Abstract
This chapter assesses the experience of highway Public-Private Partnership (P3) concession projects that have been implemented in the USA since 1992. It presents trends that have occurred for three groups of P3 projects—toll concessions for new facilities, availability payment concessions for new facilities, and long-term leases of existing facilities—and analyzes how financing strategies and procurement structures have evolved over time. In general, public agencies have benefited from delivery of major highway projects through P3s. Benefits have included expedited project delivery, allocation of risk to private partners, improved budget and schedule certainty for the public agency, performance levels meeting standards required by the P3 agreements, and conservation of public sector debt capacity which allowed other non-P3 projects to move forward.
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Notes
- 1.
Fitch Ratings. (2021). Most U.S. Managed lanes stable amid pandemic fallout. Fitch Ratings. Retrieved 5 July, 2021, from https://www.fitchratings.com/research/infrastructure-project-finance/most-us-managed-lanes-stable-amid-pandemic-fallout-24-02-2021.
- 2.
LBJ TEXpress. (2021). LBJ Express FAQs: Tolls, pricing and financing. LBJ TEXpress. Retrieved 5 July, 2021, from https://www.lbjtexpress.com/faq-page#t77n210.
- 3.
Federal Highway Administration. (2016). Guidebook on financing of highway public-private partnership projects. Center for Innovatiive Finance Support. Retrieved 5 July, 2021, from https://www.fhwa.dot.gov/ipd/pdfs/p3/p3-toolkit_p3_project_financing_guidebook_122816.pdf.
- 4.
Federal Highway Administration. (2021). Report on highway public-private partnership concessions in the United States. Center for Innovatiive Finance Support. Retrieved 5 July, 2021, from https://www.fhwa.dot.gov/ipd/pdfs/p3/p3-toolkit_report_on_highway_p3s_122916.pdf.
Abbreviations
- CPI:
-
Consumer price index
- DOT:
-
Department of Transportation
- FDOT:
-
Florida Department of Transportation
- HOT:
-
High-occupancy toll
- I:
-
Interstate
- P3:
-
Public-private partnership
- PAB:
-
Private activity bonds
- PR:
-
Puerto Rico
- SAFETEA-LU:
-
Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users
- SANDAG:
-
San Diego Association of Governments
- SH:
-
State highway
- TEA-21:
-
Transportation Equity Act for the 21st century
- TIFIA:
-
Transportation Infrastructure Finance and Innovation Act
Acknowledgement
This chapter updates and builds upon information in the FHWA publication Report on Highway Public-Private Partnership Concessions in the United States.Footnote 4 The views expressed in this chapter are those of the authors and not necessarily the views of the U.S. Department of Transportation (USDOT) or the Federal Highway Administration (FHWA).
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DeCorla-Souza, P., Sullivan, M. (2022). Highway Public-Private Partnership Projects in the United States. In: Hakim, S., Clark, R.M., Blackstone, E.A. (eds) Handbook on Public Private Partnerships in Transportation, Vol II. Competitive Government: Public Private Partnerships. Springer, Cham. https://doi.org/10.1007/978-3-031-04628-5_12
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DOI: https://doi.org/10.1007/978-3-031-04628-5_12
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