There were also concerns raised about mismanagement of the project from state auditors. Mitch said, “It may not be such a big hassle.”

“On the government side of a P3 procurement, there has to be a great deal of specificity in terms of what will be expected from vendors so that it will be able to properly gauge performance. If the specifications were presented to vendors in adequate detail, it could be just a matter of pulling out the unwanted elements such as design, operations or maintenance,” he explained.

Furthermore, “It would be more difficult to exit a P3 if the project was underway, because the vendors typically make a big upfront capital investment and have the opportunity to amortize that investment over a long period of time.”

Read the full article, here.

The post Mitch Bierman Discusses with Construction Dive Switching from a P3 Model During Late Stages of the Procurement Process appeared first on Weiss Serota Helfman Cole + Bierman.

The article covers the hurdles in completing the multi-billion dollar project, from funding to approvals, including an economic feasibility test. The Legislature has ordered the new toll roads to be part of the turnpike system, but its borrowing is capped. The Legislature has also opened the door for public-private partnerships (P3), in which Florida is a national leader. In P3’s, the government partners with a private firm that risks its own capital to design, develop, build and sometimes operate the project.

“A partnership allows a project to move forward faster than by using piecemeal funding,” says Mitch. “There are many situations where the private sector can do it for less.”

To read the full article, click here. To read the May issue of Florida Trend, click here.

The post Mitchell Bierman Quoted in Florida Trend on Public-Private Partnerships appeared first on Weiss Serota Helfman Cole + Bierman.