Making major transportation improvements a reality
The Public-Private Transportation Act (PPTA) is one of the most important resources Virginia has to finance and accelerate the construction of high priority P3 transportation projects. Without it, many of the major transportation improvements in Virginia would not be feasible because there isn’t enough state funding or federal aide to build several major projects at the same time. Virginia’s world class P3 program is a model for other states and countries that are trying to use innovative financing tools to successfully deliver transportation infrastructure improvements.
Stimulating job creation and economy
P3 projects have pumped billions of dollars into Virginia’s economy and have supported tens of thousands of jobs. From new job creation to new business opportunities for Virginia contractors, the large scope of P3 projects provides an enormous boost to local economies in Virginia. Construction of the 495 Express Lanes on the Capital Beltway alone supported more than 16,000 jobs in Virginia and injected nearly $3.5 billion into Virginia’s economy. (Dr. Stephen Fuller, George Mason University, “Economic Impact of Construction Outlays for the Capital Beltway HOT Lanes, November 2008)
Leveraging private investment to bolster state funding
For every dollar Virginia invests in P3 projects, about $7 in private sector investment is realized. Private investment provides billions of dollars in new funding for transportation needs throughout Virginia and empowers the commonwealth to accomplish more with limited state funds. P3 projects give Virginians tangible transportation choices and improvements now, not decades in the future.
Providing an enhanced quality of life
P3 projects deliver new travel options and reduced travel times for Virginia commuters, ultimately providing a better quality of life. Parents can pick up their children from day care on time; grandparents get to the grandchild’s game or dance recital; and the plumber has a reliable schedule for reaching his customers. P3 projects give Virginians real solutions to decrease time on the road and increase more time with family and friends.
Protecting Virginia’s taxpayers
P3 projects provide valuable financial benefits to the commonwealth of Virginia and its taxpayers. By using private capital and privately backed debt, Virginia avoids taking on increased debt, preserves its bond capacity, and protects public credit ratings. Key risks of large transportation projects – which may include financing, construction and operations – can be shifted to the private sector, giving taxpayers additional protections. Long-term operations and maintenance responsibilities also may be shifted to the private sector. Meanwhile, Virginia maintains ownership and oversight of these projects.