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Innovative project delivery using alternative financing mechanisms : assessment of benefits, costs, and risks.
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  • Abstract:
    The U.S. Department of Transportation (U.S. DOT) and state DOTs across the nation seek private

    investments to leverage their shrinking financial resources and fulfill their growing funding shortfalls.

    Involvement of the private sector in financing highway projects is subject to various limitations and

    challenges that affect state DOTs’ project planning and development, and limit the expansion of private

    financing for highway projects. Private sector involvement in highway financing across the U.S. is subject to

    various limitations. State DOTs face different kinds of financial, political, legal, management, and

    organizational issues affecting their ability to attract private investments in highway projects. The main

    purpose of this project is to enhance the understanding of GDOT regarding the complexity of incorporating

    financing into the innovative project delivery process. Particularly, the objective of this study is to capture

    the underpinnings of private financing in highway projects in the following areas: (1) The latest developments

    and trends in utilizing innovative financing mechanisms for highway projects; (2) main objectives and major

    concerns of state DOTs in the decision-making processes; (3) deal-breaker issues and major concerns of

    private sector participants; and (4) recommended best practices to enhance adoption of private financing for

    highway projects. A comprehensive review of academic and professional literature was conducted in order

    to analyze and document the latest developments and trends in utilizing private financing for highway

    projects. In order to document the current state of private financing for highway projects a survey was

    conducted from state DOTs. Following the nationwide survey of state DOTs’ practices for incorporating

    private financing in highway projects, this study identified a list of deal-breaker issues and major challenges

    that hinder private sector involvement in financing highway projects through conducting interviews with the

    industry experts in private financing.

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