What is the purpose of a public private partnership?

 

Simply put, a public private partnership is developed to facilitate the completion of a specific project, which is most commonly a building project. Through the partnership, a vision of the completed project is determined in order to create a plan. This stage can involve the facilitation of various types of studies and evaluations to determine the best courses of action to realize the vision. Once a plan is in place, the project needs to be funded. Secure funding allows the building to be built, inspected, and operational as quickly as possible. During this process, those involved in public-private partnership work together to handle any setbacks, adjust expectations, secure additional funding, or facilitate contingency plans. 

 

What are a few specific examples of services provided by a public private partnership developer?

 

A public private partnership developer is basically the project coordinator for public projects that involve private entities. As the project coordinator, the public private partnership developer oversees the entire process from start to finish and ensures that each stage is reached successfully and to the satisfaction of all parties involved. In addition to facilitation, the developer assists with specific services, as well. For example, the public private partnership developer identifies suitable sites for the final project and negotiates the purchase of the site. For both the purchase of the site and financing the rest of the project, a public private partnership developer has knowledge of and access to a variety of financing options, as well as the qualifications needed to manage any assets. 

 

What are the benefits of working with a public private partnership developer?

 

When you choose to work with a public private partnership developer, you not only receive the benefits of professional project management, but you also gain access to insider knowledge and connections. An experienced public private partnership developer has developed relationships with a wide variety of professionals and industries that will be needed to plan, execute, and complete your project. Relationships with lenders and investors are essential to fund the project, while connections in the construction industry are needed to actually build the project. No matter what type of professional, from bankers to engineers to architects, an experienced, knowledgeable public private partnership developer will provide the connections needed to see your shared vision come to life.

 

How is a public/private partnership different from other similar partnerships?

 

Public refers to a government department or agency, while private refers to a private business or corporation. In public private partnerships, these two different types of entities work together to complete a project and realize a shared vision. A public private partnership developer acts as a facilitator and project coordinator throughout the entire process and ensures the project is planned, funded, and built on time and on budget. Once operational, the public/private partnership may continue to operate the building or facility and handle any future developments together. In this case, it can be a smart decision to continue working with a public private partnership developer to continue the coordination of each entity’s role in the operation of the facility, as well as to assist in handling any future issues, developments, or negotiations needed in the future.

 

What are the benefits of developing a public private partnership?

 

When a public and private entity come together in a partnership, there are several specific benefits to note. When compared to projects that are either entirely public or entirely private, for example, projects completed through public private partnerships are more likely to have a greater return on investment and future success. Additionally, a public-private partnership is more likely to result in a faster overall completion time of the project. Working together, the partners, along with the public private partnership developer, can quickly identify sources of delay and resolve them quickly. Similarly, public-private partnerships tend to be more successful at identifying threats to the project early on and resolving them before impeding the project’s timeline. Finally, when a public and private entity work together, there are more options to choose from in terms of expert sources, suppliers, financing, and even the final site of the project.

 

What industries in particular can benefit from a public private partnership?

 

A public-private partnership is a great choice for a variety of projects. Parks, public transportation networks, and other government-driven projects, for example, can benefit from the additional resources and expertise that come with partnering with a private entity. On the other hand, entertainment venues, health care facilities, private educational facilities, and hotels can benefit from the acceleration, influence, and access that comes with a public partnership. 

 

Can a public/private partnership be useful when it comes to parking?

 

Another type of project that can benefit from a public/private partnership is parking facilities. Pretty much any type of project or building needs parking. Employees, guests, customers, patrons, patients, and students will all need somewhere to park, and depending on how many people are expected to be present at one time, you may need to plan for ample parking options. Whether your project needs a parking lot or a full parking garage, a public-private partnership and working with a public private partnership developer are equally beneficial. In order for your parking structure to be operational, you need to decide on a plan, finance that plan, and then execute it. Most parking structures will then require some operational facilitation, especially if it is a paid lot or garage. A public private partnership developer can continue working with all involved parties to maintain the parking area, as well as to facilitate future repairs, maintenance, or developments to the project.

 

How do you enter into a public/private partnership for a project?

 

Entering in a public-private partnership is all about shared benefits and open communication. Once you determine that a public-private partnership will be mutually beneficial to both the public and private entities involved, the next step is to ensure you have the same shared vision for your project. Open and honest communication will allow you to identify what is most important to each party. Do not sugarcoat the potential risks or the possible downsides of the public/private partnership. No partnership is perfect, and there are going to be some compromises on all sides. However, if the rewards of the public/private partnership outweigh the risks for all involved, then you can move forward with the project knowing that everyone is fully on board. Another key component of a successful public-private partnership is leadership. This is where a public private partnership developer can be especially useful. The public private partnership developer not only has industry connections to ensure a successful completion of the project, but they can also facilitate any issues, grievances, concerns, or communication problems between the involved parties. In other words, the public private partnership developer makes it easier to communicate effectively and maintain transparency and integrity, which are all cornerstones of any mutually beneficial partnership.