The Council of Project Finance Advisors (CPFA) has been established by former governor Howard Dean and former mayor Stephen Goldsmith to promote best practices in public-private partnerships (P3) across various sectors. The CPFA aims to bridge the gap between public and private sectors to improve infrastructure funding, especially in light of economic challenges, by providing guidance, standardizing practices, and enhancing public trust. The council, backed by various industry leaders, will develop a repository of best practices and encourage innovative collaboration to boost the U.S. competitive advantage in infrastructure development.

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Contact: Michael Burbach
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Former Governor Howard Dean and Former Mayor Stephen Goldsmith Launch Council of
Project Finance Advisors (CPFA) Working Group,
CPFA Seeks to Establish Best Practices Center on Public-Private Partnerships
WASHINGTON, D.C., June 3, 2009 -- Former Governor Howard Dean and former Mayor
Stephen Goldsmith announced today the launch of the Council of Project Finance Advisors
(CPFA), a working group designed to provide recommendations and advocate for a center of
excellence on public-private partnerships (P3). CPFA will raise the awareness of various P3
business models and connect the government (federal, state and local) and private sector with
the goal of finding innovative ways to meet the P3 needs of a wide-range of sectors, including
transportation, finance, energy, water/wastewater, education, environment, utilities, real estate,
information technology and health care.
In addition to Governor Dean and Mayor Goldsmith, the working group will team with Marcia
Hale, former Director of Intergovernmental Affairs during the Clinton administration, and Frank
M. Rapoport, chair of the Global Infrastructure and Public-Private Partnerships practice at
McKenna Long & Aldridge LLP. It will also include engineering and construction firms, private
equity and pension funds, labor unions, financial institutions and banks, trade associations,
academic leaders, developers, consultants and former senior government officials.
“State and local governments are faced with making difficult and costly decisions on funding
their infrastructure needs, particularly in light of the current economic crisis,” said Governor
Dean. “When public-private partnerships are utilized effectively, they provide the public with
assets and services that would not be realized otherwise. The vision behind CPFA is to create
a level playing field for both the public and private sectors.”
Members of CPFA will be at the forefront of the effort to improve public trust in the P3 sector,
and to identify and address public sector challenges. The council will promote sound market
concepts and accountability for the public and private sectors that reduce costs and address
national needs by standardizing bid practices, contracts and other project specific
documentation.

2. “Providing public officials with an independent source of best practices and lessons learned on
public-private partnerships is essential,” said Mayor Goldsmith. “This model is relatively new in
the United States, yet numerous successful case studies exist both here and abroad. We need
to engage in P3s in order to rebuild our aging infrastructure and sustain our competitive
advantage.”
Mayor Goldsmith is now the Daniel Paul Professor of Government and the Director of the
Innovations in American Government Program at Harvard's Kennedy School of Government. He
has written extensively on the subject of P3s in addition to conducting more than 80 public-
private competitions, which resulted in savings of more than $400 million and investment in
infrastructure of more than $1 billion as mayor of Indianapolis.
“There is tangible corporate value in being part of the solution rather than the problem, and the
CPFA working group members will have an opportunity to assist both the public and private
sectors by providing greater transparency and credibility to public private partnerships,” said
Rapoport.
McKenna Long & Aldridge LLP is an international law firm with 475 attorneys and public policy
advisors. The firm provides business solutions in the areas of environmental regulation,
international law, public policy and regulatory affairs, corporate law, government contracts,
intellectual property and technology, complex litigation, real estate, energy, and finance. To
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3. For further information, please contact Frank Rapoport at (202) 496-7406
Working Group Vision
The American Society of Civil Engineers estimates that $2.2 trillion is needed in the
United States over a five-year period to repair the nation's crumbling infrastructure.
These demands will hit just as cities and states face huge budget pressures from
pensions and health care and related budget strains. This presents a “perfect storm” for
bringing the public and private sectors together.
