Business View Magazine - Feb 2024

reducing risk for both parties. • ECONOMIC GROWTH P3s are also transforming regions across America, stimulating economic growth, creating jobs and increasing competitiveness. Typically, P3s generate an outsized economic impact as compared to what the municipality could have achieved on its own. BUILDING A FUTURE-READY CITY WITH PUBLIC-PRIVATE PARTNERSHIPS The city of Orlando and Mayor Buddy Dyer are leveraging all these benefits of P3s and more to HOW PUBLIC-PRIVATE PARTNERSHIPS ARE FUELING GROWTH IN ORLANDO OPENING L INES Source- www.americancityandcounty.com, Craig Ustler, First published Nov, 03, 2023 The city of Orlando is the center of a growing, thriving metropolis that is home to more than two million residents. While theme parks and resorts attract tourists from across the globe and help fuel the economy, another growth engine in the form of public-private partnerships is strengthening economic development opportunities and improving the quality of life. Public-private partnerships, also known as PPPs or P3s, involve collaboration and cooperation between government entities and private sector entities to jointly plan, finance, develop and manage projects. P3s are often used for utility and transportation infrastructure projects but today are expanding to social infrastructure projects such as hospitals, schools and community centers. BENEFITS OF PUBLIC- PRIVATE PARTNERSHIPS Local governments use public-private partnerships to help move large scale community projects forward unlocking a wide range of benefits in the areas of: • EFFICIENCY AND INNOVATION P3s leverage public and private sector expertise by effectively allocating responsibilities and scope of work.This combination drives innovation and increases efficiency in every stage of project development from planning, design and construction through operations and management. • FINANCIAL RESOURCES The ability to access private capital is key benefit of P3s. Tapping into the wide range of private sector financing tools reduces financial burdens on governments and frees up public funds for investment in other areas of need. Injection of private capital also provides the benefit of accelerating the development of projects, especially certain social infrastructure projects where public financing may be more limited. • SHARED RISK P3s are also beneficial when it comes to risk. In these types of partnerships, public and private entities allocate the risk associated with a project, thereby 13 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 02