The US PPP Market: Is a Common Institutional Framework Possible?
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1 The US PPP Market: Is a Common Institutional Framework Possible? Michael J. Garvin, PhD, PE Associate Professor & Associate Director Virginia Tech Open Day, 22 March 2012 PPP in Transport: Trends & Theory Slide 1
2 Two Questions Not One Is a Common Institutional Framework Possible? Why Should this Audience Care? Slide 2
3 For this Talk, PPPs Are: Long-Term Contracts Asset Development or Enhancement + Service Provision Investment of Private Equity Slide 3
4 Contemporary US Market States with PPP Authority AR Source: FHWA Slide 4
5 Contemporary US Market Surface Transportation Projects 1993-Present Developers ACS: Spain BRISA: Portugal Cintra/Ferrovial: Spain Fluor: USA Macquarie: Australia Meridiam: France Transurban: Australia Zachry: USA Under Construction 7 In Operation 7 Slide 5
6 Millions (Nominal) 25,000 20,000 Contemporary US Market Surface Transportation Projects 1993-Present Contract Value 15,000 10,000 Project Cumulative 5, Year Sources: FHWA & Public Works Financing Slide 6
7 Feasibility Contemporary US Market Pipeline of Projects: Start of Procurement 10 Contract 3 Sources: FHWA & Public Works Financing Slide 7
8 Contemporary US Market Pipeline of Projects: Start of 2012 Pipeline Potential: >$100 Billion This Potential Draws Attention Slide 8
9 A Common Framework, Why? Institutional Theory Suggests: Formal Mechanisms Laws Regulations Processes Informal Mechanisms Norms Behaviors Legitimacy & Stability Slide 9
10 A Common Framework, Why Norms and Standards Can: NOT? Reduce Autonomy Ignore Contextual Conditions Poor Fit & Insensitive to Local Issues Slide 10
11 PPP Market Environment Society States DOTs Feds USDOT FHWA NGOs AASHTO ARTBA etc. PPP Market Service Providers Investors Advisors Slide 11
12 US Federal Significant but NOT Central Role Congress Enacts legislation Establishes policy Allocation of budgetary resources US EPA Acts as regulator Environmental approvals US DOT & FHWA Executes functions based on laws and policies Controls Interstate Highway System States manage the system Creates programs and incentives Office of Innovative Program Delivery TIFIA: Subordinate loan or credit enhancement Simply Put, Federal Government Limited Normalizing Force Closest Thing US Has to a Central PPP Division Slide 12
13 States Manage Infrastructure & Spending Slide 13
14 States with PPP Authorization AR Slide 14
15 State PPP Legislation Variance Allows Unsolicited & Solicited Proposals Projects Limited to Pilot/Demonstration Restricted to Certain Modes Allows Various Procurement Processes Slide 15
16 Active Project Variance Project Location Model Procurement Approach Chicago Skyway Illinois Asset Lease Highest Bid Indiana Toll Road Indiana Asset Lease Highest Bid Capital Beltway Express Virginia DBFO Unsolicited Proposal I-635 LBJ Texas DBFO Multi-Phase Best Value Midtown Tunnels Virginia DBFO Pre-Development Agreement Slide 16
17 Two Project Case Briefs Capital Beltway Express - VA I-635 LBJ Managed Lanes - TX Slide 17
18 Two Project Case Briefs Capital Beltway Express - VA Purpose: Use HOT/HOV Lanes to Manage Congestion Contract Value: $1,998M Term: 80-years Procurement: Unsolicited Proposal Contract Provisions Revenue: payment by state if HOV users exceed threshold Competing routes: no limitations on the state Latent defects: risk held by concessionaire I-635 LBJ Managed Lanes -TX Purpose: Use HOT/HOV Lanes to Manage Congestion Contract Value: $2,800M Term: 57-years Procurement: Multi-Phase Best Value Contract Provisions Revenue: limited state obligations if shortfalls occur Competing routes: impacts from specified plans excluded Latent defects: risk shared through deductible scheme Slide 18
19 Causes of Variance State DOTs Very Autonomous Independently managing intra-and inter-state surface transportation for years Experience/Capacity Differential Between states Between state agencies & private parties Different Contexts Within regions Within projects Differences between Capital Beltway & LBJ Projects were perhaps necessary Slide 19
20 Professional Organizations AASHTO ARTBA NCPPP Consultants Investors & Lenders FHWA Office of Innovative Project Delivery Incremental Experience Normalizing Agents Slide 20
21 US Has Been Here Before Slide 21
22 Zane s Post Road Zane Petitions Congressional Assistance Congress Offers: Conditional land grants at river crossings Ferry franchise at river crossings Zane s Obligations Conduct route survey at own expense; submit plans w/ survey results to Congress Within 6.5 months submit proof road was open and ferries operating Two Judges of Northwest Territory Would Set Ferry Tolls Slide 22
23 Concluding Thoughts US PPP Market The dike will break, BUT activity will not flood the market. Slide 23
24 Concluding Thoughts US PPP Market Even though the US has been here before, engineers and builders have led this market for nearly 100 years. The notion of infrastructure developers will become more comfortable soon. Slide 24
25 Concluding Thoughts Common Frameworks Doubt we want a rigid, common framework. Slide 25
26 Concluding Thoughts Common Frameworks Surely we can find a balance between standardization and customization where some of the best of both is feasible. Avenues of exploration, particularly in the US, might include studies based on: Strategic action field theory Institutional theory and structuration theory Slide 26
27 Final Thought I hope I answered the two questions posed. Thanks for inviting me to Weimar and Bauhaus University. Open Day, 22 March 2012 PPP in Transport: Trends & Theory Slide 27
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