Public-private partnerships (P3) involving project finance and service delivery teams are
needed more than ever to jumpstart our economy and rebuild our infrastructure. To
address obstacles, including lack of P3 experience in the public sector, to forming P3s
in the US, we are organizing a working group that will tackle barriers which have
discouraged the public and private sectors from joining forces.
Though there is a broad understanding of the importance of P3, the exact definition of
the alliance and the approach to the business model is very sophisticated, and requires
education. Governors, mayors and their supporting agencies and government
employees have little or no experience with the use of private funding. As a result, the
P3 approach becomes intimidating, and government officials in the U.S. tend to resist
financial structures that are used in other countries to rebuild and innovate P3
transportation systems, communication networks, energy grids, education programs,
etc. As other countries continue to attract private capital and expertise to utilize P3s to
enhance infrastructure that supports their vital national interests and the quality of life of
their citizens, the US will begin to lose its competitive advantage in a wide range of
different industries and business sectors. In addition, it is easier for the financial sector
to invest overseas, because our market is decentralized and inefficient, with 50 state
laws and thousands of local government units presenting hurdles that have to be
overcome to reach a mutually beneficial P3 program--this fragmentation leads to
ineffective business models and high transaction costs, as well as lack of best practices
and leveraging of resources.
Attracting private investment into our infrastructure is a crucial key to our future, and the
mission of the CPFA working group is to raise the awareness of various P3 business
models and to identify how both groups can work together in a cost effective way,
providing Americans with top quality products, services and infrastructure. The CPFA
will serve as a center of excellence by connecting the government (federal, state and
local) and private sectors in finding innovative ways to partner. Council advisors will
provide guidelines on partnering approaches that augment traditional funding sources
for improving large-scale infrastructure projects. By standardizing bid practices,
contracts and other project specific documentation, the council will also promote sound

4. market concepts and accountability for the public and private sectors that reduce costs
and address national needs.
CPFA’s Benefits
The CPFA will provide consistent criteria to use in evaluating and selecting projects that
are best suited for P3 business models. Furthermore, the council will develop a
repository of best practice guidance and templates on financing options, operation
management, teaming opportunities, and service and project identification. The
benefits the CPFA will offer to the private and public sectors also include:
· Provide an avenue for the private sector to reach out to public authorities for open
discussions, and an ability to better foster new ideas for project flow;
· Assist with feasibility studies and pilot projects;
· Build more effective accountability and compliance standards over infrastructure
spending;
· Counsel government and industry to evaluate deliverability options, identify project
opportunities and rate ROI;
· Assess the level of risk that should and could be outsourced as well as help to set
standards and scoring for cost assumptions and risk transfers;
· Establish standard contract conditions, including tender documents and other
documentation that would reduce legal fees and other costs for both the public and
private sectors;
· Install and maintain a document management system that would offer template
guidance on, everything from RFIs, RFPs, to contracts;
· Provide training and professional development services both for government and
private sectors, with a focus on small businesses and job creation; and
· Serve as a clearinghouse for P3 projects, helping private participants identify the
appropriate public partners and projects.
CPFA Structure
Providing guidance for CPFA’s formation will be part of this working group’s mission,
however -- at this time, we recommend that it should be an independent government
entity, representing a variety of industries: transportation, finance, energy,
water/wastewater, education, environment, utilities, real estate, information technology
and health care. Council’s staff should include advisors -- seasoned private sector
officials and executives, public sector professionals (including retired governors,
mayors, academic directors/deans, etc.) -- and individuals who have experience with
public private partnership projects as well as a small dedicated staff for day to day
operations. Led by a chairman and senior advisors, the council will draw upon
evidence-based research to provide the US President and his administration, as well as
governors and mayors, with thorough project level economic analysis and methodology
of structuring transactions as well as identify all the possible risks and benefits of public
private partnerships. The council could be housed under several
departments/agencies; the working group will need to further evaluate the pros/cons of
each. As of right now, potential government affiliations include:
For further information, please contact Frank Rapoport at (202) 496-7406
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5. Department of Commerce, championed by U.S. Commerce Secretary Gary Locke
White House - Chief of Staff as a champion, or Vice President’s Office
Department of Transportation - championed by Secretary of Transportation, Ray
LaHood
State Councils - under Governors’ Offices -- a CPFA office in every state, or split into
regions to offer support to State and Local agencies
Funding
CPFA would be financed through federal budgets and programs. The working group
will make recommendations on how much will be needed, and what the source of
funding should be, and will provide and advocate on the Hill for funding sources.
