Experts Urge California P3 Laws
Photo courtesy P3 Bulletin
Mike Schneider, Managing Principal at InfraStrategies discusses the future of transportation infrastructure and P3 under new Governor Gavin Newsom.
Industry experts in California want new Governor Gavin Newsom to raise the focus on infrastructure investment.
Dale Bonner, executive chairman of Plenary Concessions, told P3 Bulletin that the voters' decision to preserve the new gas tax as part of the midterm elections could be seen as “a sign of public support for transportation investment, but we now need to reauthorize the use P3 delivery for state highway projects”.
His view was backed by Mike Schneider, managing principal of Infrastrategies. “California has not renewed its P3 legislation, so transportation-based P3s on a statewide level are essentially on hold,” he said.
Experts fear that, following the election of Newsom, the focus may fall away from infrastructure investment – after the discussion around reauthorizing the P3 legislation was put aside to focus on the gas tax issue.
“So, political uncertainty may be the key issue facing the market as we head into the New Year,” warned Bonner.
For an in-depth look at the California market – and how municipalities are taking up the slack from the state level – see the upcoming November-December issue of P3 Bulletin