Public Private Partnerships: Their Limits and Potential for the Private Provision of Transportation Infrastructure Adrian Moore, PH.D. Vice President Reason.

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Presentation transcript:

Public Private Partnerships: Their Limits and Potential for the Private Provision of Transportation Infrastructure Adrian Moore, PH.D. Vice President Reason Foundation

Reason Foundation, 2 Mind the Gap Existing Highway and Transit Needs Estimates

Reason Foundation, 3 The gas tax is not a viable funding alternative (Decline in real value of the fuel tax $1997) Average Cents per mile

Where will the money come from? Federal level interstate and goods movement needs are appreciable Federal level interstate and goods movement needs are appreciable But, most of the gap is state and local But, most of the gap is state and local More state and local commitment More state and local commitment Public Private Partnerships Public Private Partnerships

Reason Foundation, 5 Transportation’s “Brave New World” Open road tolling Open road tolling Dynamic tolling Dynamic tolling Private equity Private equity Public funds focus on “untollable” projects Public funds focus on “untollable” projects

Reason Foundation, 6 Technology, pricing and stages of road privatization Limited Access Highways (now) Major arterials (10 years) Local roads (20 Years?) 1 2 3

Reason Foundation, 7 Paris A86 Extension ($1.5 billion)

Reason Foundation, 8 Viaduc de Millau: $500 million

Main Lanes Managed Lanes Direct Transit Access Ramps Direct Access Road to Arterial BRT Station

10 Capitol Beltway HOT Lanes

New Toll Roads: Extensions New Toll Roads: Extensions South Bay Expressway (SR 125), San Diego (in operation) South Bay Expressway (SR 125), San Diego (in operation) Dulles Greenway, No. Virginia (in operation) Dulles Greenway, No. Virginia (in operation) SH 130, Austin to San Antonio (financed) SH 130, Austin to San Antonio (financed) Mon-Fayette Expressway, Pittsburgh (pre-proposal stage) Mon-Fayette Expressway, Pittsburgh (pre-proposal stage)

New Toll Roads: Missing Links New Toll Roads: Missing Links Triangle Expressway, Raleigh, NC (pre-RFQ stage) Triangle Expressway, Raleigh, NC (pre-RFQ stage) Outer Beltway, Jacksonville, FL (RFQ stage) Outer Beltway, Jacksonville, FL (RFQ stage) Southern Beltway, Pittsburgh (pre- RFQ) Southern Beltway, Pittsburgh (pre- RFQ) Grand Parkway, Houston (2 unsolicited proposals) Grand Parkway, Houston (2 unsolicited proposals)

Managed Lanes, Conventional Managed Lanes, Conventional I-15 ML expansion, San Diego I-15 ML expansion, San Diego Katy I-10 MLs, Houston Katy I-10 MLs, Houston I-495 Beltway HOT lanes, No. Virginia I-495 Beltway HOT lanes, No. Virginia I-95/395 HOT lanes, No. Virginia I-95/395 HOT lanes, No. Virginia I-95 express toll lanes, Baltimore I-95 express toll lanes, Baltimore I-595 express toll lanes, Ft. Lauderdale I-595 express toll lanes, Ft. Lauderdale I-70 toll truck lanes (MO, IL, IN, OH) I-70 toll truck lanes (MO, IL, IN, OH)

Reason Foundation, 14 What are PPP’s? Lease, not sale of asset Lease, not sale of asset Source of new capital Source of new capital Typically raise more money than public agenciesTypically raise more money than public agencies Upfront fees and/or toll revenue sharingUpfront fees and/or toll revenue sharing Better management Better management Life cycle managementLife cycle management New infrastructure faster New infrastructure faster Minimize risks to taxpayers Minimize risks to taxpayers

Reason Foundation, 15 How They Work Private firm designs, finances, builds, operates for N years Private firm designs, finances, builds, operates for N years Concession agreement protects public interest Concession agreement protects public interest Length of leaseLength of lease Credible toll revenue streamsCredible toll revenue streams Timeline for improvementsTimeline for improvements Specify toll rate increasesSpecify toll rate increases Competitive selection processCompetitive selection process

Reason Foundation, 16 Changes in Responsibilities

Reason Foundation, 17 Concerns about PPPs “Real” “Real” PrivacyPrivacy Property rights/Eminent domainProperty rights/Eminent domain Rent SeekingRent Seeking “Efficient” socialism“Efficient” socialism Red herrings Red herrings Foreign ownershipForeign ownership Monopoly pricingMonopoly pricing

Reason Foundation, 18 ? Adrian Moore, Ph.D. Reason Foundation