Winter Issue 2022 - 50

OUTLOOK FOR
Public/Private
Partnerships
How are public/private partnerships evolving
to better meet the needs of communities?
RON NYREN
Members of ULI's Public/Private Partnership
Councils discuss how public/private collaborations
are evolving; the effects of the pandemic; project
types with strong potential for public/private partnerships
(P3s) in the coming year; ways to better
incorporate provisions for sustainability, resilience,
and equity; and other trends.
How are public/private partnerships
evolving?
JENNIFER McELYEA: There's a real appetite for
taking advantage of the low-interest-rate environment,
which makes it favorable to use public debt
alongside private investment. A lot of P3 strategies
are taking advantage of tax abatements: a public
agency allows for the issuance of tax-exempt bonds
to finance affordable housing or other infrastructure
improvements to help facilitate a broader public/
private partnership.
KACEY CORDES: With the upcoming federal
infrastructure bill, cities will have access to
billions of dollars for projects, but at a time
when they remain so capacity constrained.
There is a lot of potential to use the private
sector in appropriate ways to support the
public sector and design the systems and
opportunities for developers to engage with
and deliver on high-impact redevelopments.
48
URBAN LAND
WINTER 2022
In Chicago, Mayor [Lori] Lightfoot's INVEST
South/West initiative is leveraging a public/
private RFP [request for proposals] system
where the private sector is helping to structure
the public sector's RFP process to make
projects on the South and West Sides more
marketable to developers. It's still too new
a process to know how much it will change
things, but the concept has high potential.
SHAWN BARNEY: The industry is coalescing
more around the what than the how.
By that I mean there's a lot more interest in
sustainable development and equitable development,
both on the public- and the privatesector
side. It's about figuring out the what
first, then innovating the how. Conventional
mechanisms such as bonds do still come into
play, but it's more about finding new ways of
doing deals.
ERIC ROTHMAN: There is more recognition of
a need for greater flexibility on both sides-
public and private sector. The pandemic
presented an environment that nobody
anticipated, and as a result many publicsector
entities relaxed certain provisions of
what were previously thought to be sacrosanct
agreements. For example, in 2020,
air travel dropped sharply, and even now

Winter Issue 2022

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