The VTI National Transport Library Catalogue

Emerging trends in transportation finance Lockwood, Steve et al

By: Lockwood, StevePublication details: Transportation Research Board, 2001; Conference proceedings 24, Description: nr 24, s. 25-32Subject(s): USA | Conference | Transport | Financing | Partnership | | Maintenance | 02Bibl.nr: VTI P9000:24Location: Abstract: S. Lockwood of Parsons Brinckerhoff notes that to capitalize on the innovative financing techniques available, they should be used in combination with a set of project development strategies including design/build contracts, best-value procurement, guarantees and warranties, performance specifications, more transparent risk allocation, and program management. D. Flanagan of the University of Southern California argues that transportation infrastructure projects theoretically ought to be candidates for pension fund investment; however, he notes that suitable investment opportunities are hard to come by, in particular because the tax-exempt status of the pension funds eliminates any advantage in investing in the tax-exempt debt instruments typical of the transportation sector. W. Ankner of the Rhode Island Department of Transportation reports on the replacement and relocation of a major segment of Interstate 195 in the city of Providence, illustrating that state departments of transportation should recognize themselves as major landholders and begin to leverage real-estate assets in nontraditional ways. E. Corcoran of Foley, Hoag & Eliot comments on the $385 million Route 3 North project in Massachusetts as a case in which public opposition to tolls demanded that planners identify another financing approach, which in this case was a strategy that incorporated a design/build procurement, private financing backed by public funding sources, and a long-term operations and maintenance component.
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S. Lockwood of Parsons Brinckerhoff notes that to capitalize on the innovative financing techniques available, they should be used in combination with a set of project development strategies including design/build contracts, best-value procurement, guarantees and warranties, performance specifications, more transparent risk allocation, and program management. D. Flanagan of the University of Southern California argues that transportation infrastructure projects theoretically ought to be candidates for pension fund investment; however, he notes that suitable investment opportunities are hard to come by, in particular because the tax-exempt status of the pension funds eliminates any advantage in investing in the tax-exempt debt instruments typical of the transportation sector. W. Ankner of the Rhode Island Department of Transportation reports on the replacement and relocation of a major segment of Interstate 195 in the city of Providence, illustrating that state departments of transportation should recognize themselves as major landholders and begin to leverage real-estate assets in nontraditional ways. E. Corcoran of Foley, Hoag & Eliot comments on the $385 million Route 3 North project in Massachusetts as a case in which public opposition to tolls demanded that planners identify another financing approach, which in this case was a strategy that incorporated a design/build procurement, private financing backed by public funding sources, and a long-term operations and maintenance component.

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