Public Private Partnership (P3) Development Model

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Public Private Partnership (P3) Development Model

A Public Private Partnership is a contractual agreement between a public agency (federal, state, or local) and a private sector entity. Through this agreement, the skills, and assets of each sector (public and private) are shared in delivering a service or facility for the use of the general public. A P3 allows the public sector to contract with the private sector to design, construct, finance, operate, and maintain a publicly owned asset for a set period, in return for a set payment from the public sector for a set time. The benefits of a P3 Development Model include but are not limited to:

Value - No new taxes needed to fund project

Efficiency - Projects delivered more quickly and on budget

Opportunity - For local and small, women and minority owned businesses to participate in construction

Innovation - Private sector experience and resources that deliver the best and most advanced

Return on Investment - Long-term planning that extends beyond project completion

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