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Public-Private Partnership (P3) Finance Resource Center

Read more about this Tool

A public-private partnership (P3) is a contractual arrangement where a government agency contracts with a private partner to renovate, construct, operate, maintain, and/or manage a facility or system that provides a public service.


The government agency may retain ownership of the public facility or system but the private party generally invests its own capital to design and develop the facility or system. Typically, each partner shares income resulting from the partnership. Such a venture can differ from typical service contracting in that the private sector partner may make a substantial cash, at-risk, equity investment in the project, and the public sector gains access to new revenue or service delivery capacity without having to pay the private-sector partner.


The underlying strength of the P3 model is that the private sector has sufficient P3 capacity (expertise and availability) to successfully deliver project objectives. When paired with the power of bond financing, this tool shows great promise for U.S. infrastructure, services and development. It should be noted that in most cases, there must be a legal statutory authority provided by the government to enter into P3 transactions. In relationship to bond financing, P3s are a natural fit as many projects can benefit from not only the private management structure but also from the access to affordable capital provided by the bond markets.


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-Understanding Public-Private Partnerships

Do you want to learn to be a better partner? This section contains resources on understanding the basics of public-private partnerships.

Read more about Public-Private Partnerships

Public-Private Partnerships + Innovative InfrastructureMembers only Login
Robert Gamble from Public Financial Management presents on P3s and innovative infrastructure.
Negotiating the Terms
Greg Daniels from Squire Patton Boggs presents on negotiating terms in P3 deals.
Public-Private Partnerships: An Introduction
Dennis Enright from NW Financial Group presents an introduction to public-private partnerships.

-Resources

View all Public-Private Partnership Resources

-Public-Private Partnerships (P3)

Community Serving Infrastructure: A Playbook for a New Infrastructure Partnership
The New Partnership on Infrastructure seeks to advance national policies driven by local innovation, with cities serving as testbeds for experimentation and transferable solutions. This document champions that idea. It is a summation of local practices and insights from across the country - cities large and small, red and blue, coastal and inland - that aggregate into America’s New Playbook for Infrastructure.
CDFA // BNY Mellon Development Finance Webcast Series: Educational Facilities Funding SolutionsMembers only Login
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we explore how a myriad of development finance tools are being implemented strategically to support modernization projects and the new construction of educational facilities.
CDFA - Ice Miller Broadband Financing Series: The Benefits of Broadband in Economic Development
There are many benefits that come with broadband access and adoption. From healthcare delivery and education to food and retail, the public has much to gain from broadband access. As part of our collaboration with Ice Miller, this video will explore the public- and private-sector benefits from enhanced broadband access and adoption.
CDFA - Ice Miller Broadband Financing Series: Case Studies of Taking a Project from Start to Finish
There are many models to financing broadband and finding the correct approach for your community may be challenging. As part of our collaboration with Ice Miller, this video will dive into the details of successful locally owned municipal network model in Dublin, Ohio. Learn about this ever evolving project from community leaders that have implemented this approach.
CDFA - Ice Miller Broadband Financing Series: Case Studies & Best Practices of Broadband in P3s
Public-Private Partnerships, or P3s, have been used across the country to finance broadband. As part of our collaboration with Ice Miller LLP, this video will cover best practices of the P3 model and provide case studies that explore the various avenues of broadband projects in both rural and urban areas.
View more Public-Private Partnership Resources

