Highways have become a symbol of modern America (Levinson, 2004), and infrastructure investment plays a pivotal role both in short-term and long-term economic growth and in job creation. In the US, it represents 16% of the gross national product, and every dollar of public investment in highways has a net rate of return of 22 cents, and every billion dollars of federal highway investment generates 47,500 jobs (AASHTO 2003). In response to the inabilities to raise government revenues in the US, aging infrastructure systems, and high construction and O/M costs, infrastructure development has steadily become a collaboration work between the public and private sector. In liberalized infrastructure markets, various governance structures are being tested for application of public-private partnerships (PPPs or P3s) strategies in infrastructure development (Estache, 2004).
This thesis aims to review the key complex PPP issues in transportation renewal projects in the US that adopt PPPs. While PPPs can be applied to a range of agreements, the PPP projects to be studied and analyzed in this paper will be limited to those involving complex financing, design, construction and long-term operation and maintenance of transportation infrastructure of at least 10 years. These issues are examined in the context of six case studies in six different state across the US by means of interview and archival record. Findings resulting from this work suggested that PPPs have been increasingly implemented by departments of transportation in the US as a mean to tape into private resources. In addition, this research identified four key complex PPP issues in transportation projects as such Economic issue, Procurement issue, Risk Issue, and Governance issue. States have established a dedicated organizational unit to facilitate the use of PPPs, for example High Performance Enterprise (HPTE) in Colorado and Innovative Project Delivery Division in Virginia, but there exist no standards or best practices in the United States for procurement, concession terms, or risk-sharing.
|Advisor:||Strong, Kelly C.|
|Commitee:||Grigg, Neil S., Ozbek, Mehmet E.|
|School:||Colorado State University|
|School Location:||United States -- Colorado|
|Source:||MAI 53/06M(E), Masters Abstracts International|
|Subjects:||Finance, Transportation planning|
|Keywords:||Public private partnerships, Transportation renewal projects, United states infrastructure investment|
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