ASPIRE is a quarterly magazine published by PCI in cooperation with the associations of the National Concrete Bridge Council. The editorial content focuses on the latest technology and key issues in the Concrete Bridge Industry.
Issue link: http://www.aspiremagazinebyengineers.com/i/297024
14 | ASPIRE , Spring 2012 The Commonwealth of Virginia was founded in the seventeenth century as a risky, but ultimately highly successful b u s i n e s s v e n t u re . To d a y, V i r g i n i a continues to focus on creating an inviting business environment that promotes competition, encourages private investment, and invites the private sector to identify and develop innovative solutions to enhance its infrastructure. As with any successful business venture, Virginia must remain focused and diligent about creating an attractive business environment. Virginia must continue searching for solutions to attract private investment. A significant aspect of that effort is maintaining a transportation network that allows for efficient freight movement, access to its ports, and interstate movement of goods and services. Since Virginia's enabling legislation for public-private partnerships (P3) was enacted by its General Assembly in 1995, Virginia has advanced nearly $ 5 . 0 b i l l i o n w o r t h o f P 3 f o r transportation infrastructure either constructed, under construction, or under agreement. Reinventing the P3 Program In 2010, the governor initiated a full assessment of Virginia's P3 program i n a n e ff o r t t o re i n v i g o r a t e t h e development and completion of P3 projects. The results of the assessment were as follows: • The program was limited in focus to development of highways. • Ownership rested with multiple staff. • The program was reactive and was constrained by a lack of funding for project development. I n r e s p o n s e t o t h e a s s e s s m e n t , the Secretary of Transportation, in December 2010, introduced a manual titled, Public-Private Transportation Act Implementation Manual and Guidelines. The manual provides a project delivery framework for the development and implementation of both solicited and unsolicited P3 projects that proactively identifies, develops, and delivers the Commonwealth's priority transportation projects in a consistent, transparent, timely, and cost-effective manner. The result of this action means Virginia's approach to its P3 program is now a program-based perspective rather than a project-by-project response. Key to the program-based approach is development of a multimodal pipeline of candidate P3 projects. In addition to the process reviews and improvements in the manual, an Office of Transportation Public Private Partnerships (OTP3) was created to focus specific financial and human r e s o u r c e s o n t h e i d e n t i f i c a t i o n , development, and delivery of P3s across all modes of transportation, including rail, transit, marine, aviation, and roadway projects. In 2011, the director of OTP3 was charged with creating a n e n v i ro n m e n t t h a t e n c o u r a g e s private investment and proactively identifies, assesses, and delivers the Commonwealth's priority transportation projects. Furthermore, the internal structure of the OTP3 utilizes resources with diverse backgrounds in finance, law, project development, engineering, and operations along with legal, financial, risk, and business consultants that augment the internal staffing resources. Learning from the Past Virginia's leaders have taken tangible steps forward to implement a P3 program that has learned from its past experiences. In addition to the creation of the OTP3 and the restructuring of the manual, Virginia has learned from its experience in the areas of risk assessment and project development. Risk analysis and management is an essential part of the development of any project, whether it is procured following by Dusty Holcombe, Virginia's Office of Transportation Public-Private Partnerships Construction of Pocahontas Parkway. All photos: Virginia Department of Transportation. Perspective–An Owner's Viewpoint Virginia's Pubic-Private Partnership Program is Open for Business Book_Spr12.indb 14 4/3/12 9:18 AM