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.