Keep an Eye on the Shift to Public-Private Partnerships Happening Throughout the Country
Posted on November 19, 2019
We are seeing a very sharp turn toward public-private partnerships (P3s) throughout the United States. As officials have critical projects and require alternative funding options, P3s are attractive to them. These options are appealing to private companies because they have the potential to bring in a new source of revenue. Keep reading to learn about some of latest P3s in the country and contact Fund Control at 800-625-5972 if you need help with fund control options.
The University of Iowa is looking at P3 options for its multimillion-dollar project to build a university power plan that both helps the university and generates revenue for it. The University of Alabama is looking at a P3 for a utility system as well, though they have started by asking for proposals from financial advisors who can help them determine if the project is viable. If they decide that it is, then they will develop a solicitation document to get private sector folks interested in the project.
The Foothill-De Anza Community College District in Arizona is considering options to construction and/or renovate several buildings, including a 48-year-old performing arts center and two student housing options. The University of Minnesota Rochester is working with the YMCA and hopes to add a third party to the group as they explore opportunities to add student housing. The proposed project would include a 150,000 square foot facility, 30,000 of which would be used by the YMCA to build a wellness center.
The Department of Transportation in Georgia recently announced that they will be holding an Industry Forum in November and that the forum will look at the nearly $2 billion project to add express lanes to State Route 400 for more than 16 miles. Private companies will be able to schedule one-on-one- meetings to discuss their interest in the project.
In Pennsylvania, the Department of Transportation is looking at P3 options for its infrastructure projects. For example, PennDOT is open to accept unsolicited P3 proposals for innovative alternatives to deliver transportation projects including roads, brings, aviation, and more. These proposals may include efficient models to replace existing programs and services. The Public-Private Transportation Partnership Board, which is made up of seven members, will have the final word on which proposals – if any – are accepted.
Everyone in the Construction Industry Can Benefit from Increased Options
Are P3s right for every project? Of course not – but the more options there are, the better it is for both those in the construction industry and those in private companies. If you are interested in fund control options that can change the way you do work – for the better – then we invite you to contact Fund Control at 800-625-5972 for a free demonstration of how our software can work for you.