\"Project 20-5, Topic 39-06 \"--T.p. verso
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\na collection of case studies, mainly descriptive.
\n------------------------
\ni have chosen a case-study approach in this book to examine the successful P3 projects and to lok at the ones that did not come to fruition. this, in believe, allows the reader to take a look behind the scenes and gain a little more insight into the formulation and administration of these complex projects, both in the US and Canada and Mexican neighbors. these case studies frequently reveal what went right and what went wrong. they also show the sometime convoluted path that some projects take, tying up, for years, both the human and financial resources of engineering firms, contractors, and the developers that bring all of these parties together. (p.xiii)
\n--------------------------
\ncase studies
\nthis chapter - and most others in this book - concludes with case studies drawn from real-world efforts to use P3s for large transportation infrastructure projects. the first two studies in this chapter ilustrate how much time it can take a project to go from conception to reality. ... the third case study is on I81, where a regional coalition includes not only state officials but also representatives from private stakeholders with an interest in the area's transportation infrastructure. finally, the last case study describes a german project that devised an innovative open road tolling system.
\n\n
cases:
\n- the Mississippi River Bridge (Missouri and Illinois) (historical development, project background, project spec, costs, contractor, of different proposals, breakdown of the final price tag $910M, the adviser that suggested PPP, goldman sachs, MPO included the project in the plan with 4 alternatives, as of June 2008, project had just been awarded wit hthe work proceeding as the design-bid-build.) (FAILURE)
\n- California's State Road 125 (historical development, proposed scope of the project, projected cost, proposed PPP contract type, long environmental review, ignited community concern, the higher cost ($558M) than originally projected, concessionaire (Mcquarie Infrastructure Group), proposed possible extension under discussion)
\n- the I81 Corridor Coalition (proposal description, private sector and public sector coming together to discuss the project)
\n- Germany's Open-Road Toll System (GPS tolling system on trucks - desciption of the program and the process of how it came about)
\n\n
------
\nVirginia Department of Transportation Case (chp 5)
\n- The Virginia Highway Corporation Act of 1988 (provisions summary, amendment in 1996)
\n- The Private and the Public Dulles Toll Roads (greenway description, historical development, traffic and revenue performance, process of increasing tolls, prospect for the Dulles Access Road with MWAA, the Dulles Corridor Metrorail Project, the unsolicited proposal under VDOT's 1995 PPTA Act, political debate over the P3 scheme, bidding consortiums, that MWAA kept the project)
\n- The Pocahontas Parkway PPP (historical development, toll schedule, transurban and DEPFA bank's involvement, MOU in 2005 of aquiring, the current financial structure, and the richmond airport connector update)
\n- The Capital Beltway (initial study, fluor corporation's proposal, HOT lane movement, fluor's congestion relief to I495, beltway HOT lanes concept, VDOT's comprehensive agreement, project goals, VDOT's responsibilites, agreement, construction, regional network including I95/395, the cost of the project and the financing plan for the new project, benefit of the plan advocated by fluor, and the approval of the VTPB with project spec)
\n- Interstate 81 (unsolitited project, solicitor, competing bid, public hearing, CTB resolution in 2006, improvement options, the corridor coalition, dissident groups weighing in)
\n\n
--------------
\n\n
the chicago skyway and the indiana toll road (chp 6)
\n- the skyway (the chicago metropolitan planning council white paper, soliciting proposal, issuance of a request for qualification, the route of the skyway, bids, bidders, concession agreement, cost, spec, contractor, the terms of the lease
\n- the toll schedule and what it really means
\n- details of the agreement (insurance, engineering contracts, capital improvements requirement, maintenance agreement, funds use, project revenue in 2007
\n- the indiana toll road and indiana's transportation system, indiana's house bill 1008, request for proposal, historical toll revenue, setting of toll rates, bidder proposals,
\n- contract (rent and not lease, non-compete clause, debt responsibility, reimbursement for the police service, capital improvement requirement, level of service requirement, tolling and revenue provision, lost revenue accountability, the disbursement of the upfront payment, the lawsuit filed by the citizens action coalition of indiana, the state and macquarie check in
\n- lessons learned (updates, concession benefits,
\nUSGAO's report on these projects (raised questions on refinancing gains for concessionaires and the question of toll increases)
\n\n
\n
-----------------------------
\ntexas strategic plan includes P3s (chp7)
\n- the texas department of transportation strategic plan
\n- 2009-2013 strategic plan
\n- comprehensive development agreement
\n- two-step prpoposal process
\n- TxDOT highway expansion program
\n- ports-to-plains project
\n- cambridge systematics study
