The Autonomy Institute and the Partners will work with qualified financing, engineering, procurement, construction, and operating partners to establish funding to support design, development, implementation and large-scale deployment of the Intelligent and Autonomous Infrastructure.
P3 Partnership Objectives
- They are long-term and involve a combination of large and small private entities and local, state, and/or federal government agencies;
- They are intended to provide timely delivery of products, services or facilities in a cost-effective manner that can be more time-efficient than using traditional sources of procurement and public financing;
- The risk is shared and because of this shared risk the rewards are shared;
- The formation of a P3 is a proven way to ensure that state-of-the-art solutions are being employed without compromising stakeholder risk criteria or infringing intellectual property rights of partner assets;
- Transparency will ensure that all project elements are optimized for efficiency, life-cycle costs, and operational flexibility and that stakeholder voices are heard and reasonably represented.
P3 Partnership Benefits:
- They provide better infrastructure solutions than an initiative that is wholly public or wholly private. Each participant does what it does best;
- They provide common standards, networks, and platforms that can support faster deployment and higher impacts on communities;
- They result in faster project completion and reduced delays on infrastructure projects by including time-to-completion as a measure of performance and therefore of profit;
- A P3’s return on investment (ROI) might be greater than projects with traditional, all-private or all-government fulfillment;
- Innovative design and financing approaches become available when the public and private entities work together;
- Risks are fully appraised early on to determine project feasibility. In this sense, the private partner can serve as a check against unrealistic government promises or expectations;
- Since risks and rewards are shared and distributed, this leads to greater alignment and transparency between the partners which contributes to overall project delivery efficiency and concurrently ensures that project participants are always in alignment with project goals;
- Financial incentives may exist under state and federal tax provisions that provide a benefit to the project and improved ROI;
- The operational and project execution risks are transferred from the government to the private participant, which usually has more experience in cost containment; and
- High-quality standards are better obtained and maintained throughout the life cycle of the project.