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I. Introduction, 3 II. Advantages of PPPs to Public Transit Agencies, 5 III. Methods of Alternative Project Delivery for Transit Projects and PPPs, 7 A. A Policy Shift from Design-Bid-Build Procurement, 7 B. The Use of Alternative Methods of Project Delivery, 8 C. Other Methods of Alternative Contracting, 10 D. Alternative Methods of Project Delivery that Include Financing, 11 IV. Structuring a Public-Private Partnership for a Transit Project, 13 A. Evaluating a Project for a PPP, 13 B. Key Legal Issues to Address in PPP Contracts, 15 C. Administration and Management of PPPs, 17 D. Acquisition of Property and Land-Use Issues, 18 E. Taxation, 19 F. Bonding Requirements, 21 G. Insurance and PPP Projects, 22 V. Transfer of Risk Between a Public and Private Partner, 23 A. Risks Transferable to the Private Sector, 23 B. Revenue Sharing, 24 C. Availability Payments, 24 VI. Compatibility of PPPs with Federal Law and Regulations, 25 A. Compliance with FTA Requirements, 25 B. Streamlining, 27 C. Streamlining and Environmental Review, 27 D. Compliance with Other Federal Laws, 28 VII. PPPs and Compliance with State Laws, 31 A. State Enabling Legislation for PPPs, 31 B. Barriers to PPPs in State Legislation, 32 VIII. Structuring the Financing for Transit PPPs, 33 A. Introduction, 33 B. Private Activity Bonds, 34 C. Fare Box Revenue Bonds, 35 D. Grant Anticipation Notes, 36 E. Certificates of Participation, 36 F. 63-20 Nonprofit Corporations, 39 IX. Credit Facilities Available Through the Transportation Infrastructure Financing Innovation Act, State Infrastructure Banks, and Other Sources, 40 A. Transportation Infrastructure Financing Innovation Act, 40 CONTENTS B. State Infrastructure Banks, 44 C. Bank Financing, 45 D. Private Funding, 46 X. The Use of Value Capture Methods, 47 A. Capturing Value Created by Transit, 47 B. Tax Increment Financing, 47 C. Special Assessment Districts, 47 D. Development Impact Fees, 48 XI. PPPs and Long-Term Leasing, 48 A. Long-Term Leasing of Facilities, 48 B. Leasing of Rolling Stock and Other Equipment, 50 C. Contractual Issues and Leasing, 53 XII. PPPs and Transit-Oriented Development and Joint Development, 54 A. Defining Transit-Oriented Development and Joint Development, 54 B. Federal Law Supporting TOD and Joint Development, 55 C. TOD and Joint Development Agreements, 56 D. The Use of TIF and Special Assessment Districts for TOD, 57 E. TOD and Affordable Housing, 57 F. Low Income and Other Tax Credits for TOD, 58 G. Transit Agency Experience with TOD and Joint Development, 59 XIII. SAFETEA-LUâS Pilot Program for PPPs, 59 A. Introduction, 59 B. Oakland Airport Connector ($493.10 Million), 59 C. Denver Eagle P3 East and Gold Light Rail Lines ($2.056.1 Billion), 60 D. Houston North and Southeast Corridor High Capacity Transit Extension Projects, 61 XIV. Literature Review on PPPs for Transit Projects, 61 Conclusion, 62 Appendix A: Analysis of the Structure and Funding of Pending and Completed Transit PPPs, 64 Appendix B: Structure and Funding of the Canada Line in Vancouver, 78 Appendix C: Documents Provided by Transit Agencies Responding to the Survey, 80 Appendix D: Survey Questions, 300 Appendix E: Summary of Transit Agency Responses to the Survey, 311 Appendix F: Transit Agencies Responding to the Survey, 318