\n- trans-texas corridor 35 project
\n- trans-texas corridors face their public doubters
\n- oppostiion to the trans-texas corridor
\n- other political concerns
\n- senate bill 792
\n- ports-to-plains project gained momentum
\n- the corridor master plan
\n- the north texas tollway authority proposal
\n- federal highway administration action
\n- north texas tollway authority
\n- events leading up to the violation letter
\n- ntta's later proposals
\n- harris county toll road authority
\n- first southwest study
\n- shadow tolling comes to texas
\n-FHWA's look at shadow tolling
\n- how shadow-toll agreements work
\n- txdot and the el paso inner loop shadow-toll project
\n- another txdot strategic plan project is realized
\n- interstate highway 635 managed lanes project
\n- the texas transportation commission issues updated principles and policies (2008)
\n- the report on private participation in toll projects
\n- looking more closely at some of the committee's observations (public sector financing)
\n- using P3s to best advantage
\n- the report's conclusions and recommendations
\n\n
----------------------------
\nFlorida's P3 endeavors
\n- Florida's Turnpike Enterprise
\n- florida investigates P3s
\n- advancing the P3 movement
\n- FDOT accepts unsolicited proposals
\n- FDOT experiences Delta between estimates and bids
\n- strategic intermodal system
\n- interstate 75 widening project
\n- Florida DOT breaks other new ground
\n- the availability payment concept
\n- the port of miami tunnel (concept, study, RFP, RFP provisions, project evaluatino criteria, financial proposal criteria, proposals, payment mechanism of the available payments, sharing in any refinancing gains, project financings, costs, developers, challenges the project met)
\n- the $1B + interstate 595 corridor improvement project (contract, payment plan)
\n- the first coast outer beltway (scope, environmental issue, RFQ, evaluation, objectives, delay)
\n- miami intermodal center (description)
\n\n
\n
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reading note daito 10/12/12
\ntheir analysis may be based on a rather incomprehensice, if not biased, view on the p3s. but they provide a case study.
\nthe final lesson is to ensure that the risks and benefits are equitably shared. the european model has been to seek private capital, but then put all the business risk on the private partner. this is likely not a sustainable strategy. in North America, there are at least some examples where the public sector has assumed both some financing responsibility and a large portion of the business risk, in retur, of course, for a stable revenue stream. this is likely to be a more viable strategy in the future (**ReALLY?? a discussion on the plausibility of demand / revenue risk needed to justify this argument)
\nstill, while p3s may not close the entire infrastructure funding gap, and certainly will not solve all the US's infrastructure problems, there is enough evidence to acknowledge that p3s could provide a missing piece to the infrastructure funding puzzle. (*isn't that too optimistic?)
\nit is important to note that p3s are implemented only at the state level. at present, only 29 states permit any sort of transportation p3s and only 20 permit public transportation p3s. even though not all states have embraced p3s, it is likely they will soon (*REALLY?? too optimistic, or naive)
\n\n
this paper examines some successful and unsuccessful p3s to attempt to identify factors that determine success or failure.
\nthe following section includes case hisories of some selected p3 projects, both successful and unsuccessful. following the case histories, conclusions are provided on what has worked and what has not in p3 projects, and on the necessary elements for a successful project.
\n\n
case histories of p3 projects
\n- pocahontas parkway
\nthe pocahontas parkway is considered by many to be an overall success. it reduces travel time, has higher quality road service, saves consumers money by offering a shorter more efficient route, and thereby allows consumers to use less gas. there is also some level of development benefit that has yet to be realized. the supply and quality of the road will support the growth of the capital region by allowing commercial and residential development to become more accessible and lucrative (*REALLY?? we should be careful in making supportive statements like this. this is plainly naive)
\n- shellpot bridge (a freight rail bridge in delaware)
\nreference: the shellpot bridge: a public/private partnership that worked\", review of network economics, 2008
\n- chicago parking meters
\n- new york avenue metro station, washington d.c.
\n- texas LBJ (635)P3
\nthe cases consists of project description and history.
\n\n
conclusions: what makes a p3 work?
\nhopefully, this study has demonstrated how p3 projects can be a useful tool during difficult economic times, as well as flexible in what areas of infrastructure they can support.
\nlessons:
\n- accurate revenue forecasts are essential
\n- public outreach and explanation is vital, especially if privatization is expected to result in significant changes in prices (e.g. chicago parking)
\n- a careful review of individual circumstances affecting the structure of each p3 is essential - e.g. chicago parking - despite the new pricing leading to more economically optimul revenue generation, people took it wrong
\n- if a project generates a revenue stream, it is probably suitable for a ppp.
