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PLENARY SESSION 7 Creating a Research Road Map for the Future Tamar Henkin, High Street Consulting Group (Moderator) Kay McKinley, PBS&J T his final session focused on summarizing the The catalyst effect at the national level: To what conference discussions and identifying areas for extent does the existence of federal credit requiring a further research bearing on the future of trans- revenue source lead to identification of new candidate portation finance. The leaders of Thursday's three mid- projects and revenue sources that would not otherwise day discussion sessions reported on key issues raised and be advanced? participated in a discussion with conference participants The catalyst effect at the state and local level: on research priorities and methods. How do states encourage local governments to bring Tamar Henkin of High Street Consulting Group moder- alternative revenue sources to the table in their plan- ated the final session and noted the need to instill an under- ning processes (Texas as an example)? What are the standing of the difference between funding and finance. operative alternative sources of funding, and what The following discussions summarize some topics and incentives can encourage their use? issues for further research that arose in the three discus- The "but for" question: What happens when a sion sessions held during the lunch hour on the first day candidate project is denied federal credit support? Do of the conference. these projects disappear, are they financed with tradi- tional funding sources, or are they advanced on a lim- ited recourse basis by using other financing sources? Discussion Session 1: Are Financing Updated value capture research: How can the Solutions Chasing a Funding Problem? experience with value capture with transit projects be The Appropriate Role of Governmental Finance Programs and Subsidies transferred to highway improvements? Have sponsors of highway projects been successful in leasing air rights There is a fundamental disconnect: most people in the located above highway rights-of-way? United States do not understand the difference between Publicprivate partnerships (P3s) for other funding and financing. Ms. Henkin reported that Discus- than toll road projects: How should the benefits and sion Session 1 had focused on the role that public funding costs of these less studied P3 transactions be quanti- and financial assistance can play in meeting our transpor- fied? Are there hidden costs and difficult-to-quantify tation needs, and participants in that session identified the benefits? following issues that may be worthy of further research. Public equity in P3 projects: To what extent do state and local governments take an equity position Communications on funding and finance issues: in P3 projects in transportation, and what are the What messages and communication techniques resonate various models for doing so (e.g., subsidies, revenue with the public? sharing)? 55