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S T R U C T U R E S , I N S T I T U T I O N S , A N D PA RT N E R S H I P S 47
Transportation Infrastructure Finance and Innovation designbuild projects. The group discussed how the
Act (TIFIA) financing and acceleration of full-funding switch from private to public funding in the Las Vegas
grant agreement funds through the use of grant antic- monorail project from one phase to the next required
ipation financing. the introduction of federal requirements midcourse and
Marino described three benefits of TIFIA financing: the "tricky thicket" this presented to project managers.
The group also addressed the importance of an expe-
· Low interest costs, dited review process in advancing projects. Conyngham
· Willingness of government to be a patient lender, pointed out that without such an expedited process, a
and vicious cycle with outdated data and new hurdles
· Willingness of government to accept coverage results. She stressed to public managers the need to
ratios as low as 1.10 times, which facilitates additional "make the process as tough as you like, make a deci-
borrowing capacity for the project. sion, and live with the consequences." She asserted that
it is imperative to stop continually revisiting the review
and introducing new hurdles and costs.
Seattle Rail
Susan Sanchez SESSION 3: PRIVATIZATION AND OUTSOURCING
OF TRANSPORTATION FUNCTIONS:
Following Marino, Susan Sanchez provided an IMPACT ON FINANCES OF THE
overview of the Sound Transit regional transit project TRANSPORTATION ORGANIZATION
and the monorail project, two projects at different
stages of development. Sanchez described the role of the Elizabeth Pinkston, Congressional Budget Office
public in initiating these projects, the impact of (Moderator)
designbuild on project costs, and various elements of Mary Richards, Massachusetts Organization of State
project control that are based on the specific construct Engineers and Scientists (Discussant)
of the publicprivate partnership. Shirley J. Ybarra, Ybarra Group, Ltd.
Heather Dugan, Stifel Nicolaus, Hanifen Imhoff
Division
Greenbush Commuter Rail and Edward J. Corcoran II, Foley Hoag LLP
Environmental Issues
Monica Conyngham Virginia's Privatization Initiative:
Outcome-Based Highway Asset Management
Monica Conyngham offered insights into the environ-
mental issues associated with delivery of the Greenbush Shirley J. Ybarra
Commuter Rail project, the Massachusetts Bay Trans-
portation Authority's (MBTA's) first designbuild project Shirley J. Ybarra provided the first case study presenta-
that runs through five communities and has significant tion in this session on Virginia's privatization initiative.
environmental and historic preservation issues. She described the program that was passed and signed
Conyngham focused on the allocation of risks and into law in 1994 and how the state sought both
described how the MBTA maintained risk through the solicited and unsolicited proposals for construction,
major permitting stage. She noted the importance of operations, and maintenance. The initiative was driven,
having the designbuild team at the table throughout at least in part, by the loss of approximately 15 percent
the process. of the transportation department staff. The state was
looking for both cost savings and project innovations.
Ybarra described two projects near Richmond for
Discussion which publicprivate partnerships allowed the proj-
ects' accelerated completion. She also described a suc-
Gordon Linton cessful partnership entered into for Interstate
maintenance. The partnership, an outcome-based
Gordon Linton, former administrator for the Federal agreement, did not dictate to the private partner how
Transit Administration (FTA), led the discussion for this to do it but rather the required outcomes. Managing
session. He noted the importance of education about 250 miles of Interstate, the partnership saved the state
the environmental process, in particular for $22 million over 5 years.