Political Outreach Options for Discussion with the Working Group
White House Strategy - Outreach Targets
Joseph R. Biden, Jr. - Vice President
Christina Romer - Chair - Council of Economic Advisers
Rahm I. Emanuel - White House Chief of Staff
Congress Strategy - Outreach Targets
Joe L. Barton (TX - 6th - R) Ranking Member - Energy and Commerce
Jeff Bingaman (NM - D) Chairman - Energy and Natural Resources Committee; Finance
Committee; Chairman - Subcommittee on Energy, Natural Resources, and
Infrastructure; Health, Education, Labor, and Pensions Committee
Peter DeFazio (OR - 4th - D) Transportation and Infrastructure Committee; Chairman of
the Highways and Transit Subcommittee; Homeland Security Committee; Natural
Resources Committee
Kay Bailey Hutchison (TX - R) Ranking Member - Commerce, Science, and
Transportation Committee; Committee on Appropriations; Banking, Housing, and Urban
Affairs Committee; Rules and Administration Committee
John L. Mica (FL - 7th - R) Ranking Member - Transportation and Infrastructure
Committee; Oversight and Government Reform Committee
Lisa Murkowski (AK - R) Ranking Member - Energy & Natural Resources Committee;
Health, Education, Labor & Pensions Committee; Appropriations Committee
Jerrold Nadler (NY - 8th - D) Transportation and Infrastructure Committee; Judiciary
Committee; Chairman of the Constitution, Civil Rights, and Civil Liberties Subcommittee
James L. Oberstar (MN - 8th - D) Chairman - Transportation and Infrastructure
Committee
Solomon P. Ortiz (TX - 27th - D) Transportation and Infrastructure Committee; Armed
Services Committee; Chairman of the Readiness Subcommittee
Nick J. Rahall II -(WV - 3rd - D) Chairman - Natural Resources Committee;
Transportation and Infrastructure Committee
John D. (Jay) Rockefeller IV (WV - D) Chairman - Commerce, Science, and
Transportation Committee; Finance Committee; Veterans' Affairs Committee
For further information, please contact Frank Rapoport at (202) 496-7406
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6. Bill Shuster (PA - 9th - R) Transportation and Infrastructure Committee; Ranking
Member - Subcommittee on Railroads, Pipelines, and Hazardous Materials; Armed
Services Committee
Ellen Tauscher (CA - 10th - D) Transportation and Infrastructure Committee; Armed
Services Committee
Mark R. Warner (VA - D) Commerce, Science, and Transportation Committee; Banking,
Housing & Urban Affairs Committee; Budget Committee; Rules & Administration
Committee
Henry A. Waxman (CA-30th - D) Chairman - Energy and Commerce Committee
Governors - Outreach Targets
Janice K. Brewer (Arizona - R)
Jon S. Corzine (New Jersey - D)
Charles J. "Charlie" Crist, Jr. (Florida - R)
Christine "Chris" Gregoire (Washington State - D)
Piyush "Bobby" Jindal (Louisiana - R)
Timothy M. "Tim" Kaine (Virginia - D)
David A. Paterson (New York - D)
Beverly E. "Bev" Perdue (North Carolina - D)
George E. "Sonny" Perdue III (Georgia - R)
James R. "Rick" Perry (Texas - R)
Patrick J. Quinn III (Illinois - D)
William B. "Bill" Richardson III (New Mexico - D)
Arnold A. Schwarzenegger (California - R)
US Department of Commerce
Gary Locke - Secretary - we can also work with his office and through the Economic
Development Regional Offices to place a CPFA Advisor in each region.
