWA P3 Program Plan identifies initiatives and actions to be implemented by FHWA from 2013 through 2017 to support the development and use of public-private partnerships (P3s) across the United States with a unified approach. The primary audience for these activities is FHWA and its partner agencies within the U.S. DOT as well as external public sector stakeholder organizations and interest groups. P3 Program Plan seeks to achieve the following measurable outcomes:
Improving P3 capacities within State governments to support the consideration and identification of projects for P3 procurement during the planning process; conduct the P3 procurements; and manage P3 contract performance and evaluate post-implementation outcomes.
Value for Money State of the Practice (December 2011)
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The 2011 Value for Money State-of-the Practice document was created to assist state practitioners in their P3 program efforts. Value for Money is a uniform process utilized on a case-by-case basis to compare the aggregate benefits and the aggregate costs of a P3 project against those of the traditional public alternative. In addition to the introductory chapter (Chapter 1), the report includes two separate sections: International Methodology and Practice and Methodology and Practice in the United States. The report is a state-of-the practice document. FHWA does not recommend any single approach to analyzing procurement options. FHWA does highly encourage that state practitioners consider some type of analysis when considering P3 procurement options.
Introduction to Public-Private Partnerships (P3s)
Presentation PDF HTML
Transcript HTML
Webinar Website
This presentation prepared by OIPD P3 specialists provides definitions of common P3 terminology, information of the benefits and challenges associated with P3 projects, examples of different types of P3 projects and a review of the financing tools that may be used with P3 project. The intent of the presentation is to:
Advanced Public-Private Partnerships (P3s) Training
Presentation PDF HTML
Transcript HTML
Webinar Website
Q&A Information Website
The Office of Innovative Program Delivery hosted an Advanced Public-Private Partnerships (201 level) webinar that focused on questions from the Colorado DOT with regards to specific issues related to public-private partnerships for High-Occupancy Toll (HOT) lanes. Experts from states that have successfully implemented public-private partnership agreements discussed their experiences and how they have addressed the issues. The webinar is intended for transportation professionals who already have a basic understanding of public-private partnerships.
P3 Primer: An Update on the Burgeoning Private sector role in U.S. highway and Transit Infrastructure
Website
This 2008 report describes the use of PPPs by state and local transportation authorities over the recent past and provides an update of USDOT's 2004 Report to Congress on PPPs (the "2004 Report"). The primary purposes of the P3 Primer are: (i) to explore the growing use of PPPs by state and local transportation authorities, and (ii) to identify the advantages and disadvantages of PPPs as an alternative to traditional approaches to transportation funding and procurement. The substance of this report is set forth in Sections III through VI. Section III defines PPPs and describes their benefits. While the 2004 Report provided a broad definition of PPPs, this report refines and focuses that definition to reflect the increasing utilization in the United States of long-term, concession-based PPPs, a subset of PPPs which have become significantly more prevalent since the 2004 Report was delivered. This section of the report then briefly describes the benefits of PPPs that have been used in the United States and abroad, which were described in greater detail in the 2004 Report. Section IV explores the use of long-term, concession-based PPPs in the United States while Section V describes the advantages of PPPs as an alternative to the failings of traditional approaches to project funding and delivery. Section VI identifies certain risks commonly attributed to PPPs and how they can be managed and evaluated.
Public Policy Considerations in Public-Private Partnership (PPP) Arrangements
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This 2009 FHWA report is intended to help frame public policy considerations in public-private partnership (PPP) arrangements. State legislatures and public officials have taken these considerations into account in PPPs. Each state's approach, however, varies depending on a number of factors, including the public sector's policy objectives, the interests of the users, the characteristics of the project and specific risk factors. This report examines how different states have responded to the issues most frequently raised by examining provisions in state law and PPP agreements. The report identifies and addresses 14 public policy issues related to PPPs, based on a review of Congressional and state legislative hearings, publications, and discussions with key federal, state and local decision makers. Each issue is addressed in a separate section that includes (i) analyses of how state transportation departments and other public authorities have addressed the public policy considerations in those areas and (ii) charts detailing legislative and contract provisions that have been used. The findings of the report are based upon the review of PPP agreements for several recent and ongoing partnership projects.
P3
Workshops
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During 2003 and 2004 the Federal Highway
Administration (FHWA), in cooperation with the Office of
the Secretary of Transportation, sponsored a series of workshops
on the topic of public- private partnerships (P3s) and their
applicability to the nation's highway development program.
The P3 workshops were designed to educate transportation
decision-makers in state and local legislatures and transportation
agencies about P3s and their potential to help leverage
scarce public resources to address urgent transportation
facility needs. An initial mini-workshop was held in Washington,
D.C. as part of the 15th anniversary celebration of the
redevelopment of Union Station as one of the nation's premier
public-private partnerships. This was following by six P3
workshops in Washington/Oregon, Minnesota, Texas, Florida,
California, and North Carolina.
User
Guidebook on Implementing Public-Private Partnerships
for Transportation infrastructure Projects in the United States.
