Public Transportation Guidebook for Small- and Medium-Sized Public-Private Partnerships (P3s) (2017) / Chapter Skim
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Pages 87-93
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From page 87... ...
87 Best Practices The P3 partners interviewed for this research identified nine core best practices or lessons learned that are critical to crafting and executing a small- and medium-sized P3 initiative. Each best practice identifies how it can be applied to accommodate the unique properties of P3s in each of the five P3 categories identified in Chapter 2, when applicable.
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From page 88... ...
88 public transportation Guidebook for Small- and Medium-Sized public-private partnerships (p3s) Elements of Success Extremely Critical Moderately Critical Somewhat Critical Not Critical Regular and continuous monitoring Appropriate contract method Understanding each entity's desires/objectives Communication between stakeholders Staff competency Consultant support Leadership/project champions Funding/financing Enabling legislation Experience with past P3s Figure 13.
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From page 89... ...
Best practices 89 5.2.1 Identify Both a Public and Private Champion Early in the P3 Process and Make Sure They are Communicating Each public and private partner classified strong project leadership and a project champion as extremely critical to the success of its P3. Champions can come both from within the transit agency's organization, as was the case with the TRAX P3, or from outside the transit agency in the form of a local politician or a prominent business person in the community, similar to the Boston Landing Station P3.
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From page 90... ...
90 public transportation Guidebook for Small- and Medium-Sized public-private partnerships (p3s) 5.2.3 Transfer as Much Financial Risk to the Private Partner as the P3 Will Allow Transit agencies should pursue P3s that will remove the burden of financial or operational risks from the transit agency and take advantage of the private sector's ability to assume additional levels of risk up front.
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From page 91... ...
Best practices 91 5.2.5 Draw From Your Private Partner's Industry Expertise in the Non-Transit Aspects of the P3, Beginning in the Early Stages of the Partnership Public transit agencies are experts in operating transportation systems and managing transit assets. However, a benefit of a small- and medium-sized P3 in many of these P3 categories, such as innovative technology, real estate, and sponsorship, is the public partner's ability to capitalize on the private partner's expertise in a particular field.
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From page 92... ...
92 public transportation Guidebook for Small- and Medium-Sized public-private partnerships (p3s) For O&M P3s, tailoring a contract to the specific P3 to document the intricacies of performancebased compensation is of paramount importance.
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From page 93... ...
Best practices 93 has been initiated. And while many scope item lead times cannot be greatly expedited, a project champion can help keep the process moving through the planning, procurement, and implementation phases.
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