By Nolan Miles
P3 Kentucky Staff Writer
Transforming cities to create cultural hubs and bustling downtown’s requires collaboration from local businesses and city governments with a common objective: economic prosperity. Pensacola, Florida is one city that recognizes the opportunities for city-wide development through public-private partnerships.
As the public and private sectors wait on the distribution of Trump funds to alleviate costs of needed infrastructure improvements, public-private partnerships are on the rise as an alternative to smart investment.
Pensacola’s booming downtown is the result of smart investment. The city is currently reviewing newly proposed public-private partnerships, including one to build a new sports arena that will create approximately 500 new jobs and rely largely on tourism dollars.
The National Council for Public Private Partnerships has created a checklist to achieve a successful P3, which emphasizes the need for extensive communication with the public to combat early misconceptions about partnerships.
“What needs to happen from the beginning is being very up front and transparent and doing a lot of explaining of exactly how the process works,” said Jason Washington, executive director of the NCPPP.
Click here to read the full story and for guidelines on how to launch a successful P3.