How public-private partnerships can help with public building projects
Post date
December 02, 2014
Body
Presented by: Building Design + Construction
In a P3, public money is leveraged with private investment to fast-track critical projects, for which the long-term responsibility to maintain that infrastructure falls to private partners. These performance-based contracts have proven highly effective and valuable in dozens of countries, including Canada, Chile and the U.K., as well as in the U.S. Here, P3s have typically been used to finance and develop large-scale infrastructure projects such as highways and bridges. For example, Virginia’s Elizabeth River Tunnels and Florida’s I-4 Ultimate are two of the biggest such undertakings. To date, 33 states have approved P3 approaches for transportation infrastructure.