Effect of Public-Private Partnerships and Nontraditional Procurement Processes on Highway Planning, Environmental Review, and Collaborative Decision Making (2013) / Chapter Skim
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Pages 13-21
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From page 13... ...
13 This chapter summarizes the many forms of transportation P3s and also provides a brief history of P3s' evolutionary application in the United States. The chapter also reviews the motivations for and benefits of using a P3 approach to transportation project delivery, both from public-sector and private-sector perspectives.
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From page 14... ...
14 is a great variety in DBFOM structures and the degree to which financial responsibilities are actually transferred to the private sector; however, DBFOM projects are either partly or wholly financed by debt-backed project revenues. With DBFOM projects, future toll or availability payment revenues are used to secure bonds or other debt to raise capital for project development costs.
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From page 15... ...
15 activities and later meeting operational performance standards, including lane closures, incident management, or snow removal. In the case of congestion pricing P3 projects, including high-occupancy toll (HOT)
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From page 16... ...
16 Other Models for Private Participation In addition to the P3 arrangements described, there are other models for private participation in the implementation of transportation improvements. They come primarily in the form of proffers, in which a private firm or individual, who stands to benefit from the development of an improvement, gives money, land, or other services to the project sponsor to help expedite the implementation of the project.
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From page 17... ...
17 Greenville in South Carolina has faced revenue shortfalls since opening in 2001, because most drivers prefer to use a free interstate that passes through the center of town rather than the newer tolled route around Greenville's southern fringe. Actual traffic levels are approximately one-third of initial estimates.
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From page 18... ...
18 A Trend Toward Larger, High-Priority P3 Projects Defined by Owners Despite the mixed outcomes of the first P3 projects in the U.S. highway sector, eight new P3 projects are in construction and many other potential P3 projects are under study or development.
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From page 19... ...
19 then using the environmental review process to assess such a possibility, vetting it in front of the public. The Attraction of P3 Projects As will be discussed in Chapter 4, P3s bring a host of challenges to their implementation, so their benefits to implementation must ultimately outweigh the effort taken to overcome them.
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From page 20... ...
20 focus solely on its capability to act simply as a funding source, a financing tool, or a procurement method. Although in principle, these are standard features of a P3, too often a P3 is viewed by public decision makers faced with the issues outlined in the previous section (e.g., poor system performance, resource scarcity)
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From page 21... ...
21 developer or concessionaire who manages a wider portfolio of facilities to a full-service design and construction engineering or contracting firm. Often in P3 ventures, two or more industry players come together as a team to synergize their respective skills and share in project risk.
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