Public-private partnerships (P3s) have been a popular method of funding development projects in Atlanta, Georgia for many years. These partnerships are formed between public entities such as the Georgia Department of Transportation (GDOT) and private companies, and can be used to complement other traditional and innovative delivery methods of the GDOT. P3s offer a range of benefits, including the ability to accelerate project execution, access to additional capital, a longer-term view of asset management, and reduced public costs. The Office of Public-Private Partnerships (OPPP) has identified 201 candidate projects for P3s, with projects under acquisition, construction, and completion.
The Public-Private Financing and Investment Act (PPFIA) requires local governments to adopt guidelines that are sufficient to comply with the PPFIA before implementing any comprehensive agreement for the development or operation of a project that qualifies as an unsolicited proposal. AECOM Consult Inc. has published a User Guide on Implementing Public-Private Partnerships for Transportation Infrastructure Projects in the United States. This guide provides an overview of the process for developing P3s, including the steps involved in identifying potential projects, evaluating them, and selecting the most suitable option.
It also outlines the roles and responsibilities of each party involved in a P3 agreement. The diverse nature of P3s means that they can be considered at multiple decision points in the project development process. This allows for greater flexibility in terms of financing options and project delivery methods. It also allows for more efficient use of resources and better alignment between public and private interests.
Public-private partnerships have been used to fund many successful development projects in Atlanta, Georgia. By following the guidelines outlined by the OPPP and AECOM Consult Inc., local governments can ensure that they are compliant with the PPFIA when implementing P3 agreements. This will enable them to take advantage of all the benefits that P3s have to offer, such as access to additional capital, a longer-term view of asset management, and reduced public costs.