Dive Brief:
- Prince George’s County, Maryland, officials say they’re going to use use public-private partnerships (P3s) to help address an $8.5 billion backlog of public school construction and maintenance projects.
- County Executive Angela Alsobrooks said using a P3 model would save approximately $180 million by turning over the construction, maintenance and financing duties to the private sector. Alsobrooks said this approach would allow the county to build 18 schools in seven years. The county, according to The Washington Post, plans on using one company to perform all the work and will begin reimbursements to that contractor as students occupy each new building.
- The Maryland state legislature passed a bill establishing a framework for how the state would contribute to the program, but county officials will have to wait until next year to seek funding. Regardless of the state’s actions, the county will invest $25 million to $30 million annually into school construction projects for the next 30 years. The county believes schools will be built 14 years faster using a P3 and for 15% to 20% cheaper.
Construction Dive
by Kim Slowey
May 8,2019