· Work with Economic Development Administration and their regional offices:
· Atlanta Regional Office - (Alabama, Florida, Georgia, Kentucky,
Mississippi, North Carolina, South Carolina, Tennessee) - H. Philip
Paradice, Jr, Regional Director
· Denver Regional Office - (Colorado, Iowa, Kansas, Missouri, Montana,
North Dakota, Nebraska, South Dakota, Utah, Wyoming) - Robert E.
Olson, Regional Director
· Austin Regional Office - (Arkansas, Louisiana, New Mexico, Oklahoma,
Texas) - Pedro R. Garza, Regional Director
· Philadelphia Regional Office - (Connecticut, Delaware, District of
Columbia, Maine, Maryland, Massachusetts, New Hampshire, New
Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, West
Virginia, Puerto Rico, Virgin Islands) - Willie C. Taylor, Regional Director
· Chicago Regional Office - (Illinois, Indiana, Michigan, Minnesota, Ohio,
Wisconsin) - C. Robert Sawyer, Regional Director
For further information, please contact Frank Rapoport at (202) 496-7406
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7. · Seattle Regional Office - (Alaska, Arizona, California, Hawaii, Idaho,
Nevada, Oregon, Washington, American Samoa, Northern Mariana
Islands, Guam, Federated States of Micronesia, Rep. of Marshall Islands,
Rep. of Palau) - A. Leonard Smith, Regional Director
Government, Business and Trade Groups
· National Governors Association
· Democratic Governors Association
· Republican Governors Association
· U.S. Conference of Mayors
· National Conference of State Legislatures
· Building America’s Future Coalition
· National Council on Public Private Partnerships
· US Chamber of Commerce
· Several labor unions and think-tanks, working group will identify
Working Group Member Benefits
There is tangible corporate value in being part of the solution rather than the problem.
CPFA working group members will have an opportunity to assist both public and private
sectors by providing greater transparency and credibility to public private partnerships.
Group members will be at the forefront of the effort to improve public trust in the P3
sector, and to identify and address public sector challenges. Members will develop,
manage and drive an effective legal and public policy strategy that will support the
business strategy of this complex sector that spans various industries. Members who
are invited to participate in this effort will consist of top executives from various
industries and from different sides of P3 deals and projects. The goal is to organize a
diverse group of individuals who would participate in this very important effort. CPFA’s
working group will be exclusively funded by members, and organized and managed by
McKenna Long & Aldridge LLP (MLA). MLA will organize and coordinate the group’s
activities, as well as lead the advocacy/education efforts that the group decides on.
This effort will provide members with a focused and knowledgeable forum for effectively
driving legal and public policy solutions to the P3 dilemma through forming CPFA.
Members will unite to offer an informed, experienced, organized and effective voice to
policy makers, the press, and other influencers on the complex and challenging
questions facing the P3 sector. In addition, members will receive the following benefits:
· Participate in developing a proactive strategy to drive the organization and future
of the CPFA;
· Participate in focused and outcome-driven CPFA discussions between industry
and government policy makers;
· Receive vital updates on pending legislation, rules, regulations and other
developments through timely alerts and publications;
· Opportunity to participate in developing an organized and effective industry
advocacy strategy and a cohesive “voice” for the P3 industry;
For further information, please contact Frank Rapoport at (202) 496-7406
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8. · Contribute to improving communication with governments, and expanding
government use of P3s in a manner that promotes, rather than hinders, adoption
of the business/financing model; and
· Contribute to the formation and development of the center of excellence,
including its document library, best practices and case studies.
Members will make the final decisions about priorities, direction, and positions of the
effort and will be responsible for the organizational structure of the council.
