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The Potential of Pension Funds to Expand US P3s

Reason Foundation’s 2022 report on P3 investment in transportation infrastructure had both good news and bad news for the U.S. P3 industry. The good news is two-fold. In 2021 global infrastructure investment funds raised a record total of $136 billion. And worldwide, the largest category of their infrastructure investment (at 58%) was transportation.

Road User Charges and Long-Term Highway P3s

What if there were a way to jump-start states to embrace long-term DBFOM revenue-risk P3s for rebuilding and modernizing major highways? I suggested such an opportunity earlier this month at the International Bridge, Tunnel & Turnpike Association’s Road User Charge and Transportation Finance conference.

In Defense of Value for Money Analysis

As previously reported in Public Works Financing and elsewhere, the Bipartisan Infrastructure Law (aka IIJA) requires Value for Money (VfM) analysis (“or other comparable analysis”) in two circumstances: for federally-aided projects costing $500 million or more proposed as P3s, and for all projects costing $750 or more that plan to seek TIFIA or RRIF credit […]

Is It Time for Major Reform of NEPA?

With all the recent focus on infrastructure, the past year has seen numerous articles in major media, along the lines of last year’s Vox article, “Why Does It Cost So Much to Build Things in America?” The better-researched articles, including that one, focused attention on environmental litigation.

Adapting P3s for Major Bridge Replacements

I was pleased to learn several months ago that public opinion in the Mobile, Alabama area had turned in favor of a tolled bridge to replace the current obsolescent bridge across the Mobile River. Several years before, Alabama DOT had come up with a $2.1 billion project to procure the ambitious project (which includes refurbishing […]