The National Council for Public Private Partnerships has been holding
presentations across the country to educate officials on how to tap private
sector capital to fund public transportation projects, and shift the
construction costs and operational risks to the private sector.Private funding
for public projects isn't new and the number of projects using private funds
seems to be growing.
In late September, John Hancock Life Insurance Co. and two other partners
announced they had won a $2.5 billion, 99-year lease to operate and develop
Chicago Midway Airport. If completed, the airport would be the first privatized
major airport in the U.S. In April, Los Angeles Mayor Antonio Villaraigosa
announced he would pursue private partnerships to fund transit projects.
Mica, who for years has been prmoting the Public Private Partnerships, is suddenly doing an about face. One wonders if this is just a symbolic stunt on his part?
He co-wrote a letter with Rep. James Oberstar, D-Minn. to Mary Peters, the Transportation Secretary, to warn agains lack opf transparency with these Public Private Partnerships.
The letter in part says this:
....the current financial crisis on Wall Street is leading to more and more
so-called public-private partnerships that lack "adequate transparency" to
protect the public's interest."We are particularly concerned about efforts by
private investors to exploit the financial crisis to place a number of the
nation's transit agencies at risk of default and financial collapse," the letter
said.
