Public Private Partnerships (P3s) can provide private capital and innovation to help governments meet the increasing demand for infrastructure improvements. A public private partnership is an agreement between a governmental entity and a private entity to deliver a service or a project. It is a collaboration of the best attributes of a government and a private firm. The government can provide tax incentives, oversight, an institutionalized process, and has inherent power. The private sector brings private capital, innovation, efficiencies, and an incentive to deliver in exchange for the opportunity of a return on its investment.
In practice, P3s take a variety of forms, including: (1) design-build, (2) build-operate-transfer, (3) design-build-operate-transfer, (4) design-build-finance-operate-transfer, and (5) program management fee service contracts. P3s have been successfully used across the country for projects including roads, rail, transit, economic development, water and waste water, parking garages, street lighting, and college dormitories.
Is your municipality considering a public-private partnership? Take a look at one of our current projects with the Marquette County Road Commission and the First National Bank & Trust Co. of Iron Mountain,here.