Virginia Recognized as a Leader in Public-Private Partnerships

6 June 2013 No Comment

Governor Bob McDonnell announced that Virginia’s Office of Transportation Public-Private Partnerships (OTP3) was recently recognized as an international leader in Public-Private Partnerships, receiving two awards at the 2013 Partnership Awards in London. The Partnership Awards is an annual event that recognizes public-private projects, teams, and innovation across the globe.

Speaking about the announcement, Governor McDonnell said “Virginia has a long history of partnering with the private sector to advance critical infrastructure projects. However, my administration has continued to improve our program by creating the Office of Transportation Public-Private Partnerships and issuing new streamlined guidance documents. As a result of these reforms, Virginia is leveraging a state investment of approximately $600 million into over $3 billion of infrastructure and advancing long stalled projects all throughout the Commonwealth. I applaud the efforts of OTP3 and the Virginia Department of Transportation for turning what was already a well recognized program into an international leader.”

At the awards, OTP3 was recognized as the “Best Central Government PPP Organization” and OTP3 Deputy Director Dusty Holcombe was recognized with the “Best Individual Contribution Award.”

These awards follow the closure of three deals in 2012, with a total value exceeding almost all other transportation markets, and Inspiratia, a leading P3 industry publication, ranking Virginia second as one of the most active transportation P3 markets globally. In addition, OTP3 Director Tony Kinn was recognized as “P3 Public Sector Entrepreneur of the Year” by the American Road & Transportation Builders Association (ARTBA) in October 2012. Earlier this year, the Midtown Tunnel project received “North American Toll Road Deal of the Year” by Project Finance Magazine.

“OTP3 was created to consolidate Virginia’s P3 program under one roof and attract the expertise and innovation necessary to advance these critical projects,” said Secretary of Transportation Sean T. Connaughton. “Working with our transportation agencies, but particularly VDOT and its leadership, OTP3 is advancing innovative solutions to some of Virginia’s most complex and expensive transportation challenges.”

As part of Virginia’s P3 reform efforts, OTP3 created a PPTA project pipeline consisting of candidate and conceptual projects. In the weeks ahead, Governor McDonnell and OTP3 will be making announcements about several additional projects under consideration.