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Suggested Citation:"Bibliography." National Academies of Sciences, Engineering, and Medicine. 2019. Leveraging Private Capital for Infrastructure Renewal. Washington, DC: The National Academies Press. doi: 10.17226/25561.
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Suggested Citation:"Bibliography." National Academies of Sciences, Engineering, and Medicine. 2019. Leveraging Private Capital for Infrastructure Renewal. Washington, DC: The National Academies Press. doi: 10.17226/25561.
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Suggested Citation:"Bibliography." National Academies of Sciences, Engineering, and Medicine. 2019. Leveraging Private Capital for Infrastructure Renewal. Washington, DC: The National Academies Press. doi: 10.17226/25561.
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Suggested Citation:"Bibliography." National Academies of Sciences, Engineering, and Medicine. 2019. Leveraging Private Capital for Infrastructure Renewal. Washington, DC: The National Academies Press. doi: 10.17226/25561.
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54 Availability Payment or Revenue Risk P3 Concessions? Pros and Cons for Highway Infrastructure Poole, R. W. (2017). Availability Payment or Revenue-Risk P3 Concessions? Pros and Cons for Highway Infrastructure. Reason Foundation. Policy Study No. 458. Available at https://reason.org/wp-content/ uploads/2017/11/infrastructure_availability_payment_revenue_risk_concessions.pdf. This study explores these issues in depth, drawing on experiences with revenue risk and AP concession projects in the highway sector. It includes a discussion of where AP concessions can be a good fit for highway projects and also discusses the limitations of this approach. The study is intended as a guide for policy makers interested in making wise use of DBFOM concessions of both types. Desirability and Convenience Study Macquarie Capital, Inc. (2010). Desirability & Convenience Study For Toll Roads of the Puerto Rico Highway and Transportation Authority. Puerto Rico Public–Private Partnerships Authority. Available at http:// www.p3.pr.gov/assets/2010-6-desirability—-convenience-study-toll-roads-of-prhta.pdf. The purposes of the study were to (1) determine the highway service needs of the people of Puerto Rico (i.e., where was the system not serving the needs of the traveling public), (2) analyze various options for meeting those needs, and (3) select the most efficient of those options. FHWA P3 Project Profiles https://www.fhwa.dot.gov/ipd/project_profiles/ This website has basic information on all P3 projects in the FHWA database, including project delivery method, use of project finance, tolling and pricing, and value capture. Financial Structuring and Assessment for Public–Private Partnerships: A Primer Federal Highway Administration. (2013). Financial Structuring and Assessment for Public Private Partnerships: A Primer. Federal Highway Administration, U.S. Department of Transportation. Available at https://www. fhwa.dot.gov/ipd/pdfs/p3/p3_primer_financial_assessment_1213.pdf. This primer addresses the issue of financial structuring and assessment for P3s. Companion primers on the topics of VfM analysis and risk assessment for P3s are also available as part of this P3 primer series. P3s, risk assessment, and VfM analysis—and their interrelationships—are briefly described. Fitch Ratings Availability-Based Projects Rating Criteria Zuchorski, S., G. Cherian, F. Gronda, C. Kuti, and G. Calp. (2015). Rating Criteria for Availability-Based Proj- ects. Fitch Ratings. Available at https://www.fitchratings.com/site/dam/jcr:2879869e-8099-48e9-969d- 26966dce39bb/Rating%20Criteria%20for%20Availability-Based%20Projects.pdf. Bibliography

