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Build-Operate-Transfer in Infrastructure Projects In the United States
Public facilities known as infrastructure are vital to the nation’s production and distribution of economic output as well as to its citizens’ overall quality of life. Infrastructure includes highways, railways, ports, tunnels, bridges, power plants, hydraulic structures, mass transit, municipal facilities, and similar public facilities with the primary function of serving public needs, providing social services and promoting private economic activities. Having adequate infrastructure requires having adequate funding to construct and maintain that infrastructure. In general, implementing infrastructure projects require a large capital investment.
The financing of infrastructure projects has gained importance as the size plexity of these projects increased in the last 2 decades. The immediate need for such projects coupled with chronic budget shortages experienced by public agencies encouraged the use of innovative financing. Even though public owners are normally responsible for providing financing, in some cases, financing may be relegated to an outside party’s responsibility. In this regard, build-operate-transfer (BOT) has established itself as a valid delivery/financing system, whereby a private sponsor (an individual private entity or a consortium of investors) finances the design, construction, maintenance, and operation of a public project for a specified concession period, at the end of which it transfers ownership to the government agency, hopefully after recouping its costs and achieving profits. The main idea behind using BOT is to alleviate the spending on governments’ budgets by seeking capital from external financiers especially on large-scale projects. The BOT contractual arrangement provides a mechanism for using private finance; and thus it allows governments to construct more infrastructure services without the use of additional public funds. BOT gives t
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