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Pages 4-8

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From page 4...
... 4 C H A P T E R 1 In today's constrained fiscal environment, public–private partnerships (P3s) are becoming an increasingly important option for delivering critical improvements to U.S.
From page 5...
... Introduction 5 P3 procurements for large and complex tunnel, bridge, and roadway projects. One of the reasons that P3s have not been widely used is that P3s have not had widespread statutory authorization throughout the country (Rall 2010)
From page 6...
... 6 Leveraging Private Capital for Infrastructure Renewal Despite transferring a great amount of risk to the private sector, P3 projects never achieve 100% risk transfer, nor are they intended to. The public sponsor is always exposed to some project risks and generally retains the risks that the private sector cannot control or effectively price to achieve optimal risk transfer.
From page 7...
... Introduction 7 Public sponsors need to use contractual mechanisms that enable and incentivize P3 developers to innovate and meet project objectives. Given that target and/or actual return on equity for the P3 developer may be significantly higher than the public sponsor's cost of borrowing, the general public may wonder if its interest was truly served and whether the private sector was overpaid for the service provided.
From page 8...
... 8 Leveraging Private Capital for Infrastructure Renewal Following this introductory chapter, the report is organized as follows: • Chapter 2 provides an overview of the basic principles of a P3 as well as different P3 structures and their respective general risks and other attributes. The chapter includes a discussion on the use of P3s by DOTs in the United States.

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