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Public Private Partnerships Introduction to PPPs Frederick J. Werner FHWA Resource Center Innovative Finance Public Private Partnerships Introduction to PPPs Frederick J. Werner FHWA Resource Center Innovative Finance Team Federal Highway Administration-National Resource Center

Presentation Outline § What are PPPs? § Working definition § PPPs for existing, new Presentation Outline § What are PPPs? § Working definition § PPPs for existing, new and improved facilities § PPPs: Pros and Cons § Myths and facts about PPPs § The evolving US federal role § SAFETEA-LU innovative finance tools § Summary 2 Federal Highway Administration-National Resource Center

What are PPPs? § Would anyone like to venture a guess? § Public component What are PPPs? § Would anyone like to venture a guess? § Public component § Private component § Partnership component 3 Federal Highway Administration-National Resource Center

Working Definition § PPPs are a legally-enforceable contractual agreement § Between a public sector Working Definition § PPPs are a legally-enforceable contractual agreement § Between a public sector and a private sector entity § Designed to develop and deliver a surface transportation project § Specific terms/provisions of contractual agreement can and do vary widely 4 Federal Highway Administration-National Resource Center

Public Partner § Most commonly, the public partner is a state or provincial DOT Public Partner § Most commonly, the public partner is a state or provincial DOT § However, public partners can also include: § Local governments; highway and toll authorities § Port or bridge authorities; transit districts § Bi-state, multi-state or bi-national districts 5 Federal Highway Administration-National Resource Center

Private Partner § Most commonly, large engineering or investment companies § However, private partners Private Partner § Most commonly, large engineering or investment companies § However, private partners can also include: • Combinations of firms (joint ventures or consortia) • Individuals; groups of individuals • Quasi-public corporations 6 Federal Highway Administration-National Resource Center

Partnership Arrangement § Can be structured as a simple contract; concession agreement; letter of Partnership Arrangement § Can be structured as a simple contract; concession agreement; letter of intent; memorandum of understanding; hand-shake agreement (uncommon; for small value transactions) § Can address one-time events such as donation of land for ROW § Can address very long-term agreements whereby the private sector builds and/or operates a transportation facility 7 Federal Highway Administration-National Resource Center

Partnership Arrangement § Arrangement may specify a minimum of private sector involvement, such as Partnership Arrangement § Arrangement may specify a minimum of private sector involvement, such as donation of land, a guaranty of public sector debt, or a willingness to self-assess to finance an improvement. § Arrangement may specify significant private sector involvement, whereby private sector invests its equity capital – cash on hand or borrowed funds – and agrees to design, build, finance, operate and maintain a given facility. § Many variations on private involvement for existing and new (“greenfield”) facilities, as well as significant improvements to existing facilities. 8 Federal Highway Administration-National Resource Center

PPPs for Existing Facilities § Long-term concession for Chicago Skyway, late 2004: § $1. PPPs for Existing Facilities § Long-term concession for Chicago Skyway, late 2004: § $1. 83 billion payment for 99 year lease § Long-term concession for Indiana Toll Road, early 2006: § $3. 85 billion payment for 75 year lease 9 Federal Highway Administration-National Resource Center

PPPs for New Facilities § 108 kilometer 407 ETR in Toronto § $630 million PPPs for New Facilities § 108 kilometer 407 ETR in Toronto § $630 million South Bay Expressway in San Diego § $3. 2 billion Texas SH 130 in Austin § $2. 5 billion Texas SH 121 in Dallas/Ft. Worth area ( currently being negotiated) § Mexico City North Bypass 10 Federal Highway Administration-National Resource Center

PPPs for Significant Improvements § Significant improvements to rail infrastructure: § Dakota, Minnesota & PPPs for Significant Improvements § Significant improvements to rail infrastructure: § Dakota, Minnesota & Eastern (DM&E) replaced rail on portion of 1100 mile system with $233 million US federal loan § DM&E plans to extend line 820 miles into Powder River Basin with $2. 5 billion US federal loan § Texas Mexico replaced several hundred miles of rail with $50 million loan 11 Federal Highway Administration-National Resource Center

PPP and Federal Credit § Many PPPs are supported through US federal credit programs: PPP and Federal Credit § Many PPPs are supported through US federal credit programs: § TIFIA (Transportation Infrastructure Finance and Innovation Act) § RRIF (Railroad Rehabilitation and Improvement Financing program) § PABs (Private Activity Bonds) § SIBs (State Infrastructure Banks) 12 Federal Highway Administration-National Resource Center

