Evaluating and Implementing Airport Privatization and Public-Private Partnerships (2021) / Chapter Skim
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Pages 42-49
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From page 42... ...
42 Introduction Chapter 4 discusses how to define a project and an airport's goals in relation to a project and the procurement process. It also describes how to assess the organizational capacity necessary to deliver a project.
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Selecting a Project Delivery Method 43 When screening projects to determine their suitability for P3 project delivery, the following should be considered: • Funding and financing. The airport owner should consider the project's financial plan within the context of other airport priorities.
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44 Evaluating and Implementing Airport Privatization and Public-Private Partnerships unknown factors that could cause increases in costs or delays in approval is essential. The more the airport knows about risks such as geotechnical issues, utilities, and interfaces with third parties, the less contingency developers will add to their bids and the better value the airport will achieve.
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Selecting a Project Delivery Method 45 helps an airport owner to analyze the costs and benefits of decisions that influence the financial feasibility and overall schedule of a project. Questions that an airport owner may consider during the screening process include the following: • What are the project's goals and what does the airport owner intend to achieve with the project delivery method?
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46 Evaluating and Implementing Airport Privatization and Public-Private Partnerships decision-makers) the importance of the project, the relevance and need for private party engagement, and how the project will function.
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Selecting a Project Delivery Method 47 Indiana, one of Gary Mayor Freeman-Wilson's legal advisors for the airport project noted that the transaction's momentum relied on continually educating the airport's stakeholders on the airport's strategy because "everyone cannot hear all the information at the same time." The role of the Ad Hoc Committee helped to keep a broad array of stakeholders engaged, held the City and Airport Authority accountable to a timeline, and allowed the private sector to provide feedback on the project elements most likely to make the deal mutually beneficial. The advisor stressed that decision-makers were conscious of public opinion.
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48 Evaluating and Implementing Airport Privatization and Public-Private Partnerships Figure 8 depicts some of the key decision points in the overall P3 planning and procurement process. From high-level screening to initial feasibility considerations, assessing project feasibility helps airport owners arrive at an informed decision to procure a project as a P3.
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From page 49... ...
Selecting a Project Delivery Method 49 valuation models. Financial modeling is primarily used by airport owners to determine an airport's ability to afford the project.
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