Enhanced Mobility / New Reliable Travel Choices
By providing needed transportation options such as new or expanded lanes, roads or interchanges, public-private partnerships can give drivers more options for reliable, safe travel they can trust to safely get them where they are going with greater certainty. These expanded travel options can lessen traffic demands on existing roadways; thus helping move Nevada.
New Funding Source
Public-private partnerships utilize private capital to help deliver needed transportation improvements that may not otherwise be funded.
Project Cost and Time Savings
With accelerated funding from private partners, projects can be put in place years ahead of when they might otherwise be, providing needed transportation improvements sooner and reducing inflationary costs.
Public-private partnership agreements often require construction be completed within defined timeframes and costs, helping shield taxpayers from cost overruns and delays.
Whole-Life Efficient and Cost-Effective Transportation Facilities
The private partner can be responsible for the financing, design, construction, operation, and/or maintenance of the project in accordance with state standards, incentivizing them to build and operate the most efficient, cost-effective facility. Strict requirements ensure proper stewardship of the public facility so it is returned to the state in good condition when the partnership ends.
Reduced Public Risk and Responsibility
The private partner takes primary responsibility for timely delivery, operations, and maintenance of a quality project and assumes greater financial risks, thus lifting some of these potential burdens from taxpayers.
Public-private partnerships can also often offer access to innovation, economies of scale, specialized expertise and technology not otherwise readily available to public agencies.
For toll facilities, those who use a new road, lanes or transportation facility help pay for its construction and upkeep. Non-users also benefit through reduced traffic on non-tolled facilities. In situations where excess revenue exists, revenue sharing with the private sector can be implemented with the state’s share available to build other much-needed transportation facilities.
Job Creation and Economic Boost
The U.S. Department of Transportation reports that every $1 billion invested in transportation infrastructure creates or sustains more than 34,000 jobs. Independent studies in Nevada show an economic gain of approximately $1.50 for every $1 invested in transportation. Access to private capital not only helps build needed public roads, it supports jobs and economic growth.