By Richard R. Geddes
Regardless of checklist degrees of presidency spending, America's transportation approach is affected by traffic jam, decaying infrastructure, and politicization of transportation funding-leading to calamities similar to the 2007 cave in an interstate road bridge over the Mississippi River and political fiascos like Alaska's notorious "Bridge to Nowhere." In The highway to Renewal, R. Richard Geddes surveys the present country of U.S. flooring transportation and unearths that, just like the roads themselves, transportation coverage is in determined want of fix. A shift towards elevated use of public-private partnerships (PPPs)-contractual agreements that let deepest participation within the layout, development, operation, and supply of transportation facilities-could considerably enhance the standard of U.S. roadways.
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Extra resources for The Road to Renewal: Private Investment in the U.S. Transportation Infrastructure
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Title to the road remains with the state. The concessionaire is responsible for designing, constructing, operating, maintaining, and, importantly, financing the facility. 44 To summarize, PPPs are described in many ways, but they are in essence simply contractual arrangements between a public sponsor and private partners to design, construct, finance, operate, and/or maintain a transportation facility. Notwithstanding an array of permutations, such contracts are a straightforward extension of the standard design-build contracts that public sponsors have utilized for decades.
For example, in 2009 the National Surface Transportation Infrastructure Financing Commission concluded that, looking forward, a variety of factors are converging to challenge the pre-eminence of MFTs [motor-fuel taxes] as the primary source of surface transportation funding. Due to a combination of travel growth, system deterioration, increasing construction costs, and lack of indexing, fuel tax revenues are becoming increasingly inadequate to meet investment needs. This inadequacy will likely be exacerbated as improved fuel efficiency and the development of alternative fuel vehicles reduce fuel consumption.
39 The lanes will be completed in 2012 with the first tolling beginning in 2013. The total concession life is eighty-five years, with five years of construction and eighty years of operation. 9 billion, is being financed using a mixture of sources, including private equity, private activity bonds, TIFIA loan financing (described later in the book), and a $409 million grant from the state. This is one of the largest financings of HOT lanes in the United States and the first time private activity bonds have been used to help fund HOT lanes.