A public-private partnership (P3) is a contractual arrangement between a public agency and a private sector entity to design, build, finance, operate and/or maintain a project. The contract allows the private sector to earn an appropriate risk-adjusted return on their investment and is structured to meet public needs.
This is achieved by optimizing the skills and resources of each party (both public and private) as well as allocating the risks in the delivery of the service and/or facility to the parties best able to manage them.
The benefits of a public-private partnership include:
- Risk sharing and transfer
- Maintaining or improving service levels
- Reducing costs/improving revenue Accessing private sector at-risk capital
- Accessing new or better skills
- Realizing the value of under-utilized assets
- Realizing economic development opportunities
- Improving accountability for performance
- Private sector investment and diligence
- Budgetary certainty
- Public ownership of asset
Preti Flaherty's team of attorneys provides a critical blend of skills and knowledge necessary to help both public and private clients develop and implement successful public-private partnerships. Our attorneys have the depth and breadth of experience to bring projects to fruition and satisfy client objectives.
We counsel P3 clients through all aspects of the project, including:
- Project assessment
- Statutory evaluation
- Transaction structuring and planning
- Environmental planning and cleanups
- Negotiation and drafting of project documents
- Operations and management
- Asset management
- Dispute resolution
- Consolidation and restructuring