PPPs: Pros and Cons § Deep pools of investment capital looking to invest in PPPs: Pros and Cons § Deep pools of investment capital looking to invest in assets for a very long period; funds looking for long-term income to match long-term liabilities (Tim Romer, Goldman Sachs). § Injection of equity capital to invest in other assets and access to funding outside municipal bond market (Trent Vichie, Macquarie Securities). § Transfer of project risk to private sector (Trent Vichie, Macquarie Securities). 13 Federal Highway Administration-National Resource Center

PPPs: Pros and Cons § Public perception that critical “public” assets are controlled by PPPs: Pros and Cons § Public perception that critical “public” assets are controlled by private sector, often for very long periods, with related public safety and asset performance concerns. § Need to charge user fees in environments and/or markets unaccustomed to such charges (Caltrans). § Concern that PPP projects - especially those involving railroads and dedicated truck lanes - properly protect the environment. “The real obstacle to many PPP projects is not the politics, but environmental clearance” (Southern California Association of Governments). § Need to fit PPP projects into coherent long-term state plans (Caltrans). 14 Federal Highway Administration-National Resource Center

Myths About PPPs § PPPs can solve all the nation’s infrastructure problems § Every Myths About PPPs § PPPs can solve all the nation’s infrastructure problems § Every project is a potential PPP § All PPPs will generate big financial rewards § The US is losing control of critical transportation assets § PPPs will replace the traditional federal-aid grant program 15 Federal Highway Administration-National Resource Center

Facts About PPPs § State/local governments face challenges: • • Growing need for new Facts About PPPs § State/local governments face challenges: • • Growing need for new infrastructure • § Fiscal stress and budget deficits Need to rehabilitate decaying existing infrastructure Public and private sector can share benefits: • § 16 Project delivery vs. concession income Public and private sector can share (environmental, financing, construction) project risks Federal Highway Administration-National Resource Center

The Evolving Federal Role § Traditionally, the US federal government has financed highways through The Evolving Federal Role § Traditionally, the US federal government has financed highways through 80% grant programs § § Pay-as-you-go approach § Goal is to leverage limited federal resources from: • Co-investment • Revenue expansion 17 However, ISTEA, TEA-21 and SAFETEALU have provided alternative or “innovative” forms of non-grant assistance to advance projects Federal Highway Administration-National Resource Center

SAFETEA-LU Facilitates PPPs § Innovative Finance initiatives: • Enhanced TIFIA credit program – Available SAFETEA-LU Facilitates PPPs § Innovative Finance initiatives: • Enhanced TIFIA credit program – Available for refinancings – Available for projects costing $50 million or more • Continued RRIF credit program • $15 billion in Private Activity Bond authority • Expanded SIB authority • Broader tolling authority on Interstates • Expanded use of design-build provisions 18 Federal Highway Administration-National Resource Center

FHWA Initiatives § Secretary Mineta’s National Congestion Strategy • “Unleashing private-sector investment resources” § FHWA Initiatives § Secretary Mineta’s National Congestion Strategy • “Unleashing private-sector investment resources” § Use of SEP 15 waiving most federal-aid requirements on a trial basis § Use of SEP 15 coupled with a streamlined TIFIA credit application process 19 Federal Highway Administration-National Resource Center

Revolutionary Change in PPPs § § PPPs have been successful for wide variety of Revolutionary Change in PPPs § § PPPs have been successful for wide variety of projects § Electronic toll technology is facilitating public’s acceptance of user fees § GASB 34 (asset management) is changing traditional view of highway construction from an “expense” to an “investment” § PPPs are another important tool in our toolbox - if the right conditions are met! 20 Increases in equity market capacity and competition; domestic equity investors are joining international investors in PPP market Federal Highway Administration-National Resource Center

In Summary ……… § § Take advantage of changing US federal regulatory landscape § In Summary ……… § § Take advantage of changing US federal regulatory landscape § Contact Information: Prabhat Diksit 720 -963 -3202; Frederick Werner 404 -562 -3680 § Additional Information Leverage expertise of FHWA National Resource Center, Innovative Finance Team • Subject matter experts and solution providers • Expansive view – across FHWA and other modal programs • Broad view of needs – states, regions, nation, bi-national projects • www. fhwa. dot. gov/innovative • www. fhwa. dot. gov/ppp 21 Federal Highway Administration-National Resource Center

Conclusion 22 Federal Highway Administration-National Resource Center Conclusion 22 Federal Highway Administration-National Resource Center