Bibliography 55 This report outlines the credit rating criteria that apply to the rating of new and existing debt issued to finance availability payment–based infrastructure projects. Guidebook on Financing of Highway Public–Private Partnership Projects Titus-Glover, L., et al. (2016). Guidebook on Financing of Highway Public–Private Partnerships Projects. Federal Highway Administration, U.S. Department of Transportation. Report No. FHWA-HIN-17-003. Available at https://cms.dot.gov/sites/dot.gov/files/docs/p3-toolkit_p3_project_financing_guidebook_122816.pdf. The guidebook is part of a P3 toolkit consisting of tools and guidance documents to assist in educating transportation professionals as well as public-sector policy makers and legislative and executive staff. The P3 toolkit forms the basis of a broader P3 capacity-building program that includes a curriculum of P3 courses and webinars. The P3 toolkit addresses federal requirements related to P3s and four phases in P3 implementation: (1) legislation and policy, (2) planning and evaluation, (3) procurement, and (4) monitoring and oversight. This guidebook fits into the planning and evaluation phase and is concerned with the financial assessment of P3s prior to procurement and implementation. I-495 Capital Beltway HOT Lanes, Fairfax County, VA Build America Bureau. (2014). I-495 Capital Beltway HOT Lanes, Fairfax County, VA. Build America Bureau, U.S. Department of Transportation. Available at https://www.transportation.gov/policy-initiatives/ build-america/i-495-capital-beltway-hot-lanes-fairfax-county-va. Describes the project, project history, and project financing and delivery of the I-495 Capital Beltway HOT Lanes. P3 Management Manual – CDOT HPTE RS&H and Clary Consulting. (2016). P3 Management Manual: High-Performance Transportation Enterprise. Col- orado Department of Transportation. Available at https://www.codot.gov/programs/high-performance- transportation-enterprise-hpte/procurement/2017-12-15-p3-manual-update.pdf. This manual addresses P3 program development and management and goes through the different stages of project development and defined roles and responsibilities to ensure timely and responsive actions between HPTE and CDOT to address common needs of P3 projects. The manual is divided into four sections: (1) P3 Program Development and Management, (2) Project Planning and Developmental/Pre-Procurement Phase, (3) Project Procurement Phase, and (4) Project Implementation and Operations Phases. Public–Private Partnerships for Transport Infrastructure International Transport Forum. (2017). Public Private Partnerships for Transport Infrastructure: Renegotiation and Economic Outcomes. OECD. ITF Roundtable Reports, No. 161. Available at https://doi.org/10.1787/ 9789282108130-en. The purpose of this report was to provide an overview of the nature of P3 renegotiations in different regions of the world and at different times to help readers understand when P3 con- tract renegotiations are desirable and when they are not. In general, it was concluded that when contracts are set up well, renegotiations should be few and far between. Public–Private Partnerships for Transportation: A Toolkit for Legislators (including May 2015 Updates and Corrections) Pula, K. (2015). Public–Private Partnerships for Transportation: A Toolkit for Legislators, May 2015 Updates and Corrections. National Conference of State Legislatures. Available at http://www.ncsl.org/Portals/1/Docu- ments/transportation/PPP-Toolkit-Update-May-2015.pdf. The toolkit provides expert guidance, dependable counsel, and a compilation of best practices to assist state legislatures as they consider whether and how to pursue P3s in their states. Solid,

