1. P3 EVIDENCE PROJECT Jonathan L. Gifford George Mason University
Center for Transportation Public-Private Partnership Policy

2. Motivation How well are P3s meeting their sponsors’ objectives?
What are their objectives?
Efficiency & lack of funding are frequently cited
Academic emphasis on P3 efficiency: easier to measure
Industry emphasis on VfM studies: easier to communicate savings
Media: easier to communicate lack of resources
What other goals does the public sector consider?
Are project goals changing once P3 delivery is considered?
Are the other goals achieved being communicated to the public?

3. P3 Evidence Phase 1 Project selection using three criteria:
Type of infrastructure: surface transportation
Market maturity: financial close after 2003.
Type of contract: long term engagement (DBFOM, DBFM, DBOM)
Out of a 22-project universe, 6 projects selected
Virginia’s I-495 Express Lanes
Colorado’s U.S. 36 Express Lanes
Virginia’s I-95 Express Lanes
Florida’s Port of Miami Tunnel
California’s Presidio Parkway
Texas’ LBJ TEXpress Lanes
Methodology: interviews with participants, analysis of project documentation

4. Main Objectives Identified & Evidence
Congestion management and user experience
Travel time and average speed
I-495 & I-95 Express Lanes. U.S. 36
Accessing private-sector funding and financing
Private equity and loans. Federal support
I-495 & I-95 Express Lanes. U.S. 36. Presidio Parkway. Port of Miami Tunnel. LBJ TEXpress Lanes
Accelerating project delivery
Deliver project earlier
I-495 Express Lanes
Cost, schedule, and facility or service quality/certainty
Relevant for large scale projects, particularly tunnels after the Big Dig
Port of Miami Tunnel. LBJ TEXpress Lanes

5. Main Objectives Identified & Evidence
Accessing private-sector expertise and innovation
Bored tunnel technology in Port of Miami Tunnel
Trench and cantilever design in LBJ TEXpress Lanes
Modified design and electronic tolling in I-495 Express Lanes
Risk management
Geotechnical risk in Port of Miami Tunnel
Debt repayment in I-495 & I-95 Express Lanes, U.S. 36, Presidio Parkway, LBJ TEXpress Lanes
Increase transit infrastructure and funding
Project funding allows combination of different objectives
U.S I-95/I-395 Express Lanes (extension)

6. Findings Multiple objectives Goal achievement
Not all goals related to efficiency gains or private sector funding
Goal achievement
Not all goals are measured and disclosed (e.g., redevelopment, tolling improvements)
Overall goals are achieved
There are exceptions (e.g., on-time delivery for U.S. 36)
Transparency practices gaps
Disclosure is not citizen friendly across states and projects

7. Discussion
How can public agencies broaden P3 objectives, communicate more effectively?
Consider private sector involvement earlier to adopt ATCs (I-495 Express Lanes vs Presidio Parkway)
Measure the status quo (e.g., public sector tolling collection, maintenance & neglect costs, etc.)
Measure direct and indirect outcomes (e.g., redevelopment, accident reduction, etc.)
Measure impact and provide before-after analysis, and results-vs-projection analysis
Introduce transparency practices to improve public trust
Introduce value capture opportunities to diminish political opposition blocking P3 benefits

8. What’s Next? Final report for cases 1-6 available in July.
Extending work with 3 additional cases (tentatively Ohio River Bridges, Goethals, Midtown Tunnel)
Seeking additional support/partners for remaining 13 cases
Outreach/dissemination to elected officials, decision makers

9. P3 EVIDENCE PROJECT Jonathan L. Gifford George Mason University
Center for Transportation Public-Private Partnership Policy