time to slow down and take stock. the goal is meeting god himself in the flesh. are we ready for that? are we prepared and how can we prepare? we all know the wonderful christmas poem that begins twas the night before christmas. but today we will say, say, twas the month before christmas and all through the house. the month before christmas is a season of advent. all throughout the house, the school and the church, we can be preparing ourselves and our families for the deep meaning of christmas. advent is known for educational weeks. our guests are two experienced catholic educators who will help us understand what we can do in the home, the school and the community and in our hearts to make a great christmas. advent is not the shopping season. a wise priest said, far more important is the obligation to unwrap our hearts to live life as christ wants us to. we will take a brief break. after this, please join us to discuss advent, our pathway to christmas. hello and welco
clearly, the p3 developer and the short term lenders are anxious for an on time or early delivery of the project and early delivery of the project also saves the p3 developer money and increases the potential. and i would also say that again, we are looking at a p3 with a design contract component to achieve greater certainty in terms of cost control and delivery schedule and i will mention that i worked on a p3 project for a toll road in northern virginia, 1.9 billion, and it opened this year, not one single change order in that contract. very important in terms of cost certainty and delivery. we mentioned risk allocation. and brian mentioned the fact that hazardous materials and now that was actually a factor in procidio for the military base and that was a list that the cal trans, typically accepts, but the list here for the project sponsor, with the high water table and so one of the risk allocations could be if there is a leakage in the tunnel it would not be available f
p3 developer, could be as many as 30 firms in a joint venture group. but the p3 developer forms a limited liability corporation ration. and the people often ask me if, a private entity will have a higher interest rate charge, and a higher cost of capitol than a public agency. and i will tell you that the procedio parkway with the short term bank construction loan with the loans, short term and long term as well as the equity by the developers and the weighted average cost of the capitol, and less than 2.5 percent. and obviously they are very competitive with the tax exempt financing. now clearly there is a repayment obligation on the part of the project sponsor and that is the upper right-hand side to repay, i am sorry, below that to repay the stake holders to pja to flow all of the funds to pay for the payment of the p3 developer and to whoever receives the fund and allocates those funds and to the design bill contractor and as well as the main nens provider and the design c
on delivery method and particularly a specific delivery method. and we saw all of the benefits of a p3, but there was no discussion of potential down sides or trade offs and i think that maria barlow s cautions were important and it may well be that this was ideal p3 project but i don t think that we got it really frankly very balanced presentation and on the p3 and it was just all candy and ice cream, and it is cheaper and faster and less risk. but, some of the things that would be buying, we need to pay for and we need to pay for someone to finance. we can expect that they will be in the future and we will be paying for the maintenance there and we will be paying to shift the risk and i think that we need a more balanced discussion and it sounded like six slides were just highlights of the indepth analysis and it would be great if you could share that analysis with the board and with the public.. this is occurring to p3 and why to design and build the incentives, a
there is a cutter of the process and the maybe, the bay bridge construction that makes that cut over able to happen to the minimal destruction to the cal train which would be great. and with regard to the budget, and i think that we definitely need to dig into that and as we did recently for phase one, and but we are in a much better and earlier point to understand what some of those assumptions, and in the budget are, and i think that it is good to start about refreshing those numbers and bearing out those assumptions. and then, i guess, finally, we seem to get a pretty big focus on delivery method and particularly a specific delivery method. and we saw all of the benefits of a p3, but there was no discussion of potential down sides or trade offs and i think that maria barlow s cautions were important and it may well be that this was ideal p3 project but i don t think that we got it really frankly very balanced presentation and on the p3 and it was just all candy and ice c