CPFA Working Group Advisors
Governor Howard Dean, former Chairman of the US Democratic National Committee
(DNC), presidential candidate and six term Governor of Vermont is a Senior Strategic
Advisor and Independent Consultant to the working group. Respected for his fiscally
moderate policies as Governor, Governor Dean understands first-hand the severe
budget constraints that are challenging state and municipal governments. With an
extensive set of contacts nationally, Governor Dean is uniquely positioned to develop
partnerships between industry stakeholders and local governments.
Mayor Stephen Goldsmith who served two terms as mayor of Indianapolis, where he
earned a reputation as one of the country's leaders in public-private partnerships,
competition, and privatization, is a Senior Strategic Advisor and Independent Consultant
to the working group. As mayor he conducted more than eighty public-private
competitions, which resulted in savings of more than $400 million, investment in
infrastructure of more than $1 billion, and a transformation of downtown Indianapolis
that has been singled out as a national model. The Wall Street Journal has called Mayor
Goldsmith a "pioneering privatizer of city services." Additionally, Mayor Goldsmith
serves as the Daniel Paul Professor of Government and the Director of the Innovations
in American Government Program at Harvard's Kennedy School of Government and
has authored Governing by Network: the New Shape of the Public Sector; Putting Faith
in Neighborhoods: Making Cities Work through Grassroots Citizenship; and The
Twenty-First Century City: Resurrecting Urban America. He is also the Chair of the
Corporation for National and Community Service.
Marcia Hale is the Political Strategic Advisor to the working group. An experienced
public policy strategist with an extensive career in the public and private sectors, Ms.
Hale focuses her work on providing strategic guidance to companies on federal and
state issues. Previously, she served in various public affairs positions with the
Monsanto Corporation including Director of Public Affairs, U.K. and Director of State
Government Affairs, directing Monsanto’s efforts with state and local governments.
During the Clinton administration, Ms. Hale served as Assistant to the President and
Director of Intergovernmental Affairs at the White House, a position she held for four
years.
Frank M. Rapoport is a Senior Advisor to the working group. Mr. Rapoport is a Partner
at McKenna Long & Aldridge LLP, and the Chair of the firm’s Global Infrastructure and
For further information, please contact Frank Rapoport at (202) 496-7406
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9. Public-Private Partnerships practice. He is widely regarded for his ability to strategize
and implement profitable business initiatives for clients in the transportation, real estate
development, construction, design and engineering, defense and aerospace, security,
life sciences, healthcare and IT, and government services industries. His team at
McKenna Long & Aldridge includes specialists in international government contracting
and government affairs (at all levels), and seasoned business and economic advisors
with years of transportation, infrastructure and privatization experiences, both domestic
and internationally. Mr. Rapoport recently advised a real estate developer from project
inception to achieve a $2B inventory in the military housing privatization initiative. Mr.
Rapoport’s business acumen is sharpened by his many years of “big ticket” litigation, in
which he represented contractors in all phases of large government-funded
infrastructure projects.
Alina Gorokhovsky, working group Director, is Chief Strategy Officer at McKenna Long
& Aldridge LLP. Ms. Gorokhovsky has over 20 years of experience in international
business and public policy, working extensively with governments and the corporate
sector in a wide range of practice areas, including: public-private partnerships, energy,
biodefense, risk management, government contracts, and government relations. She
has helped clients strategize and implement public-private partnership initiatives in
transportation, life sciences, construction, design and engineering, defense, technology
and government services.
Charles Spies is a Government Affairs Advisor to the working group. As Chief
Financial Officer and Counsel for Governor Mitt Romney’s Presidential campaign, Mr.
Spies developed and managed the campaign’s $105 million budget as well as systems
for the campaign's legal compliance with Federal Election Commission, IRS and various
state regulations, as well as record-keeping and accounting. During the 2005 and 2006
election cycles, Mr. Spies served as General Counsel and Chief Financial Officer for the
Republican Governors Association. His tenure at the RNC began with the Bush-
Cheney administration in 2001, and continued under four Chairmen.
For further information, please contact Frank Rapoport at (202) 496-7406
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