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Intro Public-Private Partnership (P3) Finance Course
August 6-7, 2020
Philadelphia, PA

-Overview

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The Intro Public-Private Partnership (P3) Finance Course examines this emerging development finance model with a focus on how development finance agencies can adopt P3 principles to address a variety of projects. This course covers basic P3 concepts, key players involved in transactions, asset valuation, contract negotiation, risk assessment, revenue stream development, and feasibility analysis. In addition, several P3 projects from across the country will be presented, and P3 experts will analyze the successful elements in each deal.

Interest in P3 financing is growing as state and local governments face tough budget decisions along with declining federal investment in infrastructure. Several state and local agencies have used P3 to finance real estate developments, schools, parking garages, public transit, affordable housing, water facilities, and more. During the Intro P3 Finance Course, industry experts discuss the common characteristics and drivers of P3 financing's throughout the country and explain the various structures of these deals.

This course qualifies for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Participants may register for one, two, or three courses during CDFA Summer School. Complete three courses, and attendees fulfill half of the requirements for the DFCP Program. Join us in Detroit, and start down the road to personal and professional advancement today.

The schedule for CDFA Summer School is outlined below. Click on the course name to learn more about the topic and agenda:

CDFA Summer School: Course Schedule

Monday
August 3, 2020
Tuesday & Wednesday
August 4-5, 2020
Thursday & Friday
August 6-7, 2020


Register

Course Objectives

  • Learn the fundamental concepts of P3 transactions and the partners involved
  • Examine the common characteristics of P3 projects
  • Gain a greater understanding of the legislative and regulatory environment for P3s
  • Learn about the various debt and equity structures in P3 deals
  • Develop contract negotiation and risk management skills
  • Review best practices and case studies that can be implemented in your community
  • Hear about unique P3 models and creative uses of this tool

Topics Covered

  • Basics of public-private partnerships
  • Key players involved in a P3 deal
  • Market, feasibility, and financial analyses
  • Asset monetization and availability payments
  • Asset valuation and revenue stream development
  • Contract negotiation and typical terms of a P3 agreement
  • Bankability, construction, and performance risks

Who Should Attend?

  • Bond Issuers
  • Economic Development Professionals
  • Community Development Professionals
  • P3 Practitioners
  • Broker/Dealers and Underwriters
  • Elected Officials
  • Government and Nonprofit Finance Officers
  • Attorneys
  • Accountants
  • Financial Advisors

Course Advisor

Katie Kramer Katie Kramer
Council of Development Finance Agencies
Vice President
Katie Kramer is a Vice President at the Council of Development Finance Agencies and has been with CDFA since 2005. She is an accomplished non-profit executive with expertise in fundraising, grant writing, operations, and building organizational... (More)

-Agenda

Thursday, August 6, 2020

Thu 8:00 AM - 8:30 AM
Breakfast & Registration
Thu 8:30 AM - 9:00 AM
Welcome & Overview
Welcome to the Intro Public-Private Partnership (P3) Finance Course. During this time, we will introduce CDFA and discuss the framework for the two-day course.
Thu 9:00 AM - 9:30 AM
Understanding Public-Private Partnerships
When it comes to development finance projects, there are several ways to think about partnerships between the public and private sectors. The Intro P3 Finance WebCourse, however, will focus specifically on P3 financing models where a contractual agreement between a public agency and a private partner is created to support the construction and development of ongoing operations and maintenance of a public asset. The opening session will provide basic definitions, explain fundamental concepts and the partners involved, and outline the various P3 models featured in this course.
Thu 9:30 AM - 10:15 AM
P3 in the United States: Key Characteristics and Drivers
Interest in P3 financing is growing as state and local governments face tough budget decisions along with declining federal investment in infrastructure. To date, approximately 100 P3 projects have been financed in the United States, and several other P3 deals are underway. Even though 30 states have some form of legislation authorizing the use of P3, more than half of the projects completed have been in just eight states. What is the market for P3 projects, and what does the legislative and regulatory environment look like? Hear from industry experts as they discuss the key characteristics and drivers of P3 financings throughout the country.
Thu 10:15 AM - 10:30 AM
Break
Thu 10:30 AM - 12:00 PM
Identifying P3 Projects and Knowing the Atmosphere
P3 projects come in all shapes and sizes, and no two projects are alike. State and local governments have undertaken a wide range of P3 projects, from toll roads, bridges, and parking systems, to schools, roads, and public facilities. Identifying potential P3 projects and private sector partners in your community is the first step. Then, undertaking the proper market, feasibility, and financial analyses to know the atmosphere surrounding the deal is essential. Learn how to engage the right firms and complete the necessary studies during this session.
Thu 12:00 PM - 1:30 PM
Lunch on Your Own
Thu 1:30 PM - 3:15 PM
The P3 Capital Stack: Balancing Debt & Equity
When undertaking a P3, it is important to understand that the public agency is not directly selling an asset to a private sector partner. Instead, the arrangement allows for the public agency to own the asset and contract with a private sector partner for operations, maintenance, and ongoing delivery of services. How, then, is the financing structured? Generally, P3 projects combine both debt and equity sources and are structured using either asset monetization or availability payments. These models will be explained in detail during this session along with pros and cons of each and examples of various ways to assemble the transaction. In addition, this session will also address asset valuation and revenue stream development and how these concepts factor in to the overall deal structure.
Thu 3:15 PM - 3:30 PM
Break
Thu 3:30 PM - 4:30 PM
Unique Models and Other Ways to Think about P3
The goal of the Intro P3 Finance Course is to introduce basic P3 concepts and explain the typical structure and components of the financing. As you consider how to adopt a P3 philosophy locally, what are some of the other models to consider? During the final session of the course, we will present some different concepts, including public-public partnerships, and creative uses of this tool. We will also use this time to answer any remaining questions during an interactive discussion with the panelists.
Thu 4:30 PM
Adjourn