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This Guidebook is intended to assist sponsors
and providers of transportation projects take the necessary
steps and precautions to promote the successful delivery
of P3 project while protecting the public interest, especially
the ultimate users of facilities so developed.
Case
Studies of Transportation Public-Private Partnership
in the United States
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This report focuses on P3 applications to
transportation projects in the United States. It promotes
greater understanding of the role of institutional factors
in the implementation of P3s.
Case
Studies of Transportation Public-Private Partnership around
the World
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This report focuses on P3 applications to
transportation projects in England, Australia, New Zealand,
Hong Kong, India, Israel, Denmark, Sweden and Argentina,
and provides an overview of variety of projects and approaches
used to implement P3s around the world.
FHWA Manual
for Using P3s on Highway Projects
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Issued in November 2005, this manual is intended
to provide a one-stop resource for States interested in pursuing
Public-Private Partnerships and curious as to how Federal
requirements apply. Although a summary document itself, it
identifies links and references that will provide access
to more detailed guidance for anyone interested in exploring
a Public-Private Partnership.
Synthesis
of Public-Private Partnership Projects for Roads Bridges & Tunnels
from Around the World - 1985-2004
PDF
This August 2005 report presents a synthesis
of a comprehensive database of highway infrastructure projects
from around the world financed or delivered through some
form of public-private partnership (P3). This synthesis provides
insights into the nature and extent of highway infrastructure
projects that have and are being advanced through various
types of P3 contractual arrangements. They also reveal the
predominant types and sizes of P3 contracts used in various
regions and countries around the world for developing different
types of highway infrastructure, including roads, bridges,
and tunnels. The results of this synthesis are intended to
inform those involved in the development, funding, or delivery
of highway infrastructure regarding the worldwide use of
P3s to delivery highway and other forms of public use infrastructure.
FHWA
Report to Congress on P3s
Website
This report, issued in December 2004 by U.S.
DOT, answers the questions posed by Congress and attempts
to provide a resource document for States interested in using
public-private partnerships as a method of procurement. The
report is divided into five major sections: history and initiatives,
value of public-private partnerships, impediments to their
formation, stakeholder comments, and recommendations for
removing those impediments. The value section is designed
to help States considering public-private partnerships better
understand the benefits of such an approach and some of the
downsides. This report, however, is not designed to be a
manual on how to use public-private partnerships as part
of a State program. We have not addressed the myriad issues
concerning when public-private partnerships should be used
and how they should be negotiated. The report focuses on
the questions posed by the House Report language and provides
the background necessary to provide context for the answers
to those questions.
FHWA
Office of International Programs: Contract Administration:
Technology and Practice in Europe
Website
In June 2001, a team comprised of Federal,
State, contracting, legal, and academic representatives traveled
to Portugal, the Netherlands, France, and England. Their
mission was to investigate and document alternative contract
administration procedures for possible implementation in
the United States.
The scan team discovered that European highway agencies appear to be better at exploiting the efficiencies and resources that the private sector offers, through the use of innovative financing, alternative contracting techniques, design-build, concessions, performance contracting, and active asset management. European agencies have created contracts that focus on the users, while seeking to allocate risk appropriately and establish an atmosphere of trust in the implementation of procedures. The United States can directly and immediately employ many European procedures to help cope with its most urgent transportation needs. The report discusses these European techniques in terms of procurement, contract types, and payment mechanisms.
The report addresses the following subjects: best-value selection, performance specifications, design-build, shadow tolls, public-private partnerships, concessions, and design-build-operate-maintain.
Public-Private
Partnerships for Highway Infrastructure: Capitalizing on International
Experience
PDF
FHWA, AASHTO, and NCHRP sponsored a scanning study to collect information
about P3 programs for highway infrastructure in Australia, Portugal, Spain,
and the United Kingdom, where P3 experience is more extensive. In this publication,
the scan team reports that P3s are an effective strategy for delivering highway
projects, and they are service arrangements as much as financial ones. The
team observed that potential P3 projects must be analyzed and structured
thoughtfully to preserve public interests and that managing the partnership
over the life of the contract is critical to providing the services expected.
Team recommendations for U.S. implementation include convening workshops,
developing training guidelines, establishing an expert task group, developing
a research strategy, and publishing principles and guideline documents on
P3 topics.
FHWA
Innovative Finance Quarterly 
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This
quarterly newsletter, published by FHWA, provides information on the latest
developments in Federally-sponsored innovative finance programs, such as
TIFIA, GARVEE Bonds, and SIB transactions. It also features descriptions
of innovative projects and programs of interest launched by state DOTs
around the country. The newsletter also tracks legislative
changes. Copies of all issues of the Quarterly dating back
to 1997 are available on the FHWA Innovative Finance website,
together with copies of FHWA's earlier Innovative Finance
Newsletter.