56 Leveraging Private Capital for Infrastructure Renewal balanced, and comprehensive state enabling legislation is the key to thorough consideration and success of P3 projects and protecting the public interest. The centerpiece of the toolkit is nine principles that promote a sound public-policy approach to the consideration of P3s. Clear explana- tions of P3 approaches, benefits and controversies, and roles and responsibilities also are provided. The appendices contain specific state legislative information and detailed instruction on P3 issues. Public–Private Partnerships (P3s) in Transportation Mallett, W. J. (2017). Public Private Partnerships (P3s) in Transportation. Congressional Research Service. Congressional Research Service Report R45010. Available at https://fas.org/sgp/crs/misc/R45010.pdf. Discusses types of P3s, P3 implementation, benefits of P3s, limitations of P3s, the federal role in P3s, and policy issues and options. Report on Highway P3 Concessions in the U.S. Perez, B. and P. DeCorla-Souza. (2017). Report on Highway P3 Concessions in the U.S. Center for Innovative Finance Support, Federal Highway Administration. Webinar Presentation. Available at https://www.fhwa.dot. gov/ipd/pdfs/p3/toolkit/p3_projects_webinar_021617.pdf. Provides U.S. highway experience with highway P3 concessions since 1992, including evo- lution of the federal role, trends and market developments, and case studies of the 28 U.S. P3 highway concession projects that had achieved financial close at the time. Review of the Comprehensive Agreement for the I-77 Express Lanes Project Mercator Advisors LLC. (2017). Review of the Comprehensive Agreement for the I-77 Express Lanes Project. North Carolina Department of Transportation. Available at https://www.ncdot.gov/projects/I-77Ex- pressLanes/download/mercator-final-report.pdf. The primary purpose of this review was to identify and evaluate potential policy options that might address questions and concerns expressed by members of the public regarding implemen- tation of the HOT lanes concept and certain provisions. Report on Highway Public–Private Partnership Concessions in the United States Perez, Giordano, Woodhouse, and Thompson. (2016). Report on Highway Public–Private Partnership Conces- sions in the United States. U.S. Department of Transportation. Report No. FHWA-HIN-17-006. Available at https://www.fhwa.dot.gov/ipd/pdfs/p3/p3-toolkit_report_on_highway_p3s_122916.pdf. This report on P3s assessed and synthesized the experience of the 28 highway P3 concession projects that had been implemented in the United States from 1992 to the time of publication. The report assessed trends and market developments that occurred for three different groups of P3s: real toll concessions, APs concessions, and long-term leases. The report analyzed how the use of different financing strategies and procurement structures evolved over time, focus- ing in particular on the use of federal financial tools and related approvals. Standard & Poor’s Project Finance Ratings Criteria Reference Guide Standard & Poor’s Ratings Services LLC. (2014). Standard & Poor’s Project Finance Ratings Criteria Reference Guide. McGraw Hill Financial. Available at https://www.spratings.com/documents/20184/86990/SPRS_Project %2BFinance%2BRatings2BCriteria2BReference%2BGuide_FINAL/cdfde690-57d1-4ff4-a87f-986527603c22. This guide provides an overview of the most recent criteria affecting Standard & Poor’s credit ratings for project finance, including P3 projects. Structured Project Finance for Public–Private Partnerships in the U.S.: An Enhanced Approach to Better Achieve Financial and Policy Objectives Farajian, M. (2014). Structured Project Finance for Public–Private Partnerships in the U.S.: An Enhanced Approach to Better Achieve Financial and Policy Objectives. The University of Maryland. Available at https://drum.lib.umd.edu/ handle/1903/16437.

Bibliography 57 The findings of this study can help P3 practitioners to better use available tools; the study also provides new tools to further enhance procurement of P3 projects. The case library provides a significant resource to practitioners as well as researchers, and the proposed crowd-funding approach is a novel step toward taking P3 projects to a new maturity level. Using Public–Private Partnerships to Carry Out Highway Projects Congressional Budget Office. (2012). Using Public–Private Partnerships to Carry Out Highway Projects. Congress of the United States. Pub. No. 4041. Available at https://www.cbo.gov/publication/42685. The Congressional Budget Office found that private financing will increase the availability of funds for highway construction only in cases where states or localities restrict their spending by imposing legal constraints or budgetary limits on themselves.

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Public–private partnerships (P3s) can provide solutions to the project delivery challenges faced by state departments of transportation (DOTs) and local transportation agencies in delivering surface transportation infrastructure by aligning risks and rewards between public and private sectors, accelerating project delivery, improving operations and asset management, realizing construction and operational cost savings, and attracting private-sector equity investment.

P3s are becoming an increasingly important option for financing and implementing critical improvements to U.S. surface transportation infrastructure. As interest in P3s grows, U.S. transportation agencies and stakeholders evaluating the potential benefits of P3s have raised issues relating to the role of private equity in these transactions.

Recognizing the complexity and challenges of structuring a highway or bridge P3 compared to a conventional procurement, the objective of NCHRP Synthesis 540: Leveraging Private Capital for Infrastructure Renewal is to bridge the knowledge gap on the role of equity in surface transportation P3 projects and to document current practices relating to private-equity investments in small-scale and large-scale transportation infrastructure projects.

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