\n- risk needs to be appropriately understood and managed
\n- state and local governments need to carefully consider how the income from the sale of assets to p3 is used. selling capital assets to fund operating budgets is not always a good idea. revenues from the sale of infrastructure are best used for other capital investments, not for operating expenses (*reasonable, but the reason is not discussed)
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reading note daito
\nthis book is supposed to be the first of a series of reports by the autho on the topic of the P3s. mainly a collection of cases and cameos on P3 projects in Europe and elsewhere.
\nIt is interesting there are many P3 projects in Australia, Canada and UK. Main takeouts:
\n- shadow tolling appears to have become unpopular due to its financial risk allocation to the public sector.
\n- this book is overly biased in favor of the P3s - emphasizing the benefits of the mechanism (e.g. realization/implementation of social capital, social values of projects outside the economic discussion, such as the long-awaited dream to connect to the continental Europe, etc.) while associating the challenges the projects faced to factors not necessarily with P3s but mega projects in general - so the Oresund Link of Denmark was explained rather in a neutral manner.
\n- the case studies included the following components:
\n*background
\n*project description
\n*partnership arrangement
\n*issues and strategies
\n*results
\n*conclusions
\n- genarally the discussions were based on loose definitions of terms and conceptualization of each element. images are downloaded from the internet (some even including from wikipedia) and the resolutions are really bad. an example of bad quality work.
\n- an interesting concept (p.83): gradual shift of future project risks to the private sector. While the risks taken by the NEW (NSW?) Government in this instance appear to be excessive, they provide an indication of the risk adverse behavior of the market to PPPs when first introduced in Australia. Risk premiums were ften high with initial PPPs. As the market became more familiar with PPP arangements, the risk premium requested by the market began to fall. Hence subsequent PPP toll road projects in Sydney have resulted in a more equal sharing of risks between the Government and equity holders, in particular with respective to traffic, financing and default risk.
\n*dynamic modeling may be essential to account for the changing market sentiment influencing the behaviors of market agents.
\n*to what extent the tolling and its impact on the travel demand accounted in the traffic projections?
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\nthe quality of the case studies may not be quite admirable: citing wikipedia, etc.
\ncase studies and literature review on p3s. the cases are not from the US.
\nthe case studies are conducted to depict: important risk factors, and; issues governing the success of p3 projects. it aims at developing a life cycle risk allocation and management framework of the p3 projects.
\ncases:
\n- Sydney Cross City Tunnel PPP Project (Sydney, Australia)
\n- Sydney Airport Railway Link
\n- Fu-De Highway Project in Hengshui City He Bei Province, China
\naspects covered:
\n- project description
\n- financial risk
\n- public acceptance/rejection risk
\n- the government's political risks.
\nonly for the last case, included:
\n- political risk (instead of government's political risk)
\n- construction risk
\n- corruption risk
\n\n
Discussions:
\n- correct and precise diagnosis of a need is a fundamental step in the search and prescription of the solution
\n- optimum ticket or toll price is the only way to ensure the usage of the P3 infrastructure and hence return on investment
\n- achieving value for money and public sector comparator
\n- determining suitable and fair concession period
\n- ensuring balance of interests for different project partners and stakeholders, including protecting public interests
\n- proper risk allocation/sharing is of absolutely importance to ensure success of ppp projects
\n*proposes a life-cycle risk management framework (p.138)
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Guy Peters and Jon Pierre -- Partnership accountability need not be democratic accountability / Julia Steets and Laura Blattner -- Public markets and private democracy? 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What are public-private partnerships? -- Ch. 2. PPPs: for and against -- Ch. 3. PPPs worldwide -- Ch. 4. Cash flow and investment analysis -- Ch. 5. The public-sector investment decision -- Ch. 6. Public-sector procurement and contract management -- Ch. 7. The private-sector investor's perspective -- Ch. 8. Project finance and PPPs -- Ch. 9. Private-sector financing: sources and procedures -- Ch. 10. Financial structuring -- Ch. 11. Financial hedging -- Ch. 12. Lender's cash-flow controls, security and enforcement -- Ch. 13. Service-fee mechanism -- Ch. 14. Risk evaluation and transfer -- Ch. 15. Changes in circumstances and termination -- Ch. 16. Funding competition, debt refinancing and equity sale -- Ch. 17. 