The ability of Kentucky government agencies to work with private sector partners on projects gained momentum in 2016 with passage of legislation regarding public-private-partnerships (P3s) for projects. Government agencies, both state and local, will determine if a solicited P3 is the appropriate way to proceed with certain capital services or construction projects (see KRS 45A.077 or KRS 65.028). The legislation also allows agencies to consider unsolicited P3 projects that private sector partners recommend. Transportation-related P3 projects fall under KRS 175B.015 and KRS 175B.037.
Benefits of public-private-partnerships
- Leverages private sector expertise and funding to advance government projects.
- Stimulates job creation and economic growth.
- Brings projects to fruition more quickly.
- Enhances infrastructure and quality of life.
What is a public-private-partnership?
"A long-term contract between a private party and a government entity, for providing a public asset or service, in which the private party bears significant risk and management responsibility, and remuneration is linked to performance."
(Definition taken from worldbank.org)
Information on this website is aimed at providing an easily accessible array of information that government agencies and potential private sector partners need to understand about solicited and unsolicited public-private-partnerships. The information is categorized into these main sections: