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|Technical Report Documentation Page|
|1. Report No.
|2. Government Accession No.||3. Recipient's Catalog No.|
|4. Title and Subtitle
Guidebook on Financing of Highway Public-Private Partnership Projects
|5. Report Date
|6. Performing Organization Code
Leslie Titus-Glover, Deepak Raghunathan, Suri Sadasivam, Rodney Walker, and Gayna Stevens-Credle (Applied Research Associates); Brien Desilets (project technical lead), Richard Wade, Cesar Queiroz, Judy Mulusa, Raymond Tillman, Lloyd Richardson, Michael Garvin, and Anthony Smith (Claret Consulting), Bob Brodesky and Christopher Grillo (IHS).
|8. Performing Organization Report No.|
|9. Performing Organization
Name And Address
Applied Research Associates
100 Trade Centre Drive, Suite 200
Champaign, IL 61820
|10. Work Unit No. (TRAIS)|
|11. Contract or Grant No.
|12. Sponsoring Agency Name
Federal Highway Administration
Office of Innovative Program Delivery
1200 New Jersey Avenue, SE
Washington, DC 20590
|13. Type of Report and Period Covered|
|14. Sponsoring Agency Code|
|15. Supplementary Notes
Contracting Officer's Technical Representative: Patrick DeCorla-Souza, FHWA Office of Innovative Program Delivery
This Guidebook has been developed cooperatively by the U.S. Department of Transportation's Build America Bureau and the Federal Highway Administration's (FHWA) for transportation professionals who may be involved in a Public-Private Partnership (P3) project. The Guidebook is part of a P3 Toolkit consisting of tools and guidance documents to assist in educating transportation professionals as well as public sector policymakers, and legislative and executive staff. The P3 Toolkit forms the basis of a broader P3 capacity-building program that includes a curriculum of P3 courses and webinars. The P3 Toolkit addresses Federal requirements related to P3s and four key phases in P3 implementation: (1) legislation and policy, (2) planning and evaluation, (3) procurement, and (4) monitoring and oversight. This guidebook fits into the planning and evaluation phase and is concerned with the financial assessment of P3s prior to procurement and implementation.
|17. Key Words
Public-private partnerships, project finance, project delivery, integrated project delivery, financial models
|18. Distribution Statement
|19. Security Classif. (of this report)
|20. Security Classif. (of this page)
|21. No. of Pages||22. Price
|Form DOT F 1700.7 (8-72) Reproduction of completed page authorized|
On July 17, 2014, the Build America Investment Initiative was implemented as a government-wide effort to increase infrastructure investment and economic growth. As part of that effort, the U.S. Department of Transportation (USDOT) established the Build America Transportation Investment Center (BATIC). The BATIC helped public and private project sponsors better understand and utilize public-private partnerships (P3s) and provided assistance to sponsors seeking to navigate the regulatory and credit processes and programs within the Department. In December 2015, the Fixing America's Surface Transportation Act (FAST Act) was enacted, which directed USDOT to establish a National Surface Transportation Infrastructure Finance Bureau, which was renamed the Build America Bureau (the Bureau).
Building upon the work of the BATIC, the Bureau was established in July 2016 as USDOT's go-to organization to help project sponsors who are seeking to use Federal financing tools to develop, finance and deliver transportation infrastructure projects. The Bureau serves as the single point of contact to help navigate the often complex process of project development, identify and secure financing, and obtain technical assistance for project sponsors, including assistance in P3s. The Bureau replaces the BATIC and is now home to DOT's credit programs, including Transportation Infrastructure Finance and Innovation Act (TIFIA), the Railroad Rehabilitation and Improvement Financing (RRIF) and Private Activity Bonds (PAB). The Bureau also houses the newly-established FASTLANE grant program and offers technical expertise in areas such as P3s, transit oriented development and environmental review and permitting. The Bureau is also tasked with streamlining the credit and grant funding processes and providing enhanced technical assistance and encouraging innovative best practices in project planning, financing, P3s, project delivery, and monitoring.
Working through the Bureau, USDOT has made significant progress in its work to assist project sponsors in evaluating the feasibility of P3s, and helping simplify their implementation. In response to requirements under the Moving Ahead for Progress in the 21st Century Act (MAP-21) and the FAST Act to develop best practices and tools for P3s, the Bureau, jointly with FHWA, is publishing this report on U.S. highway P3 concessions.