Last month, RS&H’s Phil Schwab authored an article in the American Society of Highway Engineers (ASHE) news update, Inside Lane. The article, “P3s offer financial and design flexibility,” provides an overview of a public-private partnership, a contractual agreement between a public agency and private-sector entity to deliver a public service or facility with the use of private funding.
Mr. Schwab explains five major benefits to this type of model, including:
- Acceleration of major project improvements
- Unique project elements
- Fostering innovation
- Risk transfer
- Increase performance
According to the article, both the public and private sectors provide advantages to managing these projects, and together these benefits can combine to facilitate a better and more cost-efficient project.