-Policies and Procedures

Public-Private Partnership (P3) Procurement: A Guide for Public OwnersMembers only Login
This Public-Private Partnership Procurement Guide (Guidebook) provides advanced guidance on procedures, issues, and considerations involved in public-private partnership (P3) procurement of surface transportation projects, with a focus on highway and transit investments.
GASB Draft P3 and Availability Payment Arrangements Members only Login
The Governmental Accounting Standards Board (GASB) is responsible for (1) establishing and improving standards of state and local governmental accounting and financial reporting to provide useful information to users of financial reports and (2) educating stakeholders on how to most effectively understand and implement those standards.
CDFA // BNY Mellon Webcast Series: Analyzing Public-Private Partnership LegislationMembers only Login
During this installment of the CDFA // BNY Mellon Webcast Series, Jill Jamieson with JLL and Hilary Jackler with Kutak Rock LLP highlighted various successful P3 state statutes across the U.S. as well as best practices in crafting P3 legislation.
Public Private Partnerships in Ohio for Infrastructure, Transportation, Energy & Development Projects Members only Login
Just as infrastructure development acts as a catalyst for economic growth, it is also changing the landscape for potential investors and the expanding field of infrastructure finance. As budgets are stretched and new rules are created, it can be difficult to pull together funding for necessary infrastructure improvements and community facilities. David Rogers with Frost Brown Todd LLC and Ryan Sullian with Signet Capital present case studies and explore proven approaches for implementing a successful P3 project in Ohio, where there is no official P3 statute.
View more Policies and Procedures Resources

-Structures

CDFA - Ice Miller Broadband Financing Series: The Benefits of Broadband in Economic Development
There are many benefits that come with broadband access and adoption. From healthcare delivery and education to food and retail, the public has much to gain from broadband access. As part of our collaboration with Ice Miller, this video will explore the public- and private-sector benefits from enhanced broadband access and adoption.
Public-Private Partnership (P3) Procurement: A Guide for Public OwnersMembers only Login
This Public-Private Partnership Procurement Guide (Guidebook) provides advanced guidance on procedures, issues, and considerations involved in public-private partnership (P3) procurement of surface transportation projects, with a focus on highway and transit investments.
Understanding the Risks and Rewards of P3sMembers only Login
This resource helps readers grasp the basics of public-private partnerships, risk management, risk allocation, and the role of policymakers in P3s. It first appeared in the Governing Guide to Financial Literacy, Volume 3.
GASB Draft P3 and Availability Payment Arrangements Members only Login
The Governmental Accounting Standards Board (GASB) is responsible for (1) establishing and improving standards of state and local governmental accounting and financial reporting to provide useful information to users of financial reports and (2) educating stakeholders on how to most effectively understand and implement those standards.
Avoiding the Potholes: U.S. P3s and Takeaways for Investors and Grantors Members only Login
This recent report from Fitch Ratings highlights the completion risk inherent in new P3 projects. While most projects were successful meeting and, in some cases, beating construction schedules and budgets, several struggled in the completion phase for a multitude of reasons, including delays in third-party approvals; contractor troubles, etc.
View more Structures Resources

-Programs Map

Search the map below to find Public-Private Partnership (P3) legislation by state. This specialized search is part of CDFA's State Financing Program Directory, the only online resource cataloging the development finance programs offered by state governments. Click on a state to see a sample of programs available. Login with a CDFA Member account at the top of the page to view full results.

-Case Studies

CDFA - Ice Miller Broadband Financing Series: Case Studies of Taking a Project from Start to Finish
There are many models to financing broadband and finding the correct approach for your community may be challenging. As part of our collaboration with Ice Miller, this video will dive into the details of successful locally owned municipal network model in Dublin, Ohio. Learn about this ever evolving project from community leaders that have implemented this approach.
CDFA - Ice Miller Broadband Financing Series: Case Studies & Best Practices of Broadband in P3s
Public-Private Partnerships, or P3s, have been used across the country to finance broadband. As part of our collaboration with Ice Miller LLP, this video will cover best practices of the P3 model and provide case studies that explore the various avenues of broadband projects in both rural and urban areas.
Transportation Case Study - Portsmouth Bypass (OH State Route 823)Members only Login
In 2018, the Ohio Department of Transportation (ODOT) completed the Portsmouth Bypass—state Route 823. ODOT developed the project through a design, build, finance, operate, and maintain public-private partnership concession with a total cost of more than $1.2 billion. This case study from the Center for American Progress examines the project.
CDBG Partnership Challenges and Opportunities at the Local, State, and Federal LevelsMembers only Login
HUD issued this report in October 2019 to identify opportunities and challenges for Federal, State, and local governments to partner with nonprofit organizations to complete community development, revitalization, and rehabilitation projects using the Community Development Block Grant (CDBG) program.
Supporting Healthy Food Access in NCMembers only Login
The resulting lack of access to healthy, affordable food undermines the health and well-being of children and families, and further harms communities that are already struggling economically. The report led to a series of convenings of key stakeholders charged with developing recommendations for increasing access to healthy, affordable foods for residents in both urban and rural underserved areas throughout the state.
View more Case Studies

