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What States Should Know When Considering Public-Private Partnerships to Fund Transportation

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What States Should Know When Considering Public-Private Partnerships to Fund Transportation Driven by Dollars What States Should Know When Considering Public-Private Partnerships to Fund Transportation MARCH 2009 The Pew Charitable Trusts applies the power of knowledge to solve today’s most challenging problems. Our Pew Center on the States identifies and advances effective policy approaches to critical issues facing states. PEW CENTER ON THE STATES Susan Urahn, managing director Research Team Design and Publications Team Michele Mariani Vaughn Carla Uriona Lori Grange Alyson Freedman Melissa Maynard Communications Team Kil Huh Andrew McDonald Jane Breakell Janet Lane Ann Cloke Jessica Riordan Research Consultants G. Edward DeSeve, Chairman, Strategy and Solution Partners Timothy James, Professor, W.P. Carey School of Business, Arizona State University Donald F. Kettl, Robert A. Fox Leadership Professor, University of Pennsylvania Katherine Barrett and Richard Greene, Barrett and Greene, Inc. Will Wilson ACKNOWLEDGMENTS LEARN MORE The following three experts served as external reviewers for this report. While these experts have screened the report for accuracy, For more information from the Pew Center on neither they nor their organizations necessarily endorse its findings the States about economic competitiveness or conclusions. We thank them for their assistance. and government efficiency and effectiveness, please see: Jennifer L. Dorn, President and Chief Executive Officer, National Academy of Public Administration • Grading the States 2008, assessing all 50 states on how well they manage their infrastructure Mortimer Downey, President, Mort Downey Consulting LLC www.pewcenteronthestates.org/gpp John Sellers, former Global Head of Project Finance, • Susan K. Urahn on Federal Stimulus for States Banque Paribas www.pewcenteronthestates.org We would also like to thank Kathy Litzenberg and Stephen Sheikhli • Growth and Taxes , analyzing how states use for their editorial assistance, John Tierno for his graphic assistance, their tax systems to encourage economic vitality and Mike Heffner, Lucy Pope and Denise Kooper of 202design for www.pewcenteronthestates.org/report_detail. their design assistance. aspx?id=33218 For additional information on the Pew Center on the States, • Stateline.org — Economy and Business, Taxes please visit www.pewcenteronthestates.org . and Budget www.stateline.org ©2009 The Pew Charitable Trusts • The Partnership for America’s Economic 901 E Street NW, 10 th Floor 2005 Market Street, Suite 1700 Success, examining the economic return on Washington, DC 20004 Philadelphia, PA 19103 investing in children www.partnershipforsuccess.org March 2009 Dear Reader: America’s infrastructure is in desperate need of repair. Our deteriorating highways, roads and bridges and the increasing demands for new transportation networks have left us with an annual gap of $47 billion between the projects the nation needs and those it can afford. The stakes are high: failing to close the gap and improve our infrastructure could hurt states’ ability to attract businesses and compete in the global economy, and reduce the quality of life for millions of Americans. In today’s economic crisis, bridging the gap will take new ideas and new sources of revenues. Increasingly, cash-strapped states are considering public-private partnerships to generate new money for needed projects. Public-private partnerships have been used around the world for years to underwrite infrastructure, but they’ve only recently gained a foothold in the United States. The deals are complex, typically stretching for decades and involving billions of dollars. In this report, the Pew Center on the States analyzed Pennsylvania’s recent debate about leasing its turnpike as a case study to determine whether lawmakers had the information they needed to make a sound decision, and to highlight what other states can learn from those deliberations. Pennsylvania’s experience will be useful to policy makers across the country as they examine public-private partnerships and consider such deals to fund their infrastructure needs. The Pennsylvania case—and the experiences of other states and countries—illustrate how long-term deals are often debated with a short-term perspective. Pennsylvania policy makers did a lot right in their first exploration of such a lease, but they fell short in key areas of how the deal was proposed, structured and handled. If Pennsylvania and other states want to pursue successful public-private partnerships, more questions need to be asked—and answered. Driven by Dollars builds on the work of the Center, which grades states on how well they manage their infrastructure and assesses states’ fiscal health and