Countless articles appear throughout legal and transportation periodicals championing the short term benefits of P3's (Public Private Partnerships) at the peril of abandoning huge long term profit potential to the State. 

 

State transportation officials from Indiana and California report they were deluged with telephone calls and meeting requests from investment bankers pleading to underwrite and/or otherwise provide the funding for P3's to construct and operate future toll roads. 

 

And no wonder. Conservatively, these same officials estimate a typical 8.5 to 10.5 mile toll road will return initial investment at ten to fifteen years following completion of construction. With a typical private – state partnership toll lease agreement lasting 75 to 99 years, the balance of the lease, according to these same officials, will bring in 22 to 30 billion dollars to the private investor – with those same revenue returns being forfeited by the State when it enters into a long term lease. 

 

Of course that means the unknowing citizen loses out on this massive windfall to the private sector which otherwise would have contributed to lower future tax requirements. 

 

Essentially then, the P3 is a deferred tax on the public. 

 

The benefit of faster construction schedules does not mean the overall public good is being served. If we lease away an important part of Florida's tax future, we, and future generations, all lose.

 

An upfront disclosure of the costs associated with P3’s as applied to future Florida toll roads (e.g., the proposed I-595 express toll road) should be demanded of our legislators and our transportation officials. What are we giving up by allowing a P3 to build and operate part of I-595 with tolls that vary from hour to hour? Floridians deserve the facts.

                                                     

David Weiss

Plantation, Florida

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