Phase II of construction (formerly Contracts 5 through 8) will operate via a Public-Private Partnership (P3) in which the selected bidder (Golden Link Concessionaire) will design, build, finance, operate and maintain the project for 30 years.
The P3 method of delivery will reduce costs, free up state funding for other uses, transfer cost-overrun risks to the private developer, and ensure a high maintenance standard during the 30 year contract. Phase II will begin in summer 2012 and continue through 2015.
What is P3?
Public-private partnerships (P3s) are contractual agreements formed between a public agency and a private sector entity that allow for greater private sector participation in the delivery and financing of transportation projects.