Current
Toll Road Activity in the U.S.A. Survey and Analysis
PDF
This white paper summarizes current toll road activity in the U.S. through
2008 including an analysis of existing toll facilities constructed
since ISTEA, as well as those currently being planned, designed, or constructed.
Overview of Key Enabling and Sample Provisions: State PPP Enabling Legislation for Highway Projects
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This document prepared by Nossaman LLP in 2005 provides an overview of 28 key elements for P3 enabling legislation for highway projects, together with an explanation of their importance, and sample provision text for each of the elements.
Key Elements of State PPP Enabling Legislation for Highway Projects
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This document prepared by Nossaman LLP summarizes those states with P3 enabling legislation and how they met the 28 key elements outlined in the overview document above as of December 2007.
Model Legislation for States Considering P3 Authorization
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This model P3 legislation is based on a survey of existing state statutes that authorize public-private initiatives. It provides states with an example of what basic elements to consider and address in P3 authorizing legislation. It is meant to serve as a representation of the core provisions dealing with issues that a state should consider when pursuing greater private sector involvement in the delivery of transportation services. Users are advised that the model legislation cannot anticipate the relationship of state laws with the model provisions contained within it. This model legislation has been prepared solely for informational purposes and should be not construed as a statement of USDOT or FHWA policy.
FHWA
Financing Freight Infrastructure Guidebook
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This guidebook developed by FHWA's Office of Freight Management and Operations
and Office of Planning provides information on funding financing tools available
for freight improvements and case studies of freight financing. Private sector
options for financing freight needs are presented and noted among the case studies
were relevant.
FTA
Public-Private Partnership Pilot Program (Penta-P)
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The Public-Private Partnership Pilot Program, known as Penta-P,
was authorized SAFTEA-LU for certain new "fixed guideway capital projects,"
meaning public transit systems that use rail or a dedicated
road, such as a bus rapid transit system. The pilot program will allow USDOT
to study whether public-private partnership projects speed completion, allow
more reliable projections of project costs and benefits, and improve project
performance. The pilot will study projects that, among other things, use
methods of procurement that integrate risk-sharing and streamline project
development, engineering, construction, operation, and maintenance. The amount
and terms of private investment in such projects is a significant factor
in selecting projects to participate in the program.
Report to Congress on the
Costs, Benefits, and Efficiencies of Public-Private Partnerships for Fixed
Guideway Capital Projects
PDF
This report responds to a SAFETEA-LU requirement and is intended
to identify and examine the costs, benefits, and efficiencies of applying
P3 delivery approaches to transit projects.
Protecting
the Public Interest: The Role of Long-Term concession
Agreements for Providing Transportation Infrastructure
USC Keston Institute for Public Finance and Infrastructure Policy
PDF
Written
by Jeffrey Buxbaum and Iris Ortiz of Cambridge Systematics,
Inc. this paper explores the confusion and controversy surrounding
long-term concession agreements has come about because they have been promoted
as silver bullets, as essentially free money provided by the private
sector that will not require new taxes or fees. But users
of the facilities will have to pay, and how users pay will
be very different from how they have paid in the past. These
new models may in fact prove to be more equitable and efficient
than the old methods, but the negative reaction in some quarters
to the initial agreements highlights the need for careful
analysis and transparency going forward. The report
explores the recent long term lease transactions of the Chicago
Skyway, Indiana Toll Road and other potential transactions
in those two states as well as Texas, Virginia and other
domestic locations. The report identifies a number
of potential strategies to address public concerns regarding
public sector decision making including, conflicts of interest
between the public and private sectors, and how contract
terms can affect price levels and pubic control.
Driven
by Dollars: What States Should Know When Considering Public-Private Partnerships
to Fund Transportation
Pew Center on the States
Website
This report analyzes Pennsylvania's unsuccessful effort in 2008
to lease the Pennsylvania Turnpike to private investors. The report provides
valuable lessons for other cash-strapped states seeking to fund
their highways and bridges. It identifies the information states
need and the issues they should deliberate when exploring P3s
to fund infrastructure improvements.
According to the report, states considering public-private partnerships should have clear, data-driven answers to questions in the following four categories: (1) Examining the Options - the Decision-Making Process; (2) Let's Make a Deal - the Deal-Making Process; (3) Show Me the Money - Financial Analysis; and (4) Who Will Mind the Store? Oversight and Service Provision.
How States and Territories Fund Transportation: An Overview of Traditional and Nontraditional Strategies
National Governors Association Center for Best Practices
Website
This report is designed to provide states with an overview of
traditional funding mechanisms, profiles of new and innovative programs at
work in the United States and overseas, and a summary of each state's surface
transportation funding approaches. The report covers state-driven mechanisms
only and is meant to help states identify strategies to consider in addressing
their revenue needs alongside federal and local approaches. P3s are discussed
among the nontraditional and innovative financing mechanisms, and the report
highlights which states are authorizes and have used P3s or surface transportation
projects.
