Rhea Law, shareholder and chair of Buchanan's Florida offices and Robert Shuster, shareholder and co-chair of our state and federal government relations section, were quoted in the Tampa Bay Business Journal on the topic of newly approved federal legislation which gives a boost to public-private partnerships, or P3s, which are designed to transfer the risk of large transportation projects from governments to private entities.
"The hope is they can bring the efficiencies of the private sector,” said Robert Shuster, shareholder and co-chair, state and federal government relations, Buchanan Ingersoll & Rooney. The Fixing America's Surface Transportation Act, signed by President Obama on Dec. 4, gives a stamp of approval to P3s through three key changes, Schuster said.
It allows states to use federal transportation funds to pay back private entities; it streamlines the process for states to borrow money for projects; and it encourages coordinated state and federal environmental reviews.
P3s are far more prevalent in other countries than in the United States, said Rhea Law, chair, Florida offices of Buchanan Ingersoll.
The full article is available here. (Subscription required)