history of public private partnerships in washington state
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History of Public Private Partnerships in Washington State. Tacoma Narrows Bridge. 1940 - “Galloping Gertie” original span collapses in wind storm. 1950 - Old span replaced by new bridge. 1993 - Population growth triggers call for an additional span.

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tacoma narrows bridge
Tacoma Narrows Bridge

1940 - “Galloping Gertie” original span collapses in wind storm.

1950 - Old span replaced by new bridge.

1993 - Population growth triggers call for an additional span.

Legislature enacts initial P3 law identifying five possible pilot projects. Second Tacoma span is chosen. (Bechtel-Kiewit)

tacoma narrows bridge1
Tacoma Narrows Bridge

2000

Final EIS filed, but lawsuit invalidates financing scheme.

P3 changed to D/B

and legislature appropriates funding.

This prompts review of state P3 statute.

cost savings by reversing the financing of tnb
“Cost Savings by reversing the financing of TNB

It is estimated that toll-payers will save at least $336 million over 24 years. But there is a price associated with these savings: more risk.

Original TNB “Private Public Partnership”: 63-20 financing

Traditional State Bond Financing**

Total Borrowing $794 m

Total Borrowing$711 m

Mortgage Statement: Total Principal and Interest Over 34 Years Estimated at $1.908 billion*

Mortgage Statement: Total Principal and Interest Over 24 Years Estimated at $1.572 billion

*United Infrastructure Washington (UIW) Preliminary Financing Plan dated January 25, 2001.

**Seattle Northwest Securities, assumptions as of May 10, 2005 (interest rates as of 5/10/2005 + 50 BP with CABs issues 7-9).

what s happened since
What’s happened since?

Design / Build Takes Off

Gas-tax increases of 14.5 cents in 2003-2005 provides massive project rollout.

Consultant design work increases from

15% to 54% of all projects by dollar value.

what s happened since1
What’s happened since?

P3 Laws Revised

Transportation Innovative Partnership Act (TIP) - RCW 47.29

  • TIFIA (low-cost loans)
  • SAFTTE-LU (allows tolling on Interstate highways, etc.)
  • Allows transportation-related projects and programs of all modes to be eligible for development as a public-private partnership under the Transportation Innovative Partnership Program (TIP);
  • For transportation projects funded with toll revenues, any bonded indebtedness must be state-issued debt;
  • Requires citizen advisory committees for projects > $300 million.
  • Requires comparison with the department\'s internal ability to complete the project that documents the advantages of completing the project as a partnership versus solely as a public venture.
p3 proponents not satisfied
P3 Proponents Not Satisfied
  • Due to political resistance, P3 proponents nibble around the edges at legislature:
  • 2011 – SB 5771(Failed)
  • Separates non-toll projects from current law. (Ferry terminal, West Coast Green Highway)
  • 2011 – P3 Study
  • Appropriated $425,000 study of P3s and their effective implementation.

The private consultants were representatives of AECOM, Nossamon, and KPMG.

(http://www.leg.wa.gov/JTC/Pages/PublicPrivatePartnershipsStudy.aspx)

  • 2012 - SB 6350 (Failed)
  • Repeals TIP. Finds that the act has not met the needs and expectations of the public or private sectors for the development of transportation projects, and states a legislative intent to continue to search for ways to bring innovative methods of transportation project delivery and finance to Washington.

For more information contact:

Vince Oliveri, PTE 17

[email protected]

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