Public Transportation Guidebook for Small- and Medium-Sized Public-Private Partnerships (P3s) (2017)

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94 Conclusions This chapter recapitulates the guidebook and the checklist. 6.1 All-Inclusive Resource This guidebook provides transit agencies with information regarding small- and medium- sized P3 initiatives and offers best practices for identifying, planning, and implementing such efforts. A detailed list of the different types of small- and medium-sized P3s planned and implemented by transit agencies is outlined and discussed in depth. The examples range from simple projects, such as advertisement on buses in rural Texas, to complex projects, such as designing and building an infill commuter rail station to access a corporation’s new global headquarters. Chapter 3 details the lessons learned for each case study and Chapter 5 summarizes nine best practices for transit agencies which are as follows: • Identify both a public and private champion early in the P3 process and make sure they are communicating. • Leverage assets that the public partner possesses that cannot be found elsewhere when struc- turing the P3. • Transfer as much financial risk to the private partner as the P3 will allow. • Set clear and formal guidelines, objectives, and performance targets that must be met by each partner. • Draw from your private partner’s industry expertise in the non-transit aspects of the P3, beginning in the early stages of the partnership. • Select the appropriate contract method, tailored to the unique type of P3. • Engage internal staff members integral to the success of the P3 once operational during the initial P3 conversations with your private partner. • Create a realistic project schedule based on the lead time of public and private approvals involved in implementing the P3. • Establish a formal method of communication and project monitoring between the public and private partners during implementation and throughout the operation of the P3. The research team prepared a comprehensive literature review and evaluated eight case study interviews. Based on this research, an interactive P3 Project Screening Checklist was developed for transit agencies to use throughout all stages of a P3 initiative. This tool serves as a resource for identifying, initiating, planning, and implementing small- to medium- sized P3 initiatives. The tool is broken out into various categories for the transit agency to follow: C h a p t e r 6

Conclusions 95 • Project description and purpose • Project definition • Partnership definition • Initiation • Planning • Implementation • Benefits • Other The tool addresses why and when to consider P3 initiatives and how to effectively approach these initiatives. Ultimately, this checklist is the transit agency’s screening process for small- and medium-sized P3 opportunities, including whether conditions are favorable for both the public and private partner. This resource is the first of its kind for agencies of any size, ranging from the largest transit agency in the United States, the New York MTA, to small rural transit agencies like TRAX in Paris, Texas, to evaluate small- and medium-sized P3 initiatives. The tool leads the user, the transit agency, through an array of questions to probe every angle of the initiative. Based on each response, follow-up questions prompt the user to provide additional detail aimed at identifying, initiating, planning, and implementing small- to medium-sized P3 initiatives. The tool allows the user to choose an evaluation approach, to quickly review a P3 initiative, or to take a deep dive and explore all angles of the initiative. The guidebook serves as a comprehensive resource for the user to refer back to when deliber- ating the P3 Project Screening Checklist. The nine best practices also provide additional insights into which elements of the checklist may hinder delivery of a P3 and should receive the most focus moving forward. 6.2 Future Research As with any research, there are always areas that can be further explored. Below, the research team has identified a few areas in brief where additional research could be conducted as small- and medium-sized P3s continue to gain popularity in the transportation industry. 6.2.1 Additional Case Studies There are several other small- and medium-sized P3 initiatives in the country to be evaluated. Additional case studies would add additional value and substance to this research and most likely confirm the research’s findings for best practices and mitigating barriers. 6.2.2 Emerging Areas of Interest Small- and medium-sized P3s are being identified and implemented more frequently— a pace that has quickened over the course of conducting this research. Because of rapidly advancing technologies and changing regulations, the TNC industry has increasing partner- ship opportunities. A guidebook tailored to P3s for TNCs could be a useful reference for pub- lic transit agencies. Lyft, Uber, and other TNCs are working with transit agencies across the country, including in California, Florida, Texas, Pennsylvania, Colorado, Kansas, Massachusetts and Washington, D.C., to integrate their services with mainstream public transportation. Many of these partnership are in their infant stages, such as the PSTA pilot program, and the nature of these partnerships is likely to evolve as transit agencies begin to adapt to these evolving technologies.

96 public transportation Guidebook for Small- and Medium-Sized public-private partnerships (p3s) 6.2.3 Long-Term Evaluation A long-term evaluation of the case studies profiled in this report could provide more informa- tion regarding the relative long-term success and consequences of these projects. Such appraisal would offer a thorough evaluation of a project such as the MARTA Dunwoody Station from the pre-development stages through operational years. The extended research and findings could lead to better understanding of the lessons learned by the public and private partners and the potential strategies for mitigating risk.