A Public-Private Partnership (P3) is a contractual agreement between a public agency (federal, state, or local) and a private sector entity. Through this agreement, the skills and assets of the public agency and the private sector entity are shared in delivering a service or facility for the use of general public. In addition to the sharing of resources, each party shares in the risk and reward potential in the delivery of the service or facility.
Section 334.30, Florida Statutes, authorizes the Department to enter into P3 agreements for the building, operation, ownership, or financing of transportation facilities.
FDOT's Summary of Projects Procured Under Section 334.30, Florida Statutes