Virginia’s P3 Program Morteza Farajian, PhD.

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Presentation transcript:

Virginia’s P3 Program Morteza Farajian, PhD

Virginia’s Public-Private Partnership (P3) 11/13/2018 Political/ Public Support Public Sector Capacity Virginia’s P3 Program Risk Analysis & Optimization P3 Legislation Pipeline of Projects Standardized Processes

PUBLIC-PRIVATE TRANSPORTATION ACT OF 1995 Encourages investment by private entities Authorizes private entities to develop and operate qualifying transportation facilities Allows for solicited and unsolicited proposals Requires guidelines that detail the proposal acceptance and review process Requires Responsible Public Entity (RPE) to adopt guidelines Award based on best value - does not require procuring agency to accept lowest price offer.

Virginia P3 Projects delivered Total Project Value = $7 Billion Economic Activity = $5.5 Billion and increasing PPTA Project Contract Executed Total $$ Value Route 288 December 18, 2000 $236 M Route 199 October 21, 2002 $31.4 M Route 895 June 22, 2006 $611 M Capital Beltway Express Lanes December 19, 2007 $1.9 B I-95 Express Lanes July 31, 2012 $925 M Regional Traffic Operation Centers July 1, 2013 $355 M Dulles Rail June 2006 $1.5 B Coalfields Expressway January 11, 2002 $2.8 B Route 28 September 25, 2002 $351 M Route 58 December 15, 2003 $223 M Elizabeth River Crossing (Midtown Tunnel) April 13, 2012 $2.1 B

P3 Guidance Documents Commonwealth’s PPTA Implementation Manual & Guidelines (2015) Increases Transparency Increases Competition Increases Public Engagement P3 Risk Management Guide P3 Value for Money Guide P3 Public Engagement Guide

P3 Project Delivery Framework

P3 Project Screening High-Level Criteria: Detail-Level Criteria: Ability to Transfer Risk Funding Requirement Ability to Raise Capital Complexity of Effectively Leveraging Private Sector Innovation/Expertise Addresses Priorities in State, Regional and/or Local Transportation Plan Project Efficiencies through P3 Delivery Detail-Level Criteria: Public Need and Benefits Economic Development Market Demand for P3 Delivery Stakeholder Support Technical Feasibility Systematic Interface and Compatibility Financial Feasibility Legal/Legislative Feasibility Project Risks

P3 Risk Management Framework

Morteza.Farajian@vdot.virginia.gov www.p3virginia.org Virginia’s P3 Program Morteza.Farajian@vdot.virginia.gov www.p3virginia.org