Creative project financing, done right.
Public-private partnerships (P3s), which involve significant risk sharing between the public and private sectors, require a comprehensive and multi-disciplinary approach. Providing legal counsel regarding P3 projects is no different. Our P3 team features recognized leaders in project finance, construction, public contracting, real estate, tax, dispute resolution and environmental law. We combine specialized knowledge with real-world business experience to ensure that critical elements of our clients P3 projects are delivered on time, within budget, and with programming that meets all stakeholder objectives.
Practice Group Leader
As the complexity of major development projects continues to evolve, with multiple sources of funding and financing, advances in design and construction means and methods, more sophisticated project delivery systems, and innovative risk-sharing and management approaches, so does the need for project counsel with hands-on experience and a comprehensive team approach. Our “project counsel” approach brings innovation and effective, creative problem-solving, as well as the ability to work effectively and efficiently with project teams, including in-house and external professional advisors. Thanks to the diversity of our client base, we have served as project counsel to public and private entities throughout all phases of complex projects, working side-by-side with the public and private sectors on both the “buy” and the “sell” side of complex P3 transactions.
Our P3 team has extensive experience in assisting public entities and private developers, contractors and equity entities. We have worked closely with public owners and private entities through all stages of the RFP process, including conducting extensive due diligence on potential development partners and clearly establishing the parameters for critical elements of the project.
In the context of concession and/or availability payment structures based on toll and other revenues, allocation of risk for revenue flow must also be addressed and determined. We have protected the interests of our public owner clients through the preparation and implementation of performance-based agreements designed to address the key project interests of cost, quality, schedule and safety through an integrated process. We also have negotiated appropriate and innovative control and operational mechanisms, allowing both the public and private parties to participate in project management. As counsel to the private sector, we use that knowledge to streamline the process and focus on the core issues.
Each agreement is designed to be performance outcome-based with the goal of coordinating and streamlining project management, operation and delivery.
The goal of establishing such elements is to ensure appropriate allocation of risk and responsibility for project delivery and long term asset performance. Our clients value our pragmatic and straightforward advice throughout all stages of the project.
Due to the scarcity of public funds, governments and public authorities are increasingly relying on P3s to structure projects. Our team works closely with its clients to investigate, identify and secure sources of public/private funding and financing, and to assist in the identification and pursuit of other strategies to deliver projects in a cost-effective and expeditious manner. Sources of funding and financing often include Availability Payments, federal, state and local grants, TIFIA, GARVEE bonds, Private Activity Bonds and toll-based concession structures.
Our public-private partnership team draws on the knowledge and experience of the firm’s public finance team, a national practice devoted to the representation of domestic and foreign clients in researching, negotiating and documenting local and state tax and economic incentive transactions. These transactions can consist of numerous structures and arrangements, including tax exempt bond issues, real estate and personal property tax abatement agreements, tax increment financings, job training and other state grant arrangements, local or state income tax credits, enterprise zone and redevelopment areas and low, no interest or forgivable loans. In addition, our P3 team includes tax counsel that are skilled at contemplating and negotiating federal, state and local tax issues throughout the term of project agreements.
A Smarter P3
Over the years our team has developed a comprehensive approach — what we call the “Smart P3” concept — which accounts for all project components (e.g., energy, infrastructure, transportation, finance). Through this integrated framework, we’re able to tailor funding and financing strategies to each distinct component, all while still meeting overall project objectives.
From development, funding and financing to design, construction and operation, our team works with investors and developers across all aspects of the P3 project life-cycle. Specifically, we advise on the following:
- Public-private partnership structures
- Project finance and development
- Public procurement and contracting
- Integrated project delivery methodologies
- Design-build-finance (DBF)
- Design-build-finance-operate/maintain (DBFOM)
- RFI/RFQ/RFP document development, process and selection
- Federal and state grants and loans
- Project implementation and management issues
- Regulatory and code compliance matters
- Surety bonding
- Insurance and risk management
- Property acquisition and eminent domain
- Small and disadvantaged business/economic inclusion
- Labor and employment
- OSHA and safety
- Environmental regulations
- State and local taxation and tax incentives
- Intellectual property
- Dispute avoidance and resolution.
- Consolidation, restructuring and workouts
Our P3 team has assisted in the development of numerous transit and social infrastructure projects, as well as alternative energy installations, waste management sites and oil and gas storage facilities. This experience has given us a deep understanding of the various markets in which major projects are being developed, including:
- Public buildings/facilities
- Social housing
- Municipal works/utilities
Environmental & Energy
- Power generation and transmission
- Oil and gas storage and transportation
- Water and waste management
- Alternative energy/PACE
- Defense and national security
- Telecommunications infrastructure
- IT/national broadband
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