Cover Image

Not for Sale

View/Hide Left Panel
Click for next page ( 36

The National Academies | 500 Fifth St. N.W. | Washington, D.C. 20001
Copyright © National Academy of Sciences. All rights reserved.
Terms of Use and Privacy Statement

Below are the first 10 and last 10 pages of uncorrected machine-read text (when available) of this chapter, followed by the top 30 algorithmically extracted key phrases from the chapter as a whole.
Intended to provide our own search engines and external engines with highly rich, chapter-representative searchable text on the opening pages of each chapter. Because it is UNCORRECTED material, please consider the following text as a useful but insufficient proxy for the authoritative book pages.

Do not use for reproduction, copying, pasting, or reading; exclusively for search engines.

OCR for page 35
S U M M A RY O F D AY 2 23 She linked these sessions to the resource paper presented did--that the innovative financing tools are generally by Sharon Greene on Day 1 of the conference. The author in place at the state and local level, that traditional contended that "without supporting legislative, administra- pay-as-you-go approaches are creating problems, and tive, and programmatic changes in the overall project devel- that the need for alternative techniques has been opment and delivery system, the financial innovations proven. become far less compelling" in supporting the expedient Wresinski identified several keys to success: delivery of projects. Hussey reported that the toolbox is apparently equipped not perhaps with all the answers, but Customer focus, with a significant number of financial tools capable of mov- Involvement of all partners and stakeholders, ing projects that have achieved "readiness" into construc- Early identification of roadblocks, and tion and ultimate operation. However, the substantial Knowledge of the tools and techniques to facilitate "everything else" that precedes that state of readiness-- thinking beyond the box. environmental approvals received, institutional structures in place, stakeholder backing accomplished--is a key bot- tleneck in even reaching the point where the considerable TRACK 4: NEW TRANSPORTATION INITIATIVES financing tools at our disposal can be applied. AND DEMANDS ON FINANCING Hussey noted that conference participants were hear- ing about only projects that managed to negotiate the Paul Marx development process and all its pitfalls. But participants were not hearing about good projects that cannot pass the Offering a summary of the final track, Paul Marx first starting gate to take advantage of the demonstrable described these sessions as including "everything and acceleration benefits of the financing tools. the kitchen sink." The first session discussed possible She remarked on the many smart people in the room, solutions for intercity passenger rail service, such as people who are in a position to help address non- expansion of eligibility for discretionary and appor- finance-related barriers and make more good projects tionment funding. Marx mentioned the difficulty of ready sooner. By shortening the time necessary just to some possible approaches because tracks--and fund- arrive at the finance stage, where we have tools proven ing responsibility--cross state lines. The session also to accelerate project delivery from that point on, we will addressed funding for aviation and highlighted simi- truly be taking best advantage of innovative financing larities and differences between that and passenger strides to deliver more needed projects sooner. rail funding. The afternoon session emphasized funding for new technologies. Marx related comments by TRACK 3: STRUCTURES, INSTITUTIONS, AND Richard Mudge that we should not be afraid to help PARTNERSHIPS TO DELIVER MORE PROJECTS private-sector actors make money. Potential direc- FASTER AND CHEAPER tions identified in this session included the elimina- tion of minimum project costs for credit program David Wresinski eligibility for projects introducing new technologies and a focus on developing a wireless network on the Wresinski provided the synopsis of Track 3 and its six Interstate with at least a secondary purpose of case studies. He noted--as others in the conference enhanced security.