As a post-secondary professional, your overall goal is to develop a campus experience that attracts and retains students. Unfortunately, government cutbacks and pushback from students on high tuition can get in the way of that goal.
These factors are making it difficult for higher education professionals in your position to fund on-campus programs and facilities that enhance the campus experience.
Recently, some institutions have gone beyond traditional means to raise the necessary capital to improve their campus, like tuition rate hikes and research grants. They are considering a different route: public-private partnerships (P3).
What is P3?
According to The National Council for Public-Private Partnerships (NCPPP), a public-private partnership (P3) is a contractual arrangement between a public agency (federal, state or local) and a private sector entity. Through this agreement, the skills and assets of each sector (public and private) are shared in delivering a service or facility for the use of the general public. In addition to the sharing of resources, each party shares in the risks and rewards potential in the delivery of the service and/or facility.
P3 allows colleges and universities to hand off the responsibility of construction and management to a private party that specializes in those areas. With the right team, this partnership can fund facilities that improve student life and motivate prospective students to enroll.
If you are considering partnering with a P3, you want to ensure your team is committed to executing the following steps:
- Establish clear goals and outcomes
- Define mutual responsibilities
- Collaborate with your faculty and private company
With several partnership options, you want to make sure you select the right partner for your institution. For example, your partner should align with your institution's values and vision. They should also be linked to a strong team of contractors to deliver world-class facilities your students will love.
If you would like to talk through this option before moving forward or have already partnered with a P3 and researching contractors, please reach out to one of our post-secondary facility experts, Charlie Rocheleau with questions.