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Report on Highway Public-Private Partnership Concessions in the United States

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Report on Highway Public-Private Partnership Concessions in the United States Report on Highway Public-Private Partnership Concessions in the United States December 2016 Report on Highway Public-Private Partnership Concessions in the United States Notice This document is disseminated under the sponsorship of the U.S. Department of Transportation in the interest of information exchange. The U.S. Government assumes no liability for the use of the information contained in this document. The U.S. Government does not endorse products or manufacturers. Trademarks or manufacturers’ names appear in this report only because they are considered essential to the objective of the document. Quality Assurance Statement The Build America Bureau and the Federal Highway Administration (FHWA) provide high-quality information to serve Government, industry, and the public in a manner that promotes public understanding. Standards and policies are used to ensure and maximize the quality, objectivity, utility, and integrity of information. The Bureau and FHWA periodically review quality issues and adjust their programs and processes to ensure continuous quality improvement. Report on Highway Public-Private Partnership Concessions in the United States Technical Report Documentation Page 1. Report No. 2. Government Accession No. 3. Recipient’s Catalog No. FHWA-HIN-17-006 4. Title and Subtitle 5. Report Date Report on Highway Public-Private Partnersyhip Concessions in the United States December 2016 6. Performing Organization Code FHWA 7. Author(s) 8. Performing Organization Report No. Benjamin Perez, Reno Giordano, Matthew Woodhouse, Jennifer Thompson 9. Performing Organization Name And Address 10. Work Unit No. (TRAIS) WSP | Parsons Brinckerhoff 1015 Half St SE 11. Contract or Grant No. Washington, DC 20590 DTFH61-13D-00014 Cambridge Systematics, Inc. 4800 Hampden Lane, Suite 800 Bethesda, MD 20814 12. Sponsoring Agency Name and Address 13. Type of Report and Period Covered Federal Highway Administration Office of Innovative Program Delivery 14. Sponsoring Agency Code 1200 New Jersey Avenue, SE Washington, DC 20590 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 18. Distribution Statement Public-private partnerships, highways, project delivery, project finance, tolling, No restrictions real toll concessions, availability payment concessions, long-term lease concessions, SEP-15, GARVEE, TIFIA, Private Activity Bond. 19. Security Classif. (of this report) 20. Security Classif. (of this page) 21. No. of Pages 22. Price Unclassified Unclassified 112 N/A Form DOT F 1700.7 (8-72) Reproduction of completed page authorized M Report on Highway Public-Private Partnership Concessions in the United States Preface On July 17, 2014, the Build America Investment Initiative was implemented as a government-wide effort to increase infrastructure investment and economic growth. As part of that effort, the U.S. Department of Transportation (USDOT) established the Build America Transportation Investment Center (BATIC). The BATIC helped public and private project sponsors better understand and utilize public-private partnerships (P3s) and provided assistance to sponsors seeking to navigate the regulatory and credit processes and programs within the Department. In December 2015, the Fixing America’s Surface Transportation Act (FAST Act) was enacted, which directed USDOT to establish a National Surface Transportation Infrastructure Finance Bureau, which was renamed the Build America Bureau (the Bureau). Building upon the work of the BATIC, the Bureau was established in July 2016 as USDOT’s go-to organization to help project sponsors who are seeking to use Federal financing tools to develop, finance and deliver transportation infrastructure projects. The Bureau serves as the single point of contact to help navigate the often complex process of project development, identify and secure financing, and obtain technical assistance for project sponsors, including assistance in P3s. The Bureau replaces the BATIC and is now home to DOT’s credit programs, including Transportation Infrastructure Finance and Innovation Act (TIFIA), the Railroad Rehabilitation and Improvement Financing (RRIF) and Private Activity Bonds (PAB). The Bureau also houses the newly-established FASTLANE grant program and offers technical expertise in areas such as P3s, transit oriented development and environmental review and permitting. The Bureau is also tasked with streamlining the credit and grant funding processes and providing enhanced technical assistance and encouraging innovative best practices in project planning, financing, P3s, project delivery, and monitoring. Working through the Bureau, USDOT has made significant progress in its work to assist project sponsors in evaluating the feasibility of P3s, and helping simplify their implementation. In response to requirements under the Moving Ahead for Progress in the 21st Century Act (MAP-21) and the FAST Act to develop best practices and tools for P3s, the Bureau, jointly with FHWA, is publishing this report on U.S. highway P3 concessions. M Report on Highway Public-Private Partnership Concessions in the United States Executive Summary The increasing use of Public-Private Partnerships (P3) concessions as a delivery option for complex highway projects in the US has been facilitated through a wide range of financial, technical and policy initiatives undertaken by the US Department of Transportation (USDOT). This Report on P3s assesses and synthesizes the experience of the 28 highway P3 concession projects that have been implemented in the U.S. since 1992. The report assesses trends and market developments that have occurred for three different groups of P3s: real toll concessions, availability payments concessions and long-term leases. The report analyzes how the use of different financing strategies and procurement structures have evolved over time, focusing in particular on the use of federal financial tools and related approvals. The report includes an appendix with 28 narrative P3 Story documents providing comprehensive information on each highway P3 project that has reached financial close in the United States since 1992. These documents convey the stories behind these projects and how they came to be procured on a P3 basis. Presented in a parallel format, the P3 Story documents provide physical descriptions of the different projects and describe the history behind them and the steps that led to the decision to implement them on a P3 basis. The P3 Story narratives also describe the procurement process that was used to award the P3 concessions and thorough descriptions of how they were financed. They also discuss the implementation process and track significant developments that have occurred after these innovative projects entered service. The report has been prepared using information from a wide variety of sources. These include reports and other documentation available on project websites, information from FHWA’s extensive project databases, industry journals, and interaction with public agencies sponsoring P3 projects and private sector developers who implement and operate P3 projects. The information in the body of the report is largely synthesized from the contents of the P3 Story documents. This Report on P3s is organized into four chapters. Chapter 2 provides a brief overview of P3 typologies, transaction types and payment models and accompanying discussions of the opportunities and challenges encountered in application of this delivery option. Chapter 3 provides an overview of the federal role in the P3 concession process, identifying the different financial tools and related approval processes that can be used to advance P3 projects, as well as Build America Bureau and FHWA activities supporting P3 concession
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