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\n\n", "tags": [], "relations": { "owl:sameAs": "http://zotero.org/groups/82454/items/8EXZ7QUN" }, "dateAdded": "2014-03-18T18:58:50Z", "dateModified": "2014-03-18T18:58:50Z" } }, { "key": "38NQ58K5", "version": 2, "library": { "type": "group", "id": 254885, "name": "GMU P3 Research Database", "links": { "alternate": { "href": "https://www.zotero.org/groups/gmu_p3_research_database", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/254885/items/38NQ58K5", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/gmu_p3_research_database/items/38NQ58K5", "type": "text/html" } }, "meta": { "createdByUser": { "id": 184272, "username": "jongiff", "name": "Jonathan Gifford", "links": { "alternate": { "href": "https://www.zotero.org/jongiff", "type": "text/html" } } }, "creatorSummary": "Ahadzi and Bowles", "parsedDate": "2004-11", "numChildren": 1 }, "data": { "key": "38NQ58K5", "version": 2, "itemType": "journalArticle", "title": "Public-private partnerships and contract negotiations: an empirical study", "creators": [ { "creatorType": "author", "firstName": "Marcus", "lastName": "Ahadzi" }, { "creatorType": "author", "firstName": "Graeme", "lastName": "Bowles" } ], "abstractNote": "Despite the increasing popularity in the use of the public-private partnership concept as a procurement strategy, there have been reported cases of problems associated with the initial stages of the process in terms of unduly high bidding costs and pre-contract time overruns due mainly to the protracted nature of the negotiations. Empirical research conducted in the UK has focused on the extent of these pre-contract time and cost overruns. The key attributes of both the private sector consortia and the public sector organizations that have significant bearing on the efficiency of the pre-contract processes are: the nature and strength of the consortium, the quality of the technical proposals they produce for the bid, and the quality of their financial proposals. For the public sector organizations they are the organizational capabilities and technical capabilities. The financial capabilities of the public sector are ranked lowest in influencing the procurement process. Whilst there was broad agreement on the ranking of importance for the various descriptive attributes, differences between the two sectors are revealed relating to risk, previous experience, evaluation criteria in the bidding documents and effect of public opinion. A better understanding of what is important to each party in the negotiations is an important step in improving the PPP process. [ABSTRACT FROM AUTHOR]\nCopyright of Construction Management & Economics is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. 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"tags": [ { "tag": "CONSTRUCTION projects", "type": 1 }, { "tag": "Methodology", "type": 1 }, { "tag": "Pricing", "type": 1 }, { "tag": "Public private partnerships", "type": 1 }, { "tag": "VALUATION", "type": 1 }, { "tag": "governments", "type": 1 }, { "tag": "risk analysis", "type": 1 } ], "collections": [], "relations": { "owl:sameAs": "http://zotero.org/groups/82454/items/25K62PXA" }, "dateAdded": "2014-03-18T18:58:50Z", "dateModified": "2014-03-18T18:58:50Z" } }, { "key": "WJ2S4ZEF", "version": 2, "library": { "type": "group", "id": 254885, "name": "GMU P3 Research Database", "links": { "alternate": { "href": "https://www.zotero.org/groups/gmu_p3_research_database", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/254885/items/WJ2S4ZEF", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/gmu_p3_research_database/items/WJ2S4ZEF", "type": "text/html" } }, "meta": { "createdByUser": { "id": 184272, "username": 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"http://zotero.org/groups/82454/items/ZTGIDFQP" }, "dateAdded": "2014-03-18T18:58:50Z", "dateModified": "2014-03-18T18:58:50Z" } }, { "key": "5PIP5MUZ", "version": 2, "library": { "type": "group", "id": 254885, "name": "GMU P3 Research Database", "links": { "alternate": { "href": "https://www.zotero.org/groups/gmu_p3_research_database", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/254885/items/5PIP5MUZ", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/gmu_p3_research_database/items/5PIP5MUZ", "type": "text/html" } }, "meta": { "createdByUser": { "id": 184272, "username": "jongiff", "name": "Jonathan Gifford", "links": { "alternate": { "href": "https://www.zotero.org/jongiff", "type": "text/html" } } }, "creatorSummary": "Blanc-Brude et al.", "parsedDate": "2008-03-21", "numChildren": 0 }, "data": { "key": "5PIP5MUZ", "version": 2, "itemType": "journalArticle", "title": "Public-Private Partnerships in Europe: An Update", "creators": [ { "creatorType": "author", "firstName": "Frédéric", "lastName": "Blanc-Brude" }, { "creatorType": "author", "firstName": "Hugh", "lastName": "Goldsmith" }, { "creatorType": "author", "firstName": "Timo", "lastName": "Välilä" } ], "abstractNote": "This