Transit Public-Private Partnerships: Legal Issues (2014)

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61 Table 2.779 Sources of Funding for the Denver Eagle P3 Project (as of August 2011). Federal Section 5209 New Starts $1,030.45 million FHWA Flexible Funds (CMAQ) $62.10 million Local Bond Proceeds $48.24 million Sales & Use Tax $374.25 million Concessionaire Financing–Private Equity and Debt $487.81 million Contributions from the City of Aurora, City & County of Denver, Adams County, Jefferson County, City of Arvada, City of Wheat Ridge $40.30 million TOTAL $2,056.1 million The expected cost of the Eagle P3, expected to be completed in 2016, is $300 million below RTD’s estimate that was obtained prior to the PPP.780 D. Houston North and Southeast Corridor High Capacity Transit Extension Projects FTA also selected the Houston projects, both New Start projects, for the pilot program.781 A “Facility Provider,” composed of a team of engi- neering, construction, construction management, and vehicle manufacturing firms, was to complete the design and expedite the construction of the Houston projects. The Facility Provider also would be responsible for operating and maintain- ing the lines. As indicated in FTA’s 2012 annual report on funding recommendations for FY 2013, the pro- jected cost for the North Corridor is $756,008,000 and for the Southeast Corridor is $822,919,000.782 Federal funds in the amount of $100 million for each project are recommended for FY 2013 for the Houston projects. 779 PPP Profiles: Eagle P3, supra note 776. 780 Id. 781 STEINMANN, supra note 27 (unnumbered). 782 FTA, ANNUAL REPORT ON FUNDING RECOMMENDATIONS FOR FISCAL YEAR 2013 (2012), avail- able at http://www.fta.dot.gov/documents/FY13_Annual _Report_main_text_1_30_12.pdf. XIV. LITERATURE REVIEW ON PPPS FOR TRANSIT PROJECTS Three reports on PPPs are significant, includ- ing a book by Akintola Akintoye and Matthias Beck on Policy, Finance & Management for Pub- lic-Private Partnerships, published in 2009.783 One chapter addresses PPP financing in the United States, including 63-20 public benefit corpora- tions, TIFIA, bonds, and other methods, while an- other chapter illustrates “financial modeling” of PPP projects. A second resource is Public-Private Policy Partnerships, edited by Pauline Vaillancourt Rosenau and published in 2000, which includes a chapter on policy-level partnerships and project- based partnerships for transportation and dis- cusses the structuring of private-public infra- structure partnerships.784 A report by Mary A. Collins entitled Innovative Financing Techniques for Transit Agencies dis- cusses COPs, the structure of a joint development transaction, cross-border leasing, fare box revenue bonds, and SIBs, as well as “U.S. leasehold inter- est transactions.”785 Other publications of interest include one by the U.S. Environmental Protection Agency (EPA), Infrastructure Financing Options for Transit- Oriented Development, published in January 2013, which also explains the financial aspects of PPPs for transit projects and TOD, including di- rect fees, debt, credit assistance, equity, value capture, grants, and other funding, as well as some “emerging tools” for funding PPPs for tran- sit. The EPA report includes case studies on the use of special assessment districts (Gallaudet University Metrorail Station and Stamford, Con- necticut); federal loans, grants, and credit en- hancements (Denver Union Station); joint devel- opment (West Dublin BART Station); corridor TIFs (Atlanta Beltline); multistation TIFs (Dallas TOD/TIF District); and others.786 Another report is one published in 2010 by the National Conference of State Legislatures, Public- Private Partnerships for Transportation, A Toolkit 783 Akintoye & Beck, supra note 2. 784 Rosenau, supra note 7. 785 Collins, supra note 415. 786 U.S. Environmental Protection Agency, Infra- structure Financing Options for Transit-Oriented De- velopment (Jan. 2013), available at http://www.epa.gov/smartgrowth/pdf/2013-0122-TOD- infrastructure-financing-report.pdf.