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原文传递 Valuation of Buyout Options in Comprehensive Development Agreements.

题名：	Valuation of Buyout Options in Comprehensive Development Agreements.
作者：	G. Power; M. Burris; S. Vadali; D. Vedenov;
关键词：	comprehensive development agreement,transportation planning,toll roads;revenue, economic development, public transportation, local government, state government, leasing, highway design, leveraged buyouts;economic valuation model
摘要：	This project investigates the feasibility of and develops an economic valuation model for buyout options in Comprehensive Development Agreements (CDAs). A CDA is a form of public-private partnership in which the right to price and collect revenues from toll roads is leased to a private entity for a finite but lengthy period of time in exchange for providing local and state governments with a quick influx of cash and/or additional infrastructure. Uncertainty associated with such long-term leases is of substantial public concern. In particular, there is a sentiment that the state and/or municipal governments may not be sufficiently compensated for the forfeited development opportunities and the possibility of lost revenue due to higher-than-expected future growth during the lifetime of the lease. An under-studied aspect of the problem is the feasibility and economic value of an option for the government to buy back the leased infrastructure at a future date prior to lease expiration. Such an option would give the public sector additional control over the future use of leased facilities and address potential concerns regarding long-run uncertainty and possible unforeseen windfalls for the private sector. The developed buyout option valuation model can aid transportation policymakers in decisions on leasing public infrastructure. Project deliverables include: feasibility assessment of buyout options, an economic valuation model for buyout option in a CDA, and identification of methods, data, and parameters required to apply the model to evaluation of buyout options in actual (planned or existing) CDAs. / Title Note: Final rept. 01 Sep 2008-31 Oct 2009. / Supplementary Notes: Sponsored by Department of Transportation, Washington, DC. Research & Innovative Technology Administration (RITA). / Availability Note: Product reproduced from digital image. Order this product from NTIS by: phone at 1-800-553-NTIS (U.S. customers); (703)605-6000 (other countries); fax at (703)605-6900; and email at orders@ntis.gov. NTIS is located at 5301 Shawnee Road, Alexandria, VA, 22312, USA. / NTIS Prices: PC A04/MF A04 / NTIS In-house Control Codes: dotour/utatti;12111,1101
报告类型：	科技报告