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Intro Public-Private Partnership (P3) Finance WebCourse
June 20-21, 2018
12:00 - 5:00pm Eastern

Alaska Industrial Development and Export AuthorityBaker Tilly Virchow KrauseBallard Spahr LLPBNY MellonBricker & Eckler LLPBryan Cave LLPBusiness OregonCohnReznickFBT Project Finance Advisors LLCFrost Brown Todd, LLCHawkins Delafield & Wood LLPIce Miller LLPKeyBanc Capital MarketsKutak Rock LLPMB Financial Bank, NAMcCarter & English, LLPMcGuireWoodsMiles & Stockbridge P.C.NW Financial Group, LLCSB Friedman Development AdvisorsSquire Patton BoggsStern Brothers & Co.Stifel NicolausU.S. BankWells Fargo SecuritiesWilmington TrustZ. The Bond Buyer

-Overview

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 will cover 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 will discuss the common characteristics and drivers of P3 financings 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. Start down the road to personal and professional advancement today.

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 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

Wednesday June 20, 2018

Wed 12:00 PM - 12:30 PM
Welcome & Overview
Welcome to the Intro Public-Private Partnership (P3) Finance WebCourse. During this time, we will introduce CDFA, explain how to use the online course software, and discuss the framework for the two-day course.
Speaker(s)
  • Katie Kramer, Vice President, Council of Development Finance Agencies
  • Wed 12:30 PM - 01:00 PM
    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.
    Wed 01:00 PM - 01:45 PM
    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.
    Wed 01:45 PM - 02:00 PM
    Break
    Wed 02:00 PM - 03:15 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.
    Wed 03:15 PM - 03:30 PM
    Break
    Wed 03:30 PM - 05:00 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.
    Wed 05:00 PM - 05:00 PM
    Adjourn

    Thursday June 21, 2018

    Thu 12:00 PM - 12:15 PM
    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.
    Speaker(s)
  • Katie Kramer, Vice President, Council of Development Finance Agencies
  • Thu 12:15 PM - 01:15 PM
    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.
    Thu 01:15 PM - 02:15 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.
    Thu 02:15 PM - 02:30 PM
    Break
    Thu 02:30 PM - 04:00 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.
    Thu 04:00 PM - 05:00 PM
    Unique Models and Other Ways to Think About P3
    The goal of the Intro P3 Finance WebCourse 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 05:00 PM - 05:00 PM
    Adjourn

    -Location


    The Intro Public-Private Partnership Finance WebCourse will take place on the web through GoToWebinar, an online distance learning software. The course will meet each day on June 20-21, 2018 from 12:00-5:00 pm (Eastern). You must have access to a computer and phone to attend the WebCourse.

    -Registration

    This course qualifies for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Start down the road to personal and professional advancement today.

    CDFA permits only one person to login and participate in the course. If multiple people are accessing the course without paying to attend, we will terminate your connection and access to GoToWebinar. CDFA offers group discounts for organizations that wish to register multiple people.

    Register before June 1, 2018 for Early-Bird Rates.
    Early Bird Rates
    (Ends June 1)
    CDFA Member: $550
    Non-Member: $825
    Standard Rates
    (After June 1)
    CDFA Member: $600
    Non-Member: $875


    Register