Public-Private Partnerships for Public Buildings. Discussion Materials May 3, 2011
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1 Public-Private Partnerships for Public Buildings Discussion Materials May 3, 2011 P3 Team FY 14 Kick Off Meeting December 11, 2013
2 What is a Performance Based PPP for Public Buildings? Objectives of the Performance Based PPP approach include: Accelerated delivery of new and rehabilitated facilities Better control of school facility costs, schedule and maintenance Predictable funding requirements for school infrastructure and services A whole-life solution to school construction and maintenance Transferring risk to the private sector Frees up funds to finance improvements for other buildings Selectivity PPP is only pursued if it yields greater benefits than traditional procurement Specialization allows for both mainstream integration and upgraded, dedicated facilities for special education In the UK, an example of the measured benefits of PPP: Before PPP: 73% of government construction programs ran over budget 70% came in late Under PPP, by 2003: Just 22% of projects were over budget always due to changes in public sector client requirements 24% were late, but the public sector was no longer responsible for this cost 2
3 A Conventional Lifecycle Profile Asset condition gradually declines until major capital works become essential, at which point they are authorized and carried out. These peaks of major capital expenditure can be costly and disruptive to implement. 1 yr The cost of reactive maintenance increases over time as unexpected failures occur more often. 30 yrs 3
4 A PPP Lifecycle Profile Constant asset condition - with PPP the school will meet the agreed specification at all times. Regular planned preventative maintenance minimizes the need for major interventions. The cost to the client is stable throughout. 1 yr Major capital maintenance is staged over several years with allowance for early failure replacements. This smoothens the lifecycle expenditure curve and makes the peaks of expenditure lower, which is more efficient and less disruptive to the school. 30 yrs 4
5 Availability Payment PPP Structure Public entity makes periodic, pre-established payments to private sector consortium in return for project delivery and performance. Payments are made in accordance with availability of facility as well as quality of service provided. Effective for projects lacking standalone financial feasibility, including schools or any kind of public building. Encourages private sector to plan and manage construction and maintenance program as efficiently as possible. 5
6 Screening Considerations Spending need/cost savings Part of capital plan/demonstrable need Technical innovation Affordability Provides Value for Money Economies of scale Risk transfer Timing benefit Whole life costing Private sector ability to partner Current market liquidity Private interest Return justifies risk Suitable size Risk tolerance Complex construction Regulatory, legal, and political feasibility Regulatory risks, issues, or flexibility Need for new or change in legislation Environmental issues Political risks or issues Accounting and tax treatment Land ownership issues Existence of a political champion 6
7 Purpose of Value for Money VFM is specifically designed to provide a comprehensive and unbiased metric for upholding the Public Interest at all times VFM Analysis enables transparent consideration of project specific issues under both P3 and Traditional Delivery scenarios VFM inputs and process (for each project): Project Specific Inputs: Develop Risk Matrices Financial Model Risk profile P3 Delivery* and Risk P3 Risk Risk apportionment Apportionment Profile Score Value for preferences Money Costs (immediate and long term operations) Traditional Delivery* and Risk Apportionment Profile PSC Risk Score Analysis Revenues *Consensus required for Delivery Assumptions 7
8 Implementation Process Concept Stage Identify internal project manager for the PPP project, along with staff to provide additional support. Engage Stakeholders Procure Advisors Project/Program Selection Identify project requirements, identify fit with policy and expected approvals, establish requirements expressed as outputs Initial feasibility study Identify statutory requirements, and policy objectives Feasibility Stage Outline Business Case Analysis of Project Options Public Sector Comparator Shadow Bid Market Sounding Definition of output specification Consider value engineering Issue RFI Delivery Stage Issue RFQ Prepare project documentation Issue RFP Evaluate bids Secure financing and finalize costs Final business case approval Completion of documentation 8 8
