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The Great Debate:. Comparison of International P3 Model, 63-20 Corp and Hybrid Lease. Public-Private Partnerships. What is 63-20?. Operations. Ownership. Private Performance Based. Through an “on-behalf-of” not-for-profit. Maintenance. Financing. Privately contracted

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slide2

Public-Private Partnerships

What is 63-20?

Operations

Ownership

Private

Performance Based

Through an

“on-behalf-of” not-for-profit

Maintenance

Financing

Privately contracted

Dedicated repair and replacement reserve

100% Tax Exempt Debt

Development

Private

Build-to-Suit Integrated Delivery

Incentives to perform

Occupancy Costs

Lowest in the industry

National Development Council

design phase

The Development Process

Development Phase

Design Phase

Public Agency

Public Agency

Lease

Special Purpose

Entity

Special Purpose

Entity

Architect & Engineer

Developer

Architect & Engineer

Developer

General Contractor-Construction Manager

General Contractor-Construction Manager

Sub-contractors

Sub-contractors

National Development Council

typical ppp structure
Typical PPP structure

Governmental Sponsor

DBFOM or DBFM

Agreement

Availability

Payment

Equity Provider

Project Company/Developer

Senior Debt Provider

Senior Debt

Agreements

D&C Contract

FM Agreement

Interface Agreement

Design & Construction

Operations & Maintenance (including life cycle)

attributes of typical ppp structure
Attributes of typical PPP structure

Strong balance sheet – credit rating

+

Efficient Risk Allocation

+

Payment Guarantee

(assuming performance)

+

Parent Company Guarantee + Security

=

  • Non-recourse project financing
  • License structure – no charge in ownership
  • Significant risk transfer
  • Strong value proposition

Investment Grade Transaction

developer lease hybrid model

Hawkins

Developer Lease/Hybrid Model

Delafield & Wood LLP

  • Lease of Commercial Development Rights in connection with Implementation of Public Infrastructure
  • Ex. – Commercial Development Lease in connection with Courthouse Project
  • Alternative/Offsetting Source of Funds for Public Infrastructure Development
  • Economic Development Considerations
  • Developer Lease could be a Component of either International Model or 63-20 Model
  • Nature of the Entities: Commercial Development vs. Public Infrastructure Development
  • Risks Associated with Commercial Development
  • Cost of Capital