In need of three new libraries, but without the cash to design and build them, the Riverside County Library System chose a Public-Private Partnership (P3) to deliver its state-of-the-art buildings. Unlike traditional government financing models, a P3 is a collaborative approach involving an agreement between private businesses and public entities to build projects by transferring financial, construction, and operational risk onto the private sector.
The goal for Riverside County was to build three libraries for three different communities using a financing tool that would benefit the County. Staff anticipated that they might have to hire three different partners in three different locations to accomplish this goal. As it turned out, the same team executed the entire project, completing three libraries in 20 months. CFP3, a 501(c)(3) nonprofit, financed the project and became the owner/landlord; Omni West is the development and property manager; CannonDesign led the design; and McCarthy Construction was the General Contractor.
This whitepaper, authored by CFP3, offers an outline of why Riverside County chose the P3 route, what benefits the arrangement has for taxpayers and civic leaders, and how the project team came together to manage, design, construct and finance the $46 million expansion that saw three libraries completed within weeks of one another.
Download the whitepaper.