1. Report No. FHWA-HIN-17-006 | 2. Government Accession No. | 3. Recipient's Catalog No. | ||
4. Title and Subtitle Report on Highway Public-Private Partnersyhip Concessions in the United States | 5. Report Date December 2016 | |||
6. Performing Organization Code | ||||
7. Author(s) Benjamin Perez, Reno Giordano, Matthew Woodhouse, Jennifer Thompson | 8. Performing Organization Report No. | |||
9. Performing Organization Name And Address WSP | Parsons Brinckerhoff Cambridge Systematics, Inc. | 10. Work Unit No. (TRAIS) | |||
11. Contract or Grant No. DTFH61-13D-00014 | ||||
12. Sponsoring Agency Name and Address Federal Highway Administration | 13. Type of Report and Period Covered | |||
14. Sponsoring Agency Code | ||||
15. Supplementary Notes Contracting Officer's Technical Representative: Patrick DeCorla-Souza, FHWA Office of Innovative Program Delivery | ||||
16. Abstract Public-Private Partnership (P3s) concessions are an integrated service delivery approach where a public transportation agency enters a contractual agreement with a private sector entity to deliver a service and/or facility for a specific period. Under the P3 approach, the private sector entity is singly responsible for the design, construction, finance, operations, maintenance, operation and renewal (if needed) of facilities for a specified concession period. P3 procurements encourage private sector partners to innovate and generate value through integrated delivery, effective risk management, and application of whole-life cost perspectives. This report assesses the experience of the 28 highway P3 concession projects that have been implemented in the U.S. since 1992. The report presents trends that have occurred for three groups of P3 projects: real toll concessions, availability payment concessions and long-term leases. The report analyzes how financing strategies and procurement structures have evolved over time, focusing on federal financial tools and related approvals. The report includes an appendix with 28 narrative P3 Story documents providing comprehensive information on the different highway P3 projects. These naratives describe how the projects came to be procured on a P3 basis. They provide physical descriptions of the projects, the history behind them and the steps that led to the decision to implement them on a P3 basis. The narratives also describe the procurement process that was used to award the P3 concessions, descriptions of how they were financed, the implementation process, and significant developments that have occurred since these innovative projects entered service. | ||||
17. Key Words Public-private partnerships, highways, project delivery, project finance, tolling, real toll concessions, availability payment concessions, long-term lease concessions, SEP-15, GARVEE, TIFIA, Private Activity Bond. | 18. Distribution Statement No restrictions | |||
19. Security Classif. (of this report) Unclassified | 20. Security Classif. (of this page) Unclassified | 21. No. of Pages 112 | 22. Price N/A | |
Form DOT F 1700.7 (8-72) | Reproduction of completed page authorized | |||