Lee A. Weintraub, Esq. Becker & Poliakoff, P. A. 1 East Broward Blvd

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Presentation transcript:

P3 CONSIDERATIONS IN THE EARLY STAGES The P3 Conference - Dallas, TX February 26-28, 2018 Lee A. Weintraub, Esq. Becker & Poliakoff, P.A. 1 East Broward Blvd., Ste. 1800 Fort Lauderdale, FL 33301 (954) 985-4147 lweintraub@bplegal.com Peter Isaac Brailsford & Dunlavey, Inc. 1140 Connecticut Ave. NW, Ste. 400 Washington, DC 20036 (202) 266-3464 pisaac@programmanagers.com Phillip Ray Texas A&M 1122 Tamus College Station, TX 77840 (979) 458-6000 pray@tamus.edu Bob Shepko Balfour Beatty Campus Solutions One Country View Road Malvern, PA 19355 (240) 379-6521 rshepko@bbcgrp.com Scott Zuchorski Fitch Ratings, Ltd. 33 Whitehall Street New York, NY 10004 (212) 908-0659 scott.zuchorski@fitchratings.com

I. What Should Public Entities Address When Considering P3s What is the need the public entity seeks to address? Clearly define how success will be measured Who will be the political champion? Determine availability of internal resources Key Stakeholder Alignment / Support

I. What Should Public Entities Address When Considering P3s (continued) Clear Definition of Project Market Study – Essential Need Market Study – Project Feasibility Financial Analysis – Identification and Definition of Funding Gap Financial Analysis – Credit Impact Financial Analysis – Balance Sheet Utilization Value for Money – Institutional Risk Profile

I. What Should Public Entities Address When Considering P3s (continued) Organized, Fair, Transparent Procurement Process What would attract the private sector to respond to a P3 bid? Stable public entity committed to P3 process Project with defensible need, identifiable cash flow & political support

II. Options for Funding a P3 Project Availability payments Project based finance New market tax credits Tax increment financing EB 5

II. Options for Funding a P3 Project (continued) Lease payments Grants Loans Bonds Cost savings (maintenance, energy usage, taxes, etc.)

III. Projects Best Suited to P3 Delivery Any public building if availability payment model is used Otherwise, need to find revenue stream Higher education Transportation Utilities

III. Projects Best Suited to P3 Delivery (continued) Hospitality Sports facilities Energy-based projects Parking garages Neighborhood revitalization Not as well suited for smaller projects

IV. Advantages of P3 Project to Public Sector Project cost savings over life cycle Design/construction with improved operations/maintenance in mind Leveraging private expertise/innovation Quicker design/construction schedule Access to new sources of private capital

IV. Advantages of P3 Project to Public Sector (continued) Transfer of project risk to private sector Risks in delivery of facility Cost overruns Delays Risks in operations Low usage/revenue Capital replacement/maintenance costs Managed by key performance indicators

V. Disadvantages of P3 Project to Public Sector Educating decision makers & department heads about P3s Political risk Need for constant, transparent communications with stakeholders Takes long time to get project going