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Long Beach Courthouse: Social leader
24 February 2011
North American PPP Deal of the Year 2010
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[Long Beach]
[Meridiam]
The Long Beach Courthouse replacement public-private partnership (PPP) is the first availability-based non-transport concession in the US. It took more than four years and the approval of the California state legislature to reach close, but the state’s Administrative Office of the Courts, the grantor, succeeded at putting together a groundbreaking deal that could open the door to a new wave of availability-based concessions in the US.
Meridiam Infrastructure-led Long Beach Judicial Partners won the 35-year design-build-finance-operate-maintain (DBFOM) concession in June 2010. Between then and close, on 20 December 2010, the sponsor worked closely with the AOC to finalise the commercial agreement and transfer of risk from the state to the private sector. One element of this contract, which addresses concerns over the project’s appropriations risk, is a stipulation that if the annual availability payment is not appropriated by the California legislature in the state’s notably contentious budgeting process, ownership of the...
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