Innovative State Transportation Funding and Financing: Policy Options for
States
National Governors Association Center for Best Practices
Website
This paper
presents the basic state policy options for funding transportation
and outlines recent innovations by: (1) providing case studies of state and
international experience with a full range of policy options; (2) addressing
new options that have emerged; (3) summarizing new developments in P3s; and
(4) detailing financing options, such as congestion pricing, which establish
a price signal to users that can both raise revenue and encourage more efficient
use of the transportation infrastructure. Each chapter provides a description
of a different type of innovative financing or funding approach or ways to
address demand; best practices from the United States and abroad; and additional
considerations for states that are considering these options.
Chapter 6 deals with the recent interest in P3s by discussing innovative
procurement, design-build strategies, concession agreements, and other ideas.
Reason
Foundation Annual Privatization Report 2009
Reason Foundation
PDF
Reason Foundation's 23rd Annual Privatization Report details
the latest trends and examples of how public officials are
reducing costs and improving service delivery through public-private
partnerships, outsourcing, and performance-based government. The surface
transportation component of the report contains information on new P3 toll
roads, the leasing of existing toll roads, HOT/managed lane projects underway,
overseas concession projects, and a look at China's growing effect on private
capital.
Ten Myths and Facts on Transportation Public-Private Partnerships
Reason Foundation
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This report authored by the Reason Foundation in conjunction with the Buckeye Institute for Public Policy Solutions aims to clarify 10 prominent “myths” about P3s and describe the corresponding “facts.” The report is designed to inform transportation infrastructure decision making following the 2011 legislative authorization permitting the Ohio DOT to enter into transportation P3s and the long-term lease of the Ohio Turnpike to private investors, separately authorized in that year’s state budget. In 2012, the Ohio DOT announced the formation of an internal Division of Innovative Delivery that is helping to identify alternative funding solutions for transportation initiatives, capitalizing on this new authorization in the face of traditional funding shortfalls.
Highway Public-Private Partnerships: More Rigorous Up-front Analysis Could
Better Secure Potential Benefits and Protect the Public Interest
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In producing this report, GAO was asked to review: (1) the
benefits, costs, and trade-offs of public-private partnerships; (2) how public
officials have identified and acted to protect the public interest in these
arrangements; and (3) the federal role in public-private partnerships and
potential changes in this role. As input into the study, GAO reviewed federal
legislation, interviewed federal, state, and other officials, and reviewed
the experience of Australia, Canada, and Spain. GAO's work focused on highway-related
P3s and did not review all forms of public-private partnerships. GAO recommends
that Congress consider directing the Secretary of Transportation,
in consultation with Congress and other stakeholders, to develop objective
criteria for identifying potential national public interests in highway P3s.
Using Public-Private Partnerships to Carry Out Highway Projects
Website
This Congressional Budget Office study was prepared at the request of the Chairman of the Senate Budget Committee and focuses on the following questions: (1) What are public-private partnerships and how often are they used? (2) Does private financing increase the resources available to build, operate, and maintain roads? (3) Do public-private partnerships build roads more quickly or at a lower cost? The report finds that private financing will increase the availability of funds for highway construction only in cases in which states or localities have chosen to restrict their spending by imposing legal constraints or budgetary limits on themselves. The reason is that revenues from the users of roads and from taxpayers are the ultimate source of money for highways, regardless of the financing mechanism chosen. On the basis of evidence from a small number of studies, such partnerships have built highways slightly less expensively and slightly more quickly, compared with the traditional public-sector approach.
Public
Works Financing
Website
Public Works Financing newsletter's specific
focus since 1988 has been on public-private partnerships
in infrastructure finance. Its experienced editorial staff
provides projects leads, detailed project case studies, news
analysis, business and political trends, plus a directory
of 36 of the industry's most experienced consultants. In
addition to monthly issues, PWF publishes a database each
October of over 2,200 P3 projects that are planned, being
built or operating around the world.
Infrastructure
Journal
Website
Infrastructure Journal is a British publication
and website dedicated to P3s across all sectors. Infrastructure
Journal also prepares P3 case studies and organizes conferences.
It is an international forum with 29% of its reader distribution
in Europe, 17% in Asia, 31% in North America, 18% in Latin
America, and 5% in the Middle East and Africa. Its readership
includes public officials, lawyers, consultants, contractors,
commercial lenders, multilateral and bilateral lenders, development
agencies, and project sponsors and developers.
Innovation
Briefs
Website
Over the past twenty years INNOVATION BRIEFS have become "must reading" for
thousands of legislators, public officials, business leaders, newspaper editors
and transportation professionals. The Briefs' critical commentaries and incisive
analysis of current events keep readers in touch with trends and ideas in
the transportation world without subjecting them to an information overload.
Its editorial policy is to maintain an independence of views, while striving
to remain balanced and objective in its coverage. Innovation Briefs are published
by C. Kenneth Orski, a public policy consultant and former principal of the
Urban Mobility Corporation.
The
Bond Buyer
Website
The Bond Buyer is the definitive source of
up-to-date information on bond offerings in the United States
. It is available by subscription only, in both on-line and
paper format. The paper is updated daily.