Friday, August 7, 2020

Fri 8:00 AM - 8:30 AM
Breakfast & Registration
Fri 8:30 AM - 8:45 AM
Revisiting Day 1
The first day of the Intro P3 Finance WebCourse looked at the overall P3 concept, the market for P3 projects, how to identify partners, and various ways to structure the deal. At the start of Day 2, we will review some important concepts and set the stage for the remaining sessions.
Fri 8:45 AM - 10:15 AM
Negotiating the Terms
When structured properly, a P3 project should build on the strength and investment power of the public sector while benefiting from the innovation and efficiency of the private sector. Often, a P3 provides development and operating efficiencies that allow for more cost-effective financing options. Negotiating the terms of the partnership is key to realizing these benefits. What are the terms in the contract, how should they be negotiated, how do you balance the demands of the private sector with the needs of the public sector? We will look at best practices and typical terms of a P3 agreement.
Fri 10:15 AM - 10:30 AM
Break
Fri 10:30 AM - 12:00 PM
Managing Risk
Every project has risk, and P3 projects face several, from bankability and construction to performance and demand, as well as other environmental factors. Careful management of these risks is critical to a successful transaction and a long-term, productive partnership. During this session, we will define risks in a P3 project and consider how to allocate those risks between the public and private partners involved.
Fri 12:00 PM - 1:30 PM
Lunch on Your Own
Fri 1:30 PM - 3:15 PM
P3 Case Studies
Now that we have considered the various aspects of a P3 financing, let’s look at the variety of projects that have used the P3 model. For each case study, we will review who the partners were, how they assembled the transaction, what the capital stack looks like, and how the project is fairing long-term. We will learn about several deals, compare and contrast them, discuss what worked well, and consider the lessons that can be learned for future projects
Fri 3:15 PM - 3:30 PM
Break
Fri 3:30 PM - 4:30 PM
One P3 Project from Start to Finish
The final session of Day 2 will look at one public-private partnership project and explain its development from start to finish. Many of the themes of the earlier sessions will be explored in context of this project to help characterize how P3 projects work in practice.
Fri 4:30 PM
Adjourn

-Location


CDFA Summer School will be held at the Hilton Philadelphia at Penn's Landing which is located in Philadelphia's historic downtown.

Hilton Philadelphia at Penn's Landing
201 South Christopher Columbus Blvd.
Philadelphia, PA 19106
Phone: 215-521-6500

>>>Reserve Your Room Now!

CDFA has arranged a significantly reduced room rate of $199.00 (plus tax) per night for a standard room (single or double occupancy). A select number of hotel rooms are available from August 2-6, 2020 at the reduced rate if reservations are made before July 13, 2020. This rate is not guaranteed if reservations are made after the cut-off date or if the hotel is sold-out. Please reserve your room early. For individual reservations click on the link above or call 215-521-6500 and reference CDFA Summer School.

-Registration

This course will be offered at CDFA Summer School. CDFA Summer School is a week long series of courses presented by the CDFA Training Institute. Participants may register for one, two, or three courses during CDFA Summer School.


Scholarships are available to attend this event. Learn more about the CDFA Scholarship Program, and submit your application today.

Register before July 10, 2020 for Early-Bird Rates.

When you register for three courses during CDFA Summer School, you will receive a $200 discount off the total registration fee.

Click the Register button to view the total fees and discounts available for CDFA Summer School.

Early Bird Rates
(Ends July 10)
CDFA Member: $350
Non-Member: $500
Standard Rates
(After July 10)
CDFA Member: $400
Non-Member: $550


Register

CDFA National Sponsors

  • Alaska Industrial Development and Export Authority
  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • Petros PACE Finance
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
Become a Sponsor