Affiliation:
1. Old Dominion University, USA
2. University of Kentucky, USA
Abstract
In an effort to address financial constraints and environmental concerns states have increasingly turned to a combination of un-tolled (HOV) and tolled (HOT) lanes. Public-private partnerships (3Ps) are a popular mechanism for this more sustainable approach to highway infrastructure that couples environmental sustainability (efficient utilization of existing lanes, less congestion) with financial sustainability (private investment). This chapter offers an approach to 3P contract writing for HOV/HOT facilities that is structured by a stakeholder analysis of actors in the project accountability environment. By analyzing two Virginia 3P highway projects, the chapter shows it is possible to build into a contract a set of terms and conditions to enhance the likelihood of meeting the goals of multiple stakeholders. By necessity, such contracts cannot specify precise monetary returns and other stakeholder benefits, but they can be written to include trade-offs to minimize losses to one party at the expense of another.
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