Public-Private Partnerships (P3)
Public-private partnerships (or “P3s”, also known as “PPPs”) is a mutually beneficial collaboration between a government agency and a private-sector company that can be used to finance, build, and operate projects, such as public transportation networks, parks, and convention centers.
The Los Angeles Coliseum is an example of a recently signed P3 agreement in LA between the State of California (landowner), Exposition Park’s joint authority of the city, county and state, and USC. The agreement ensures that the Coliseum will remain the home of USC Trojan football for 98 years. The deal also guarantees a restored public stadium for all Angelenos, as USC has committed to make at least $70 million in renovations. USC will also manage the operations of the Sports Arena in Exposition Park.
Los Angeles Economic Development Corporation (LAEDC) put together several recommendations to further P3 initiatives.