The Paying for Space report for the College Futures Foundation suggests that while the P3 option is not new in California higher education, it “may be underutilized between the public higher education segments, private universities, and municipalities”.
Although the report notes concerns over the increased cost of developments, it continues: “At times the critical need to move forward with new campus construction or expansion to address enrolment growth or other campus facility needs may outweigh the additional cost of waiting until a more traditional funding mechanism is available.”
The report concludes: “More could be done to encourage such collaborations, by both the systems and the state.”
It also included case studies of P3 and joint venture schemes, such as the UC Merced 2020 program, which won the Best Social Infrastructure Project award, alongside the Silver Award in the Government Agency of the Year category at this year’s P3 Awards in Washington, DC.