Metro has named Ernst & Young Infrastructure Advisors, LLC, a recognized authority in the U.S. public-private partnership (P3) infrastructure market, to help Metro select the best delivery methods possible for advancing major transportation projects in L.A County.
Tom Rousakis – a leader in the field of infrastructure finance – will partner with Tuyen Mai and other experts from Ernst & Young Infrastructure Advisors, LLC as Metro’s P3 financial advisor. They will assist Metro’s Office of Extraordinary Innovation in the process of evaluating infrastructure financing proposals submitted as part of Metro’s new Unsolicited Proposal Policy, which was introduced earlier this year.
“Metro is planning to build out our transportation infrastructure in L.A. County for generations to come,” said Metro Board Chair John Fasana. “P3s offer the opportunity to accelerate some of these projects, enabling us to enjoy transportation benefits sooner.”
Through the development of Metro’s current transportation expenditure plan, which goes to voters on November 8 as Measure M, Metro staff identified some of the projects that would be good candidates for P3s. Those include the West Santa Ana Transit Corridor project, the High Desert Multi-Purpose Corridor, the Sepulveda Pass Transit Corridor and the Crenshaw Line Northern Extension project.
Metro CEO Phillip A. Washington will introduce the new P3 Financial Advisor team at a kick-off meeting on Sept. 29 with stakeholders from these project areas who are interested in the concept of P3s to see projects in their areas accelerated. The new team will also be instrumental in assessing community needs, and will be available to meet with various community leaders individually and separately to discuss specifics of their respective projects.
“We’ve got a fantastic team on board to help us evaluate unsolicited proposals from the private sector,” said Metro CEO Phil Washington. “By working with the community from the start of this process, we hope to develop and provide the most innovative project delivery mechanisms available.”
Through Metro’s new Office of Extraordinary Innovation, the agency has been very vocal about seeking unsolicited proposals for innovative ways to accelerate project delivery, improve design and implementation and reduce the costs associated with major infrastructure projects. Once proposals are received, they are evaluated to determine their financial and technical feasibility, customer benefits and whether they match Metro’s needs and capabilities.
“P3s are a critical mechanism for bringing innovation to project delivery,” said Metro Chief Innovation Officer Joshua Schank. “This meeting is the next step in Metro’s efforts to deliver one of the largest infrastructure programs in the country faster, better and cheaper.”
Ernst & Young Infrastructure Advisors is a global financial services firm with wide experience in infrastructure finance.