I-4 Ultimate Financial Close A P3 Benchmark
Reprinted with permission from Public Works Financing, Volume 296, September 2014. Copyright 2014 by Public Works Financing.
With the dust now settled on the financial close of the I- 4 Ultimate project, it is an opportune moment to examine some of the features of the transaction that helped to make it such a success. First and foremost, the Florida Department of Transportation (FDOT) continues to make public-private partnerships (P3) a priority for the right pro- jects, at the right time. It is an agency excited and motivat- ed about the power of the P3 tool, while having reverence for the consequences of using the tool indiscriminately. With three complex and highly successful P3 transactions now under its belt, FDOT has developed and nurtured home-grown talent to fill the various key roles critical to the success of a P3 program. Both FDOT headquarters and its districts have identified the brightest and most creative talent across financial, technical, procurement and legal disciplines and brought this talent to the bear on its P3 transactions, both in the planning and in the implementa- tion phases.