Real Estate and Land Use

By Clayton B. Gantz

Public/Private Partnerships

Manatt real estate partner Clayton B. Gantz and Stephen B. Friedman, president of SB Friedman Development Advisors, co-authored an article titled “Public/Private Partnerships,” which appeared in the March/April issue of LandWrites.

Public/private partnerships (PPPs)—collaborations between the public and private sectors—are becoming increasingly important vehicles in high-quality development and redevelopment of infrastructure and public facilities. Key types of development using PPPs include redevelopment, infrastructure development, public and community facilities, and major transit and transportation facilities. As engagements between government agencies and financial institutions become more and more complex, stakeholders and other participants focus on the following key steps to efficient project management and community development: creating a shared vision and public purpose, carefully assembling the most capable development teams, engaging in proactive development, creating relationships between developers and public entities, reaching fair deals for all parties involved including the sharing of risks and rewards, mindfully assessing fiscal impacts versus community benefits, structuring PPP business plans to optimize all available financial and nonfinancial tools, and documenting deals to monitor the commitments of all parties involved. Although PPPs may be more complex than traditional methods, the shared responsibility ultimately results in greater rewards and better development.

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