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TRACK 3 Structures, Institutions, and Partnerships to Deliver More Projects Faster and Cheaper T his section provides a synthesis of the presenta- ments need to be more involved in the process. Flora tions and discussions that ensued in Track 3. then introduced the three panelists for the session. This track comprised four individual panel ses- sions during each of which three or four presentations were made; in-depth discussion by the presenters and Setting the Stage: Public-Sector Perspective on conference participants followed. The discussions Roles and Risk Sharing were facilitated by a designated discussant. Barbara Reese SESSION 1: PUBLICPRIVATE PARTNERSHIPS: Barbara Reese introduced the Virginia Department of TAKING THE MYSTERY OUT OF THE THREE PS Transportation's publicprivate partnership [Public- Private Transportation Act (PPTA)] program and the John Flora, World Bank (Moderator and Discussant) metamorphoses that the program and associated risk David Kusnet, Economic Policy Institute sharing have undergone. The original intent of the PPTA Barbara Reese, Virginia Department of Transportation legislation was to generate projects faster and cheaper, Worth Blackwell, Raymond James & Associates, Inc. but according to Reese, the objectives have broadened to a more complex set of objectives to manage. John Flora Reese described the attitude shifts over the course of the program and individual project implementation. John Flora kicked off this session with an introduction She noted that, from the public-sector perspective, the to the role of publicprivate partnerships in project most costly risk is often shifted to the public sector and delivery. He suggested that the term "privatization" has there must be a true commitment for sharing risks a bad connotation. It, however, is not being imposed among the parties. but rather has grown up in response to a particular Reese concluded by explaining that Virginia started the need: the fact that the public sector cannot meet all PPTA with a clear commitment to risk allocation, some- needs. He also reflected on the fact that local govern- where along the way the most costly risks were shifted to 45