Florida-The population of Miami-Dade County is 25 times greater than it was in 1925, when the county courthouse was built, and a public-private partnership (P3) could assist with building a new one. The project could combine an availability design, build, finance, operate and maintain model with real estate development, which would create a unique opportunity for international equity investors and construction companies to partner with real estate developers familiar with the Miami market.
The County has identified approximately $50 million in available capital funds that could be applied toward the project. In addition, the cost of operating the existing county courthouse are approximately $3 million per year, which the county has indicated may be applied toward availability payments. The county may also make available certain valuable real estate properties to a private developer in the form of a long-term lease or other partnership as partial consideration for the development and operation of the project. A request for proposals will be released once a decision has been made.
Connecticut- Northwest ConneCT, a fiber optic broadband and mobile communications regional initiative, wants to improve broadband internet access and cell phone coverage in the region. Northwest ConneCT would assist in creating a public-private partnership to bring a fiber-optic network to 25 communities.
Northwest ConneCT previously received $250,000 in grant funding, which is being used to meet with stakeholders in the region, develop a website, create legal framework for such a network, and conduct surveys. The initiative intends on reaching out to major carriers within the next month, with a community vote scheduled for summer of 2018 and completion of the network in 2021.
llinois- The University of Illinois (U. of I.) is launching a multibillion-dollar fundraising campaign across its three campuses. The Urbana-Champaign campus seeks to collect $2.25 billion in public and private donations over the next five years. Springfield is looking to collect $40 million, according to university officials. The Urbana-Champaign and Springfield campuses formally started the public phases of their plans last week, while Chicago will kick off its campaign and announce its funding goal Oct. 28. All three campaigns will end in 2022, university leaders said. About $1.01 billion in private offerings has been secured for the U. of I.
At the three campuses, there are plans to renovate Altgeld and Illini halls, costing up to $100 million; a $50 million facility for health, aging and disability-related research; athletic facility upgrades; construction and programming for the Bruce Nesbitt African American Cultural Center; and improvements to the University Library. There are also plans to spend $8 million for a new Center for Lincoln Studies and $10 million for building upgrades. The plan is to raise more than their last campaign totaling $2.43 billion. In many cases, public universities throughout the country are turning to fundraising to make up for stagnant or dwindling state support.
Michigan- Michigan Department of Transportation (MDOT) administrators have decided to speed up its original construction schedule for Interstate 75 – an estimated $1.3 billion project in nine segments, to be completed by 2034. The first segment was completed before Labor Day and the remaining work will be condensed into a second and third segment. This is the largest public-private partnership in the state’s history and would allow a private company to design, build, maintain and operate sections of the I-75 corridor. MDOT will issue requests for qualifications from potential private partners before the end of the year, and it anticipates the selection process will wrap up in the summer and fall of 2018. The winning teams will be reimbursed via annual payments.
The second segment spans from 13 Mile Road to Coolidge Highway, with the state contracting with a company to design and build the project. That contract is expected to be awarded next summer and construction should finish in 2020. This portion will use existing state dollars and the state will be responsible for long-term road repairs. The third segment will include a contract not just for design and construction, but also for long-term financing and preventive road maintenance. That contract should be awarded by the fall of 2018, with construction set to finish in 2022.