paper offers an updated description of the macroeconomic and sectoral significance of PPPs in Europe, without assessing PPPs from a normative perspective. It shows that, over the past fifteen years, more than one thousand PPP contracts have been signed in the EU, representing a capital value of almost 200 billion euro. While PPPs have in recent years become increasingly popular in a growing number of European countries, they are of macroeconomic and systemic significance only in the UK, Portugal, and Spain. In all other European countries, the importance of investment through PPPs remains small in comparison to traditional public procurement of investment projects. However, PPP procurement is used extensively for major projects and this is spreading out from transport into other sectors.", "publicationTitle": "SSRN eLibrary", "publisher": "", "place": "", "date": "March 21, 2008", "volume": "", "issue": "", "section": "", "partNumber": "", "partTitle": "", "pages": "", "series": "", "seriesTitle": "", "seriesText": "", "journalAbbreviation": "", "DOI": "", "citationKey": "", "url": "http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1107418", "accessDate": "2012-06-25T18:11:35Z", "PMID": "", "PMCID": "", "ISSN": "", "archive": "", "archiveLocation": "", "shortTitle": "Public-Private Partnerships in Europe", "language": "", "libraryCatalog": "SSRN", "callNumber": "", "rights": "", "extra": "", "tags": [ { "tag": "Europe", "type": 1 }, { "tag": "PFI", "type": 1 }, { "tag": "PPP", "type": 1 }, { "tag": "public-private partnerships", "type": 1 } ], "collections": [], "relations": { "owl:sameAs": "http://zotero.org/groups/82454/items/9DH9959R" }, "dateAdded": "2014-03-18T18:58:50Z", "dateModified": "2014-03-18T18:58:50Z" } }, { "key": "5HHG3HGF", "version": 2, "library": { "type": "group", "id": 254885, "name": "GMU P3 Research Database", "links": { "alternate": { "href": "https://www.zotero.org/groups/gmu_p3_research_database", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/254885/items/5HHG3HGF", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/gmu_p3_research_database/items/5HHG3HGF", "type": "text/html" } }, "meta": { "createdByUser": { "id": 184272, "username": "jongiff", "name": "Jonathan Gifford", "links": { "alternate": { "href": "https://www.zotero.org/jongiff", "type": "text/html" } } }, "creatorSummary": "Blanc-Brude et al.", "parsedDate": "2009", "numChildren": 0 }, "data": { "key": "5HHG3HGF", "version": 2, "itemType": "journalArticle", "title": "A Comparison of Construction Contract Prices for Traditionally Procured Roads and Public–Private Partnerships", "creators": [ { "creatorType": "author", "firstName": "Frédéric", "lastName": "Blanc-Brude" }, { "creatorType": "author", "firstName": "Hugh", "lastName": "Goldsmith" }, { "creatorType": "author", "firstName": "Timo", "lastName": "Välilä" } ], "abstractNote": "Theoretical literature suggests higher asset construction costs in a public-private partnership (PPP) than in traditional public procurement, due to the bundling of construction and operation and the transfer of construction risk, among other factors. Data on ex ante road construction prices in Europe suggest a PPP road to be 24% more expensive than a traditionally procured road, ceteris paribus . This estimate resembles reported ex post cost overruns in traditionally procured roads. Thus, the public sector seems to pay a premium on ex ante PPP construction contract prices mostly to cover construction risk transfer. Other reported sources of higher PPP road construction costs, including bundling, seem on average of lesser importance.", "publicationTitle": "Review of Industrial Organization", "publisher": "", "place": "", "date": "2009", "volume": "35", "issue": "1", "section": "", "partNumber": "", "partTitle": "", "pages": "19-40", "series": "", "seriesTitle": "", "seriesText": "", "journalAbbreviation": "", "DOI": "10.1007/s11151-009-9224-1", "citationKey": "", "url": "http://www.springerlink.com/content/w54384v73h6235p0/abstract/", "accessDate": "2012-06-29T17:48:38Z", "PMID": "", "PMCID": "", "ISSN": "0889-938X", "archive": "", "archiveLocation": "", "shortTitle": "", "language": "", "libraryCatalog": "SpringerLink", "callNumber": "", "rights": "", "extra": "", "tags": [ { "tag": "Business and Economics", "type": 1 } ], "collections": [], "relations": { "owl:sameAs": "http://zotero.org/groups/82454/items/EET9DBPK" }, "dateAdded": "2014-03-18T18:58:50Z", "dateModified": "2014-03-18T18:58:50Z" } } ]\n\n\n\n\n\nRenegotiation has occurred if a concession contract underwent a significant change or amendment not envisioned or driven by stated contin- gencies in any of the following areas: tariffs, investment plans and levels, exclusivity rights, guarantees, lump-sum payments or annual fees, cov- erage targets, service standards, and concession periods. Standard sched- uled tariff adjustments and periodic tariff reviews are not considered renegotiations. [p. 12]
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