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Public Private Partnerships: Their Limits and Potential for the Private Provision of Transportation Infrastructure

Public Private Partnerships: Their Limits and Potential for the Private Provision of Transportation Infrastructure. Adrian Moore, PH.D. Vice President Reason Foundation Adrian.moore@reason.org. Mind the Gap. Existing Highway and Transit Needs Estimates.

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Public Private Partnerships: Their Limits and Potential for the Private Provision of Transportation Infrastructure

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  1. Public Private Partnerships: Their Limits and Potential for the Private Provision of Transportation Infrastructure Adrian Moore, PH.D. Vice President Reason Foundation Adrian.moore@reason.org

  2. Mind the Gap Existing Highway and Transit Needs Estimates Reason Foundation, http://www.reason.org

  3. The gas tax is not a viable funding alternative(Decline in real value of the fuel tax $1997) 5.00 4.00 3.00 Cents per mile 2.00 1.00 0 1950 1960 1970 1980 1990 2000 2010 Average Reason Foundation, http://www.reason.org

  4. Where will the money come from? Federal level interstate and goods movement needs are appreciable But, most of the gap is state and local More state and local commitment Public Private Partnerships

  5. Transportation’s “Brave New World” • Open road tolling • Dynamic tolling • Private equity • Public funds focus on “untollable” projects Reason Foundation, http://www.reason.org

  6. Technology, pricing and stages of road privatization 1 2 3 Reason Foundation, http://www.reason.org

  7. Paris A86 Extension ($1.5 billion) Reason Foundation, http://www.reason.org

  8. Viaduc de Millau: $500 million Reason Foundation, http://www.reason.org

  9. I 15 MANAGED LANES Main Lanes Managed Lanes Direct AccessRoad to Arterial BRTStation Direct TransitAccess Ramps

  10. Capitol Beltway HOT Lanes

  11. New Toll Roads: Extensions • South Bay Expressway (SR 125), San Diego (in operation) • Dulles Greenway, No. Virginia (in operation) • SH 130, Austin to San Antonio (financed) • Mon-Fayette Expressway, Pittsburgh (pre-proposal stage)

  12. New Toll Roads: Missing Links • Triangle Expressway, Raleigh, NC (pre-RFQ stage) • Outer Beltway, Jacksonville, FL (RFQ stage) • Southern Beltway, Pittsburgh (pre-RFQ) • Grand Parkway, Houston (2 unsolicited proposals)

  13. Managed Lanes, Conventional • I-15 ML expansion, San Diego • Katy I-10 MLs, Houston • I-495 Beltway HOT lanes, No. Virginia • I-95/395 HOT lanes, No. Virginia • I-95 express toll lanes, Baltimore • I-595 express toll lanes, Ft. Lauderdale • I-70 toll truck lanes (MO, IL, IN, OH)

  14. What are PPP’s? • Lease, not sale of asset • Source of new capital • Typically raise more money than public agencies • Upfront fees and/or toll revenue sharing • Better management • Life cycle management • New infrastructure faster • Minimize risks to taxpayers Reason Foundation, http://www.reason.org

  15. How They Work • Private firm designs, finances, builds, operates for N years • Concession agreement protects public interest • Length of lease • Credible toll revenue streams • Timeline for improvements • Specify toll rate increases • Competitive selection process Reason Foundation, http://www.reason.org

  16. Changes in Responsibilities Reason Foundation, http://www.reason.org

  17. Concerns about PPPs • “Real” • Privacy • Property rights/Eminent domain • Rent Seeking • “Efficient” socialism • Red herrings • Foreign ownership • Monopoly pricing Reason Foundation, http://www.reason.org

  18. ? Adrian Moore, Ph.D. Reason Foundation Adrian.moore@reason.org Reason Foundation, http://www.reason.org

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