Project
Finance Magazine
Website
Project Finance provides strategic information,
news, and forecasts and trend analysis on the project finance
markets. It contains features on countries, infrastructure
surveys by region and sector, and agency and development
bank news. It offers periodic industry- and region-specific
special issues and maintains a team of 22 journalists who
track current developments around the world.
TOLLROADSnews
Website
TOLLROADSnews, a publication specializing
in tolling, describes this emerging service business and
documents the debates and controversies. It provides descriptions
of new toll projects around the world, analysis of political,
legal, and economic problems of toll projects, information
on toll technologies, and reports on ongoing operations
of toll agencies and projects.
Wall
Street Journal
Website
Published by Dow Jones & Company, Inc., the Wall Street
Journal is one of the most respected daily financial newspapers
in the world. It carries information on all aspects of finance
and is used as a reference by nearly all financiers.
Engineering
News Record (ENR)
Website
ENR, the weekly engineering industry magazine,
has online access. Recent articles are listed by topic,
such as transportation or finance. The site also provides
up to date construction pricing information, indicating recent
cost trends for key construction materials.
AASHTO
Journal
Website
American Association of State Highway Transportation
Officials (AASHTO) Journal is a weekly publication that covers
legislative and regulatory news on transportation. The AASHTO
site search engine references previous volumes of the journal
but without specific article references.
NSW
Parliamentary Inquiry into Public-Private Partnerships (2006)
Website
The purpose of this inquiry was to assess whether P3s are
being managed efficiently and effectively, not whether or not they should
be used. It compared Australian institutional arrangements with national
and international best practice. The inquiry found that Government guidelines
for P3s were open to interpretation and were not being applied consistently,
that conditions which led to P3 arrangements were seen as less than transparent,
and that there needs to be more of a focus on the ongoing evaluation and
monitoring of projects over their whole life. The inquiry examined ways in
which knowledge sharing about the development and operation of P3s can be
improved, to increase the level of P3 management expertise across the public
sector and thus increase value for money.
Partnerships
Victoria
Website
The Partnerships Victoria policy, introduced in 2000, provides the
framework for a whole-of-government approach to the provision of public infrastructure
and related ancillary services through public-private partnerships. There
are 19 Partnerships Victoria projects in existence worth around $9.5 billion
in capital investment.
Infrastructure
Canada (Building Canada)
Website
Infrastructure Canada was established as a department in August
2002. Since then, the department, among other things, has worked to provide
a focal point for the Government of Canada on infrastructure issues and programs
through the Building Canada plan, a historic $33 billion infrastructure plan.
Under Building Canada, the nation's most important economic and environmental
priorities are being addressed through targeted and based-funding programs.
One of these programs is the $1.25 billion P3 Fund. This fund will support
innovative projects that provide an alternative to traditional government
infrastructure procurement. A new federal P3 office will also be established.
Partnerships
British Columbia
Website
Partnerships British Columbia is a company responsible for bringing
together ministries, agencies and the private sector to develop projects
through public-private partnerships. As a company registered under the Business
Corporations Act, Partnerships BC is wholly owned by the Province of British
Columbia and reports to its shareholder the Minister of Finance.
P3
Council of Canada
Website
The Canadian Council for Public-Private Partnerships was
established in 1993 as a member-sponsored organization with representatives
from both the public and the private sectors. As proponents of the concept
of P3s, the Council conducts research, publishes findings, facilitates forums
for discussion and sponsors an Annual Conference on topics related to P3s,
both domestic and international.
Conference
Board of Canada Steering a Tricky Course: Effective Public-Private Partnerships
for the Provision of Transportation Infrastructure and Services
Website
This study asks the question: what are the factors that make
for successful P3s? To help answer it, the study offers three case studies,
two in Canada and one in the U.K. The Confederation Bridge P3 (linking Prince
Edward Island to New Brunswick) shows that project risks can be successfully
transferred to the private sector and underscores the importance of having
the procurement authority adapt its role to the requirements of a P3. The
London Underground P3s demonstrate the use of innovative output-based performance
measures, but they also show that significant uncertainty about major costs
(such as upgrades to legacy assets) can impair the effectiveness of risk
transfer to the private sector. As well, these P3s suggest that governments
should be cautious about imposing P3 delivery methods on lower levels of
government. Finally, the Montreal metro project, which was not a P3, provides
insights on the importance of thorough project planning and the value of
extensive due diligence.
Guidelines
for Successful Public-Private Partnerships
PDF
This document was designed as a practical tool for P3 practitioners
in the public sector faced with the opportunity of structuring a P3 and of
integrating or "blending" European Communities grant financing
in P3s. The report is to focus on a number of critical issues influencing
the successful integration of public grants, private funds, IFI loans (such
as the EIB or EBRD) and European Commission financing. Reference is made
to a number of analytical techniques which are well known and documented.
