Thirty-one states now have laws that allow for P3 procurement. Officials in the Commonwealth of Virginia have gone one step further and created the Office of Transportation Public-Private Partnerships to better pursue and manage these agreements. Tyson Freeman, Institutional Investing in Infrastructure assistant editor, spoke with Sean Connaughton, Secretary of Transportation for the Commonwealth of Virginia in the cabinet of Gov. Bob McDonnell about these initiatives. Connaughton oversees seven state agencies with more than 9,700 employees and combined annual budgets of $5 billion.
The Commonwealth’s Office of Transportation Public-Private Partnerships (OTP3) was created in 2010. What is its mission?
During the past two years Gov. McDonnell’s administration has taken several steps to meet Virginia’s transportation challenges, incl