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Regulation * USA - New Rule would Hold P3 Transportation Deals to New Standard
Public-private partnerships for transportation arrangements that feature concessions would be subject to a new Federal Highway Administration (FHWA) rule
New York,NY,USA -The Bond Buyer (Vol. 365, No. 32985, P. 4), by Audrey Dutton & Michelle Kaske -14 Oct 2008: -- ... Introduced on Oct. 8, the fair market value and design-build rule would compel state departments of transportation and other public agencies to "negotiate for and obtain fair market value" for any concession deal having to do with facilities constructed or procured with federal highway funds. Long-term public highway development, construction, and operation and maintenance deals involving a third-party concessionair that pays the government or underwrites infrastructure projects for the privilege to operate the facility and collect its revenues would be subject to the rule. The regulation would also permit public agencies to compete against the private sector for such concession agreements. The FHWA says fair market value is applicable any time "a highway agency procures a concession agreement through a competitive process"... The agency explains that further clarification on concessions in regulations was needed because of they are being used more as a financing option...
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