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Long Beach, Calif., Using P3 for New City Hall, Library

from The Bond Buyer

Long Beach, Calif. is pioneering a public-private financing method rarely used in the United States outside transportation in a $533 million project to build a new city hall, port headquarters, library and park. Instead of the city paying upfront to build the facilities and then paying for their operating costs over time, those expenses, along with design and construction costs, are all wrapped into "availability payments" the city and Port of Long Beach will make over a 40-year period. Developer Plenary-Edgemoor Civic Partners will design and build the project and then operate and maintain it for 40 years in return for the availability payments. The only other U.S. social infrastructure project that Ignacio Barandiaran, an Arup principal, said he is aware is the Long Beach courthouse (2014 DBIA Design-Build Project/Team Award winner) agreement the California state government entered into in 2010. more


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