Publications for Public-Private Partnerships
For over 25 years, local, state, and federal governments have utilized public-private partnerships (P3s) to design, build and finance infrastructure, economic development, and social infrastructure. It is recognized as a seasoned, reliable delivery method.
Foster Swift is a nationally recognized Bond Counsel and Disclosure Counsel firm. We advise and represent Michigan townships on all aspects of borrowing money and issuing bonds, and also public private partnership (P3) projects.
In the recent decade, governments have begun to utilize a public-private partnership (P3) which by its definition usually requires a design-build methodology of delivery. The design-build concept places the designer and contractor on one team in answer to the government’s request.
Design-build methodology minimizes change orders and cost overruns. When the design-build methodology is coupled with the private sector’s obligation to finance, operate, and maintain the structure, the issues of risk related to best-value procurement and optimum building durability are obtained. When design-build is coupled with private sector obligation to finance, operate, and maintain the project, it is usually described as a public private partnership (P3).
Municipalities should note a new law just passed that might provide for a workable, creative option to help get funding for public projects.
Operating a construction company in Michigan’s current business and economic climate is challenging enough without the additional burden of dealing with contractors who fail to pay subcontractors and materialmen promptly...