John Hennessy III,
P.E.
City and county budgets for 2024 are either approved or about to be approved throughout the country. Analyzing the planned expenditures for upcoming projects provides interesting insight into upcoming contracting opportunities of all types. Construction projects are usually tagged with the highest cost projections. But that broad category also includes more than just construction expertise. […]
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PennDOT operates one of the most ambitious and comprehensive public-private partnership (P3) programs in the nation. The featured projects bring value to Pennsylvania by significantly reducing structurally deficient bridges, supporting motorist safety, enhancing mass transit and rail service, and in some cases, generating new revenue to support future investment. –Pennsylvania Department of Transportation on YouTube
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Operational inefficiencies, passenger congestion, limited retail, access in and out of terminals and the negative passenger experience found in almost every U.S. airport is the result of outdated design, increasingly high demand, a lack of funding investment and a tendency to reject the concept of collaborating with private-sector experts. That, however, is changing.
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AMERICAN COUNCIL OF ENGINEERING COMPANIES (ACEC)
The U.S. has no shortage of high-profile P3 projects, particularly in Texas, Florida and California. One of the first major uses of the P3 model in the U.S. dates back to 1999, when the Port Authority of New York and New Jersey faced a limited debt capacity to finance necessary improvements to New York’s JFK International Airport. It ultimately turned to a consortium of private developers, operators and financiers to renovate the international terminal. In addition, a private company has a 28-year lease with the Port Authority to operate the terminal.
Texas A&M University recently announced plans to expand its student housing capacity by more than 3,400 beds with a unique agreement between public and private partners worth over $360 million. The announcement is similar to dozens just like it throughout the country. Student housing on university campuses is an extremely large, growing marketplace and most of the new projects are collaborative efforts called public-private partnerships (P3s).
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Johan Henriksson was recently appointed Executive Vice President of Skanska Infrastructure Development…In May 2015, Skanska and its LaGuardia Gateway Partners team were selected as the preferred bidder to work with the Port Authority of New York and New Jersey to redevelop LaGuardia Airport’s Central Terminal Building. The company is also working on the I-4 Ultimate Project in Orlando, which is currently the largest transportation project underway in Florida, and theElizabeth River Tunnels project underneath the Elizabeth River in Virginia.
“The PPP Structure I think is a very good solution for many projects…it’s about, I think, daring to look outside the box here and trying to look at new potential solutions to solve old problems, and not always using the same old tools that have always been used, the public financing.”
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HOUSE TRANSPORTATION & INFRASTRUCTURE COMMITTEE
Around the world, P3s play a significant role in the development and delivery of transportation and infrastructure projects. Internationally, P3s have had a mixed record of success and failure. The Panel found that successful P3s have several common elements, including leveraging the strengths of the public and private sectors, appropriate risk transfer, transparent and flexible contracts, and alignment of policy goals…Unlike most other countries, the United States possesses a robust municipal bond market of approximately $3.7 trillion, of which a significant portion is for infrastructure financing. The Panel found that this is one major reason why the U.S. P3 market has not grown as quickly as in other countries (which do not offer tax-exempt municipal bonds) and why the potential for P3s in the United States is limited.
PENNSYLVANIA DEPARTMENT OF TRANSPORTATION
With the P3 approach, we can replace hundreds of these bridges more quickly, save money and minimize the impact on the traveling public. SD bridges are not unsafe but pose a serious problem that jeopardizes our ability to grow economically and create jobs. This initiative, in conjunction with Pennsylvania’s new comprehensive transportation funding law that Corbett signed on Nov. 25, 2013, will bring much needed investment to the state’s bridges.
“It’s fundamental: having people come together and raise their voice and speak up is the only way to get something done in Washington. I would urge any advocates of infrastructure to speak up and to send letters to their congressmen, and to join coalitions and never underestimate the impact you can have to get something done.”
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