MILFORD, Conn.--(BUSINESS WIRE)--In this time of unprecedented economic crisis in Conn., leaders from the U.S. and Canada will discuss innovative ways the private sector is partnering with state and local government on infrastructure development, at the Connecticut P3 Conference on Thurs., April 5, 2018, from 9 a.m. to 5:30 p.m., at the Hartford Marriott, 200 Columbus Blvd, Hartford, Conn. Attendance is free and open to the public. Advance registration is required via email to: CTP3Forum@gmail.com. For information, visit www.IPFA.org, search term, Connecticut.
The event features 14 speakers including former Penn. governor, Edward Rendell, former Vir. Secretary of Transportation, Pierce Homer, Congresswoman Elizabeth Esty, Jack Betkoski, vice chair of Conn. PURA and president of the National Assoc. of Regulatory Utility Commissioners, Frank Rapoport, chief strategist for the Association for the Improvement of American Infrastructure, and Karen Talamelli Cusick who manages finances for Project Service LLC, that helped redevelop 23 Conn. interstate service plazas in a P3 deal.
Cusick said the state and municipalities can use P3 as an alternative to bonding and a way to strengthen the commercial tax base without raising taxes. “As Connecticut seeks to restore strong infrastructure and a sound economy, P3 development is a path forward through innovation, not taxation, which respects the workings of government but capitalizes on the efficiencies of the private sector,” commented Cusick, referencing the tax-heavy recommendations from the Connecticut Commission on Fiscal Stability and Growth, in its recent controversial report.
The idea behind P3 is that government can continue to own and produce revenue from assets but use private investment to develop and manage them. The Conn. service plazas mirror other successful P3 projects including a metro line in Barcelona, hospitals in Canada, a stadium in Australia, and a light rail connecting metro Denver to its airport.
Pierce Homer says P3 can’t solve every single problem, but it has solved many in transportation, education, and other infrastructure in many parts of the US. “In a time of revenue shortfalls, public private partnerships can provide funding and financing options for civil and social infrastructure,” noted Homer.