9 Performance Based PPP Delivers Time & Cost Savings P3 Project Accelerated Delivery Cost Savings Denver FasTracks EAGLE, Colorado Expected 11 months ahead of schedule $300 million I-595, Florida Expected 15 years ahead of schedule $394 million Port of Miami Tunnel, Florida Expected 2 years ahead of schedule $398 million Ohio River Bridges, Indiana/Kentucky Expected 242 days ahead of schedule Approximately $228 million Long Beach Courthouse, California Expected 30 months ahead of schedule $52 million Goethals Bridge, New York Expected 6 months ahead of schedule $150 million 9
10 New Long Beach Courthouse Building Project Examples of How It Has Worked
11 New Long Beach Court Building Project Development First Performance Based Infrastructure Project in the United States Design Build Finance Maintain for 35 years 11 Consortiums submitted Qualifications Five teams shortlisted for Interviews, three selected for final D/B/F/M competition Six month Competition Period with Multiple Proprietary meetings Additional time for Financial Clarifications Official Announcement of Selection of Long Beach Judicial Partners in June 2010 Financial Close Occurred December 20,
12 Drive Toward a PPP Solution: Existing Courthouse was in a state of disrepair Portions of the ceilings in several courtrooms had fallen down The building had leaks, mold, and termite infestation Attorney interview areas were used to house keep-always, thus eliminating private areas for attorneys to interview criminal defendants 12
13 Project Parties and Structure Agency Project Agreement Equity Equity Contribution Project Company Finance Documents Debt Commercial Banks or Bond Investors DB Agreement Design Builder FM Contract Facilities Manager Coordination Agreement 13
14 Availability Deduction Example 14
15 The Performance Based Building Coalition
16 The Performance Based Building Coalition (PBBC) Mission To facilitate the use of private investment in the construction, renovation, and replacement of our nation s aging and dilapidated public buildings, hospitals, schools, and correctional facilities; thereby improving the quality of life and saving money for taxpayers. Action The PBBC has drafted legislation which would authorize the creation of a New Category of Private Activity Bonds for Public Buildings. We are trying to get this legislation included in the upcoming transportation reauthorization bill this spring. 16
17 Performance Based Building Coalition Members 1. ACE USA 2. AECOM 3. AECOM Capital 4. Allen & Overy 5. American Council of Engineering Companies 6. AON 7. ASHRAE 8. Associated General Contractors NYS 9. Associated General Contractors of America 10. Brookfield Financial 11. Building Trades Employers Association of New York City 12. Cobb Strecker Dunphy & Zimmermann 13. Construction Risk Partners 14. Cristal Controls 15. Design Build Institute of America 16. DIF Americas 17. Faithful + Gould 18. Farella Braun + Martel LLP 19. Forum Equity Partners 20. Norton Rose Fulbright 21. Gilbane Inc. 22. Governor of Michigan, Rick Snyder 23. Governor of Oregon, John Kitzhaber 24. Hawkins Delafield & Wood LLP 25. Hochtief 26. Honeywell 27. HUNT 28. Hunter Roberts Construction Group 29. Instar Infrastructure 30. Johnson Controls Inc. 31. Kiewit Building Group, Inc. 32. LPCiminelli Solutions 33. Luis Fortuño, Former Governor of Puerto Rico 34. Malachite LLC 35. Mayer Brown 36. Meridiam 37. Norton Rose Fulbright 38. Nossaman 39. Pace Engineers 40. Parsons Brinckerhoff 41. Peckar & Abramson, P.C. 42. Plenary Group 43. Skanska ID 44. Skanska USA Building 45. Stephen Goldsmith, former Mayor of Indianapolis and NYC Deputy Mayor 46. The Walsh Group 47. Tishman 48. Turner 49. Ullico 50. Walbridge 51. William, Blair & Company 52. Yates Construction 17
18 Get Involved! Join the Coalition Become a Supporter! Sign onto our letter to David Camp, Ways & Means Committee Chairman Urge your Mayor or Governor to join this Coalition and help up catlayze PPPs for US public buildings. Contact Me: Sam Barend, Vice President, PPP Development Director, AECOM Capital Samara.Barend@aecom.com
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