May 2018

“To P3 or Not To P3 - Lessons learned in funding infrastructure to avoid the short end of the stick” by John Gross, Finance Director/CFO, City of Long Beach, California.  Michael Palmieri of p3point is thanked by the author “for his willingness to review and provide valuable, constructive comments to drafts of this article.”

April 3-4, 2018

Michael Palmieri, President of p3point, led the round table presentation “Value for Money? A Primer” where he walked through the step-by-step mechanics of how VfM analyses are developed and performed, assessment of risk allocation, risk analysis and quantification of risks and adjustments to create an “apples to apples” full project life cycle comparison of a traditional infrastructure procurement vs. a P3 procurement. He also reviewed the use of this P3 tool, its limitations and when typically used in the project analysis and procurement.

February 26-28, 2018

Michael Palmieri, President of p3point, led the round table “How Do I Determine Whether P3 is Right for My Project?” with a discussion of criteria to consider for a project as a potential P3 (not all should be P3) and the pre-procurement steps to develop the business case to help determine if the P3 is likely to yield a higher public benefit than traditional procurement.

He also participated in the “Cage Match – Cost of Capital” panel where a lively debate ensued whether the use of municipal bonds is a cheaper way to procure infrastructure than P3 taxable debt and equity, once risks and life cycle costs are included in each financing solution.

June 20-22, 2017

Michael Palmieri, President of p3point, led a presentation on Developing Successful Water P3s “Structuring a P3 Contract” including risk transfers and allocations, term, payment mechanism, KPIs, refinancing, hand back, step in rights and termination scenarios. Mr. Palmieri also led a panel “Water Utilities’ Perspectives on Water Challenges in California” with four other panelists to discuss insights, critical issues, challenges and opportunities for the California water sector.

May 4-5, 2017

Michael Palmieri, President of p3point, led the round table presentation “Learn How a P3 Management Contract Was Structured to Successfully Help a Water Company Improve Performance, Increase Safety, and Generate Savings” covering how a P3 management contract for a water distribution company, serving over 2 million people with a five year $1.3 billion capex program, was structured and tendered, and how the risk allocations, payment mechanism, incentive components and KPIs were developed.

March 15-16, 2017

Michael Palmieri, President of p3point, leads the panel “Tapping into the Trump-induced Infrastructure Boom” with Parsons and AECOM, providing a wealth of P3 deal structuring and market examples to receptive investment audience.

See positive feedback from attendees

https://www.linkedin.com/feed/update/urn:li:activity:6247860456459898880/


March 2017

p3point has been selected as the P3 financial team member on the Parsons advisory team providing advice to the Abu Dhabi Municipality on the development of a potential approximately $30 million pilot P3 LED street lighting project, including the development of, and alternatives analysis for, the P3 concession structure, size and term, risk allocations, financial model, payment formula, KPIs and other P3 procurement and financing aspects.

February 27 – March 1, 2017

Michael Palmieri, President of p3point, leads the round table “Lessons Learned from a Successful P3 Procurement, Structuring and Financing” for government delegates only, including the RFQ and RFP process, political support, alternative financial structures and subsidies to meet budgetary limits, P3 risk allocation and trade-offs for lower perceived costs, and how a taxable financing was cheaper than tax exempt structures (63-20, Lease Revenue Bonds, 501(3)c, COPs, etc).

February 24, 2017

p3point led the award winning team, including CDM Smith and Banister Group, to provide P3 financial consulting services to assist the Texas Facilities Commission Center Alternative Finance and Procurement with financial feasibility analysis of potential public private partnerships with respect to qualifying projects for responsible government entities.

 October 27, 2016

“The Long Beach Civic Center & Port Headquarters project was the evening’s big winner after being awarded the prestigious ‘project of projects’ Grand Prix, as well as the Best Social Infrastructure deal.”

September 20-22, 2016

Michael Palmieri, President of p3point, is Bond Buyer conference speaker on panel for “California P3 Success Stories” providing lessons learned on P3 projects from Long Beach to London to Dubai and around the world. "One critical ingredient for success is substantial commitment, involvement and time required from many government department leaders along the way."

September 15, 2016

"The problem with that is the absence of equity means the government takes on most of the risks traditional P3 projects were designed for equity to take, including replacement of O&M or construction firms in addition to potentially missing out on design innovations. Thus, the final deal is really just a traditional muni project with a 30-year O&M contract and not a P3,” said Palmieri.

June 2016

This is the second large social infrastructure P3 project to reach financial close in the US, the first by a US city, the first in the US to use a deferred draw taxable private placement, and the first hybrid design-build-finance-operate-maintain (DBFOM) deal in North America, combining both public infrastructure and private development components within a single project.

April 21, 2016

The P3 sponsors evaluated a variety of potential tax-exempt and taxable financing structures and ultimately chose the taxable solution because, despite the higher taxable rate, the delayed draw feature of the taxable debt resulted in substantially less capitalized interest cost, said Michael Palmieri, President of p3point, the city's lead P3 financial advisor on the project.

April 20, 2016

Michael Palmieri, President of p3point, the lead P3 financial advisor to the City on the Project, noted “we achieved a financing that was less than the annual limits for the project approved by City Council in December 2015, while providing additional risk protection during construction. While market conditions helped in part to gain savings, p3point, working closely with the City and it’s advisors to develop, structure and negotiate the project documentation and risk allocation, helped develop multiple financial structuring elements that saved the City millions of dollars.”

December 2, 2014

p3point (Michael Palmieri) was selected among eight qualified bidders as P3 Financial Advisor to the City of Long Beach on it’s $530 million Civic Center P3 project because of their:

• Proven extensive P3 advisory expertise, including project development, structuring and negotiation of project agreements and financing;

• Proven municipal finance experience, particularly in California, and

• Proven track record on the Project since it’s RFP kick-off on December 6, 2013 and working relationship with the Project Team, including the Finance Director