Crain’s Detroit Business: Public-private partnerships a good path for project funding in Michigan

May 4, 2015

Joe Neussendorfer is an affiliate member of the American Society of Civil Engineers, a member of the Engineering Society of Detroit and a member of the American Bar Association’s forum on construction law.

The National Governors Association Center for Best Practices, in partnership with the National Conference of State Legislatures and the Center for Excellence in Project Finance at the American Association of State Highways and Transportation, recently held a workshop to assist state teams exploring how public-private partnerships, often called P3s, might be used to improve transportation infrastructure at a time when taxes alone will not provide all of the money needed for such a daunting task ahead.

What is a P3? A definition is a single private-sector or a group of private-sector partners who provide upfront financing for a capital project, and designs and builds the project based on criteria from a public entity, such as a state highway department, then operates and maintains the project for a specified time in exchange for a combination of user fees or other government transfer payments.

Read Mr. Neussendorfer’s entire article at Crain’s Detroit Business by clicking here.

 

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