These are not presented with the objective of promoting a standard methodology
but rather in an attempt to highlight areas in which particular care and
analysis needs to be observed. The Guidelines are not designed to provide
an exhaustive list of P3 structures nor present any structures as having
the endorsement of the Commission. The Guidelines present five thematic parts
dealing in turn with:
Resource
Book on P3 Case Studies
PDF
The growing interest in the development of P3's was confirmed
by the request, put forward by representatives of Candidate Countries, to
complement the Guidelines with examples of actual projects in order to better
understand the practical implementation issues. Following this request, the
Commission has developed this Resource Book, consisting of a set of case
studies of P3s in both Western and Central Europe and in various sectors
including: Water and Wastewater Management, Solid Waste Management and Transport.
These sectors are representative of those in which the Commission has provided
grant financing. While they are not the only sectors in which P3 principles
are being applied, they do provide a balance between sectors with a considerable
history of P3 application such as transport and those in which it is relatively
new and encountering specific issues.
Private
Finance of Transport Infrastructure Projects Value and Risk Analysis of
a Finnish Shadow Toll Road Project
Pekka Leviakangas
PDF
This dissertation investigates the characteristics of a feasible
framework for private finance of road infrastructure projects using one case
project as an aid, which is analyzed in depth. The research makes an effort
to find out whether private finance of road infrastructure projects is able
to bring additional benefits for the state and the project investors and
whether private finance is applicable from their viewpoints.
Private
Finance Initiative: strengthening long-term partnerships
United Kingdom Treasury
PDF
This publication builds on measures introduced since 2003
that explain the UK's approach to its Private Finance Initiative (PFI) program,
setting out further improvements to PFI to support its ongoing important
role in delivering better public services. The Government sees PFI continuing
to play a small but important role in the overall objective of delivering
modernized public services. It will continue to be used only where it can
demonstrate value for money and is likely to continue to comprise around
10-15 percent of total investment in public services.
Ireland,
Central Public-Private Partnership Unit of the Department of Finance
Website
The Central Public-Private Partnerships Policy Unit in the Department
of Finance was established to provide optimum support for the development
of the P3 process. The key function of this unit is to develop the legislative
framework, technical and policy guidance to support the P3 process and
to disseminate best practice in P3s.
Partnerships
UK
Website
Partnerships UK is a joint venture that acts as a public-private
partnership developer, working in partnership with public bodies.
Scotland
Futures Trust
Website
The Scottish Futures Trust is a Government-owned company set up
to improve public infrastructure investment. Established in September 2008,
SFT pursues value for money by operating across the whole public sector
and by delivering benefits and savings wherever possible at each point
in the infrastructure investment cycle. From needs identification, options
investigation and investment appraisal; through financing, procurement,
design and construction; to life cycle management, maintenance and disposal,
the SFT offers value and professional expertise.
Transport Infrastructure Investment: Options for Efficiency
Summary PDF
Full Report PDF
This OECD report examines principles for determining the most appropriate
models for investment in surface transport infrastructure. Public-private
partnerships (P3s) have attracted much attention in recent years. Appropriately
designed, P3s have the potential to allow for important efficiency gains
by transferring the responsibility for long-term cost management to private
organizations that are intrinsically motivated to reduce overall costs in
pursuit of profits, including by way of innovation. But P3s are complex arrangements,
with many pitfalls. Much surface transport infrastructure does not lend itself
to P3s, so the true role for these instruments in the overall system has
to be carefully defined. Governments are faced with a complicated set of
options for investing in infrastructure. In all likelihood, different elements
of the surface transport system will employ different models, including various
degrees of user charging. One of the greatest challenges is in ensuring consistency
across the system.
This report begins in Part I with a discussion of the overall challenge of providing surface transport infrastructure, including a description of the available models. It also provides an overview of the current situation observed around the world. Part II discusses the fundamental question of how borrowing for the creation of surface transport infrastructure should be treated in public accounts. Part III considers the potential benefits of using different models for the provision of infrastructure. Part IV looks at key questions related to the design of P3s, particularly their legal and regulatory frameworks and procurement processes. The report is based on research by a working group of experts from 19 countries, chaired by Dr. Urban Karlström, Director General of the Swedish National Road and Transport Research Institute.
Recommendation of the Council on Principles for Public Governance of Public-Private Partnerships
PDF
This document sets forth the OECD Council’s principles on public-private partnerships governance. Twelve principles are described, organized under three topics:
2007
Guidebook on Promoting Good Governance in Public-Private Partnerships
PDF
Prepared by the Public-Private Partnership (P3) Alliance
of the United Nations Economic Commission for Europe (UNECE), this Guidebook
promotes good governance in the use of P3s and is designed to support P3
capacity-building programs especially in the transition economies. The P3
Alliance was established in 2001 to improve the awareness, capacity and skills
of the public sector in developing successful P3s in Europe. To this end,
the Alliance prepares guidelines on best practices in P3s, as well as preparing
other P3-related educational and training materials, and sponsoring P3 conferences
and workshops. The Guidelines were reviewed at an International Conference
organized by UNECE and the Government of Israel with the participation of
experts from different countries to provide their experience and best practice
in creating good governance conditions for P3s. A network of experts has
also been established, incorporating the experts from the former Alliance
group, to implement a work program on P3s.