economic competitiveness. We hope this report will help inform and guide states as they consider public-private partnerships as a way to fund their infrastructure needs. Sincerely, Susan Urahn Managing Director, The Pew Center on the States Driven by Dollars Executive Summary In 2008, Pennsylvania policy makers debated The current trend is unsustainable. Congestion whether to lease the Pennsylvania Turnpike to a and pollution will continue to increase, public private consortium for 75 years in exchange for safety will be compromised, and states’ economic an upfront payment of $12.8 billion. The proposal, growth and ability to attract and retain strong as structured and handled, was seriously flawed businesses will falter if the nation’s transportation and, as of this report’s release, has failed system fails to receive the investments it needs. to move forward. While officials in both the Policy makers are seeking all kinds of solutions. executive and legislative branches were well Federal funding—through the stimulus package, informed and had sound information about some a proposed infrastructure bank or both—will aspects of the proposed partnership, they lacked help. But the gap remains large, and as a result, crucial and accurate analysis about other state leaders are looking to partner with the aspects. But in the aftermath of that failed deal, private sector. Recent long-term leases of the Pennsylvania’s unfunded infrastructure needs Chicago Skyway and the Indiana Toll Road to remain, and the state may again consider leasing consortiums of private operators in exchange for assets to help pay its bills. Pennsylvania is just one sizable upfront payments have heightened states’ of a growing number of states thinking about interest; Massachusetts, Florida and New York are public-private partnerships, making it imperative among those contemplating similar deals. that policy makers across the country learn from its experience. To help state policy makers across the country understand the information they need to have In 2008, the federal Highway Trust Fund—one of and the questions they need to answer when the nation’s primary sources of funding for considering public-private partnerships to fund highway renovation and construction—almost infrastructure, the Pew Center on the States used went broke. States, hurting from falling revenues the Pennsylvania experience as a case study. We of all kinds, including gas tax proceeds, lack the sought to assess what the state did well and money to meet their own infrastructure needs. where the process could have been improved. To These funding problems have turned into a crisis. accomplish this, we interviewed state officials and Every year, the numbers worsen. Much-needed advisors, legislators, representatives of the bidders highway repairs are being neglected, and the and the Turnpike Commission, and transportation cumulative shortfall between those needs and and finance experts; reviewed the lease proposal available funding is about $47 billion a year. 1 and relevant documents; and researched similar deals in other states and countries. Driven by Dollars 1 EXECUTIVE SUMMARY Key Findings from the standards and the condition in which the private Pennsylvania Experience operator would have to hand the road back to the state at the end of the lease. What Went Right? G Pennsylvania thoroughly identified its What Undermined the Deal? infrastructure needs and conducted due G Discussions between the executive and legislative diligence before negotiating with bidders . branches could have been handled better. The funding debate stemmed from a Governor Edward G. Rendell, long interested in a comprehensive assessment of the state’s lease of the Pennsylvania Turnpike to help the highway and transit needs conducted in 2006. state generate some of the cash needed to fill its That report indicated that Pennsylvania needs infrastructure funding gap, opted to pursue a to spend $1.7 billion more each year to maintain public-private partnership just after the state had its current transportation system. The state enacted Act 44, a landmark transportation commissioned additional reports on the funding bill. Members of the legislature, turnpike’s finances, condition and traffic to particularly supporters of Act 44, were confused help inform and guide state officials in the by the timing of the governor’s decision and felt bidding process. they had been excluded from the process. Many were less inclined to look favorably on the lease, a G The bidding process was well-run and produced sentiment that grew when the winning bid was the highest possible bid, given the lease terms set billions less than many lawmakers expected. by the state and prevailing market conditions at the time . G The financial assumptions related to the deal were overly optimistic . Pennsylvania managed a competitive bidding process. The state
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