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These Primers are a reference for decision-makers and practitioners seeking to understand P3s as a financing alternative for major capital projects. The Primers are intended to assist practitioners in the planning and evaluation of P3 procurements.
Establishing A Public-Private Partnership Program: A Primer
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.
Financial Structuring and Assessment for Public-Private Partnerships:
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 and Risk Assessment for P3s. Most P3 projects are financed by using a combination of private equity, debt, and (often) public subsidies.
Risk Assessment for Public-Private Partnerships: A Primer
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 and Financial Structuring and Assessment for P3s.
Value for Money Assessment for Public-Private Partnerships:
This primer focuses on assessing the financial impacts of P3 delivery compared to conventional delivery, from the perspective of the public agency procuring the project.
These Guidebooks are a reference for decision-makers and practitioners seeking an advanced understanding of P3s as a financing alternative for major capital projects. The Guidebooks are intended to be detailed follow-on to the P3 primer, and as such cover more challenging and advanced topics.
Guidebook on Financing of Highway Public-Private Partnership
This Guidebook is for transportation professionals who may be involved in a Public-Private Partnership (P3) project. The objective of this guidebook is to increase the readers' knowledge of the concepts and skills needed to finance transportation projects using a P3 approach. The guide describes many standard techniques used to conduct a P3 financial assessment.
Guidebook for Risk Assessment in Public Private Partnerships
Risk assessment is one of the inputs for the quantitative analysis in the Value for Money assessment. In addition to this guidebook, FHWA's P3 Toolkit also includes both the Risk Assessment for Public-Private Partnerships: A Primer, and the P3-VALUE 2.0 Tool and User Guide, which includes a risk assessment component. This guidebook is intended to be an intricate and detailed follow-on to the primer and covers more challenging and advanced risk assessment topics. It is designed to enhance the overall understanding of the relationship between risk assessment and Value for Money analysis and to provide hands on guidance for practitioners in the field.
Guidebook for Value for Money Assessment
The Value for Money Assessment concept is used to compare P3 and conventional delivery methods for the same investment project and, in this context, answer the question, "Which delivery method provides the 'best deal' for implementing a specific project from the perspective of the government?" The Guidebook describes the process that can be used on a case-by-case basis to compare the aggregate benefits and costs of a P3 against those of the conventional alternative, from the perspective of the public agency procuring the project. In addition to this guidebook, FHWA's P3 Toolkit also includes both Value for Money Assessment for Public-Private Partnerships: A Primer, and the P3-VALUE 2.0 Tool and User Guide, which includes a Value for Money Analysis component.
Benefit-Cost Analysis for Public-Private Partnership Project
Delivery: A Framework
This focuses on developing a framework to evaluate the societal benefits and costs of P3 delivery, including the net societal benefits from accelerating project delivery. In addition to this guide, FHWA's P3 Toolkit also includes the P3-VALUE 2.0 Tool and User Guide, which includes a benefit-cost analysis component.
Public-Private Partnership Oversight: How FHWA Reviews P3s
FHWA has released guidance describing Federal-aid stewardship and oversight practices for P3 projects. Differences in the procurement, construction and financing of P3s vis-à-vis traditional Federal-aid projects raise important issues for FHWA stewardship. The guidance describes FHWA activities when a state DOT - or a local public agency for which the state DOT is responsible - allocates to a private partner the long-term obligation for some combination of designing, financing, constructing, operating, and maintaining a highway project.
Predevelopment Costs for Public-Private Partnership Projects
- Federal-aid Highway Program Eligibilities
FHWA has released a set of questions and answers providing guidance on the use of Federal-aid highway funds for predevelopment costs. Predevelopment costs include those associated with activities that provide decision-makers the opportunity to identify, assess, and modify potential infrastructure projects and modifications to existing infrastructure projects, and to advance those projects from the conceptual phase to actual construction. These early phase activities are particularly important in identifying opportunities for public-private collaboration in the financing and delivery of infrastructure projects.
Revenue Risk Sharing for Highway Public-Private Partnerships
During the last decade, several U.S. P3s experienced significant financial stress requiring restructuring. Lately, some private concessionaires have avoided revenue risk P3s, preferring those in which public agencies retain the responsibility for revenues, typically through availability payments. To ensure robust private participation in U.S. P3s â€“ and explore whether there is a "middle ground" between availability payment and revenue risk toll P3s -- this paper aims to foster a discussion about sharing downside revenue risk between the public and private partners. The discussion paper evaluates revenue risk sharing mechanisms from both the public and private sector perspectives, applying four criteria -- value for money, fiscal impacts, financeability and ease of implementation.
Use of Performance Requirements for Design and Construction
in Public-Private Partnerships
Public agencies can maximize the opportunities for innovation when they allow the private sector reasonable flexibility to create efficient solutions while at the same time managing the associated risks. The public agency can provide this flexibility to stimulate innovations by specifying outcomes that align with the objectives of project stakeholders rather than mandating means and methods in their request for bid proposals. This paper discusses how a public agency can stimulate innovations to generate value with the use of performance requirements for design and construction of P3 projects.
Report on Highway Public-Private Partnership Concessions
in the United States
The objective of the report is to increase the readers' knowledge and understanding of the concepts and skills needed to implement transportation projects using a P3 approach. The report describes 28 highway P3s that have been implemented in the United States since 1992.
Successful Practices for P3s: A Review of What Works When
Delivering Transportation Via Public-Private Partnerships
This report identifies best practices in the use of public-private partnerships (P3) where private sector concession companies design build finance operate and maintain new highways and other transportation improvements. The report was prepared by the United States Department of Transportation (U.S. DOT) to describe how public agencies can best work with the private sector to implement new transportation improvements. The report also supports the mission of U.S. DOT's newly established National Surface Transportation and Innovative Finance Bureau (the Bureau), which is to promote best practices in innovative finance and the use of P3s to deliver transportation improvements. The report documents successful practices that have emerged in the U.S. P3 market since the early 1990s, together with the important issues they address. As these practices continue to evolve, the document captures the current state of knowledge.
The information in the report was developed from interviews and discussions with P3 practitioners from both the public and private sectors, complimented by publicly available reports and articles. The report is intended to be helpful to all transportation professionals involved in any way with P3 projects, as well as legislative advisors and public policy professionals. The document is organized around the following phases in implementing and operating P3 projects: legislation and policy, project development, procurement, and performance monitoring and oversight.