United
Nations Economic and Social Commission for Asia and the Pacific
Website
The United Nations Economic and Social Commission for Asia
and the Pacific (ESCAP) is the regional development arm of the United Nations
for the Asia-Pacific region. With a membership of 62 Governments, 58 of which
are in the region, and a geographical scope that stretches from Turkey in
the west to the Pacific island nation of Kiribati in the east, and from the
Russian Federation in the north to New Zealand in the south, ESCAP is the
most comprehensive of the United Nations five regional commissions. Its Transport
Division works with member countries, including the public and private sector
stakeholders to help them to optimize and manage the opportunities brought
by the deepening of globalization. The division comprises three sections:
Transport Infrastructure Section, Transport Facilitation Section, and the
Transport Policy and Development Section. The Transport Policy and Development
Section is, among other things, responsible for the division's work on financing
infrastructure and public-private partnerships for infrastructure development.
Achieving
Public-Private Partnership in the Transport Sector
Website
This is the first volume in a series sponsored
by the Diebold Institute for Public Policy Studies. The book
reviews the history of transport partnerships around the
world and provides detailed case studies of three recent
partnership projects:
Research for the book has been assembled through interviews with financial advisers, bankers, construction companies, investors, government officials, development banks, academicians, and journalists, together with the review of primary project documents and other written materials.
Representing a case of failure, a case of success, and one whose fate has not yet been determined, the cases offer rich comparisons. They have been shaped by differing cultural expectations and economic conditions. They have also benefited from the commitment of creative supporters and been subjected to changing political winds.
International
Project Financing
Website
This book deals with the legal issues encountered
when negotiating and drafting agreements relating to project
finance, and is designed for general use throughout the world
rather than any particular country. The book is printed in
loose-leaf form and is updated annually. It provides a chapter-by-chapter
analysis and discussion of the different issues involved
in project finance, together with contract forms that represent
a collection of documents used around the world.
Going
Private: The International Experience with Transport Privatization
Website
Going Private examines the diverse privatization
experiences of transportation services and facilities. Cases
are drawn from the United States, Asia, Europe, and Latin
America. Since almost every country has experimented to some
degree with highway and bus privatization, the authors focus
particularly on these services, although they also discuss
urban rail transit and airports. Highways and buses, they
explain, encompass all three of the most common and basic
forms of privatization: The sale of an existing state-owned
enterprise; use of private, rather than public, financing
and management for new infrastructure development; and contracting
out to private vendors public services previously provided
by government employees.
Public-Private
Partnerships: the Next Generation of Infrastructure Finance
Fitch Ratings
PDF
Prepared by FITCH, this technical paper investigates
infrastructure requirements in developed and developing nations
and finds that they are beginning to exceed available financing
resources. This funding gap has lead to widespread acceptance
that the private sector, in partnership with the public sector,
might have to play a larger role in infrastructure financing.
This role could be active - in the form of project sponsorship
- or passive - in the form of an institutional bond investor.
This paper sees more promise in the latter role. A 'new generation'
of public-private partnerships (P3s) is described, wherein
project credit risk is pooled through infrastructure banks
and layers of credit enhancement are added to engage domestic
debt markets. The role of the private sector in such arrangements
is to act as the financial engineers, creating enhanced investment
vehicles and stimulating the efficient use of capital. For
such partnerships to truly succeed, host countries will need
to promote a relatively stable macroeconomic environment,
develop a legal and regulatory framework for infrastructure
projects, and foster the development of a domestic debt market.
Until such conditions have been achieved, multilateral and
development banks will still have a significant role to play
in project financing.
Global
Toll Road Rating Guidelines
Fitch Ratings
PDF
These guidelines are intended to cover the broad spectrum of permutations
in toll road types and management structures. The report describes Fitch's
view in more detail and guides readers through the analytical framework used
in assessing the credit quality of various types of toll roads and financing
structures.
Current
Practices in Public-Private Partnerships for Highway Projects
PDF
States throughout the country face serious
gaps between the level of highway services demanded by citizens
and businesses and the funding available to finance, construct,
operate and maintain the highway system. The needed
improvements would provide substantial economic benefits
to the traveling public - both to citizens of the sponsoring
states and to the residents and businesses traveling through
these states to other destination.
The State of Maryland is exploring the potential to expand the use of public-private partnerships (P3) to deliver highway projects. Maryland has enjoyed success using the "design-build" model of P3 in several highway projects. That model would be expanded to larger projects and could encompass a broader range of project activities including the financing, planning, design, construction, operation and maintenance of highways.
