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Eagle P3: Transit forward
24 February 2011
North American Transport Deal of the Year 2010
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[Eagle]
[Denver Transit]
Denver Transit Partners’ closing on the $1.64 billion Eagle P3 rail project signals a growing, if still limited, acceptance of transport public-private partnerships (PPP) in the US. The deal is the country’s first transit project to use an availability-based payment stream in and the financing’s effective combination of private activity bonds (PABs), equity, construction and substantial completion payments is encouraging other transit authorities to look to the example of the grantor, Denver’s Regional Transportation District (RTD).
The significance of a transit project being designed, built, financed, operated and maintained outside the public sector in the US cannot be overstated. Every major transit system in the country – the older ones were built by the private sector – has been operated at a loss by public agencies since the 1960s. Transit agencies from Washington, DC to Charlotte, North Carolina and Los Angeles are already looking at RTD’s example for their own burgeoning...
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