-Headlines

View more Headlines

-Publications

Practitioner's Guide to Economic Development Finance
The Practitioner's Guide to Economic Development Finance 2nd Edition is the only comprehensive resource dedicated to building and utilizing the development finance toolbox. The Practitioner's Guide provides the insight and practical information needed to critically understand how economic development is financed and the tools, strategies and techniques used to build strong communities. From bonds, tax increment finance and special districts to tax credits, seed & venture capital, revolving loan funds and much more, this Guide outlines the financing tools required for succeeding in today's competitive economic development climate.
Unlocking Capital: A Handbook for Becoming a High Performing Development Finance Agency
Unlocking Capital: A Handbook for Becoming a High Performing Development Finance Agency (Handbook) serves as a companion to the Practitioner’s Guide to help illuminate the structures of development finance agencies (DFAs), essential conduits to access development finance tools. The Handbook provides an overview of DFAs and their myriad roles in various development efforts. Included in this discussion is a comprehensive look at over a dozen high-performing DFAs throughout the country. The Handbook is designed to be a starting point for local leaders to engage in the creation or acceleration of a DFA to build and utilize the development finance toolbox.
View more Publications

-Upcoming Events

CDFA // BNY Mellon Development Finance Webcast Series: How Healthcare Is Investing in Communities
Tuesday, July 20, 2021
2:00 PM - 3:00 PM Eastern
During this webinar, we will hear from experts on creative ways that hospitals and healthcare systems can be better partners in solving the most pressing issues in our communities.
Register
CDFA Federal Financing Webinar Series: Investing in Critical Community Facilities
Tuesday, August 24, 2021
2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, several federal agencies will discuss their financing solutions for local community facilities and how to coordinate with partners.
Register
CDFA Federal Financing Webinar Series: The Federal Role in Financing Broadband
Tuesday, September 14, 2021
2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, experts will discuss how federal financing tools can be used to fund 5G broadband networks.
Register
View more Upcoming Events

-Webcasts

CDFA - Ice Miller Broadband Financing Series: The Benefits of Broadband in Economic Development
There are many benefits that come with broadband access and adoption. From healthcare delivery and education to food and retail, the public has much to gain from broadband access. As part of our collaboration with Ice Miller, this video will explore the public- and private-sector benefits from enhanced broadband access and adoption.
CDFA - Ice Miller Broadband Financing Series: Case Studies of Taking a Project from Start to Finish
There are many models to financing broadband and finding the correct approach for your community may be challenging. As part of our collaboration with Ice Miller, this video will dive into the details of successful locally owned municipal network model in Dublin, Ohio. Learn about this ever evolving project from community leaders that have implemented this approach.
CDFA - Ice Miller Broadband Financing Series: Case Studies & Best Practices of Broadband in P3s
Public-Private Partnerships, or P3s, have been used across the country to finance broadband. As part of our collaboration with Ice Miller LLP, this video will cover best practices of the P3 model and provide case studies that explore the various avenues of broadband projects in both rural and urban areas.
CDFA // BNY Mellon Development Finance Webcast Series: P3s That Fuel The EconomyMembers only Login
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore how major projects are able to access private and public capital to construct extra large P3 deals in the U.S.
CDFA // BNY Mellon Webcast Series: The Landscape of Mega Project InitiativesMembers only Login
During this installment of the CDFA // BNY Mellon Webcast Series, expert speakers from CAI Global, Baltimore Development Corporation, Arlington Economic Development, and VEDP provided an in-depth overview of the approaches being used by cities, counties, and states to attract mega projects like Amazon HQ2 and Under Armour.
View more Webcasts

CDFA National Sponsors

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  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
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  • SB Friedman Development Advisors
  • Stern Brothers
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