Issued in July 2005, this report reviews transportation P3 initiatives throughout the US in order to gain a broad understanding of the challenges and obstacles associated with such programs. The information used in the review came from two concurrent research efforts conducted by staff from the Maryland Transportation Authority, Maryland DOT State Highway Administration, FHWA, and KCI Technologies (the Maryland P3 Team) in 2004.
NCHRP Synthesis 391: Public Sector Decision Making for Public-Private Partnerships
PDF
This synthesis
examines the information available in the United States and
internationally that is needed to properly evaluate the benefits and risks
associated with allowing the private sector to have a greater role in the
financing and development of highway infrastructure, and how that information
can be used in the decision-making process. The synthesis also includes the
results of two surveys. The first survey examined state DOTs, the District
of Columbia, Puerto Rico, and 13 Canadian provinces. A second survey of interested
parties was taken by 24 individuals who were identified by the authors and
the topic panel, and had been publicized at the 2008 Annual Meeting of TRB.
The numerous topics of interest related to P3 decision-making were divided into three major categories: (1) project selection and delivery; (2) transparency; and (3) terms of P3 agreements.
Three major themes emerged from the research and surveys:
World
Bank Private Participation in Infrastructure (PPI) Database
Website
The Private Participation in Infrastructure (PPI) Project
Database has data on more than 4,100 projects in 141 low- and middle-income
countries. The database is the leading source of PPI trends in the developing
world, covering projects in the energy, telecommunications, transport, and
water and sewerage sectors.
World
Bank Policy Research Working Paper 3356: Where Do We
Stand on Transport Infrastructure Deregulation and Public-Private
Partnership?
PDF
The evolution of transport public-private
partnerships (P3s) in developing and developed countries
since the early 1990s seems to be following a similar path:
private initiatives work for a while but after a shock to
the sector takes place the public sector returns as regulator,
owner or financier; after a while the public sector runs
into problems and eventually finds a hybrid solution to ensure
the survival of the sector. This paper reviews the effectiveness
of transport infrastructure deregulation from three angles:
efficiency, fiscal and users' viewpoint. The paper emphasizes
the difficulties and strong political commitments required
to make the reforms sustainable and argues that governments
willing to make corrections to the reform path are faced
with the need to address recurrent and emerging issues in
transport systems: tariff structure, quality (timetable,
safety, environment), access rules for captive shippers,
the trend toward rebundling and decrease in intrasectoral
competition, multimodalism and the stimulus through yardstick
competition.
World
Bank Technical Paper No. 399, Concessions for Infrastructure:
A Guide to Their Design and Award
PDF
Concession arrangements entail a myriad of
legal and economic issues, including the organization of
government entities responsible for concession programs and
the adequacy of the broader legal and regulatory environment.
The design and implementation of concession contracts that
allocate risks and responsibilities and the mechanisms for
evaluating and awarding projects are also of paramount importance.
The government's role as regulator and as a provider of support
for infrastructure concessions must also be assessed. While
some countries have established extensive concession programs,
others are just beginning to develop these programs. This
report provides a guide to the complex range of issues and
options involved in the implementation of concession arrangements,
drawing on the experience of both industrial and developing
countries.
Seminar
Proceedings for Asian Toll Road Development in an Era
of Financial Crisis
Website
This seminar was held from 9-11 March 1999 at the Tokyo
International Forum in Tokyo, Japan. It brought together
a wide range of leaders, decision-makers, academics, and
other influential people related to toll road development,
totaling 340 persons from 17 countries. The Seminar
featured 18 individual speeches and presentations, as well
as a comprehensive panel discussion on the last day. Seminar
speakers and panelists included MOCJ and World Bank officials,
foreign government representatives, academic experts from
Japan and abroad, public and private sector toll road developers
and operators, and specialists in the areas of toll road
finance, regulation, and legal issues.
The Seminar Proceedings comprise three volumes. Volume I contains an introductory Section and eight others, one for each of the Seminar Sessions. Volume II contains background information on the seminar and its participants. Volume III contains Appendix G, a report entitled "Review of Recent Toll Road Experience in Selected Countries," which served as the Seminar Resource Report and was given to all Seminar attendees.
Public
Policy for the Private Sector 258: Unsolicited Proposals:
John Hodges Competitive Solutions for Private Infrastructure
PDF
This Paper looks at systems used by some governments
transform unsolicited proposals for private infrastructure
projects into competitively tendered projects. It focuses
on the policies that Chile, the Republic of Korea, the Philippines,
and South Africa have adopted for managing such proposals.
A companion discussion explores
the problems associated with unsolicited proposals, especially
the risks they raise for competition and transparency.
Granting
and Renegotiating Infrastructure Concessions in Latin America: Doing it
Right
J. Luis Guasch, World Bank Institute
PDF
This title is the fifth in an occasional series by the World Bank
Institute intended to help meet the knowledge and information needs of infrastructure
reformers and regulators. The book breaks new ground in relation to the
design and implementation of concession contracts by culling the lessons
of experience from some 1,000 examples and assessing what these lessons
mean for future practice.
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