Create Economic Development Synergy through P3s

By Nolan Miles
P3 Kentucky Staff Writer

Public-private partnerships are multi-faceted economic development opportunities that are tailored to the project at hand. From transforming cities to “smart cities,” revitalizing landmarks or creating new jobs, public-private partnerships have a place in each community across the United States.

A contractual agreement between private agencies and the public sector, public-private partnerships are taking shape in communities across the nation, whether that be on a local, state or federal level.  Public agencies that partners with private companies create an opportunity to seek new economic development that would otherwise be limited by public entities.

More than just a business agreement, public-private partnerships create synergy in growing and developing communities through the leveraging of both public and private sectors. This win-win situation continues to catch the eye of investors and public groups seeking to launch their respective communities into a new era.

Here are two ways that public-private partnerships can be used to grow a community.

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