:: Public Private Partnership
The Public Private Partnership Education Facilities and Infrastructure Act (PPEA), allows clients to more efficiently develop facilities and achieve increased value for the taxpayer. HESS executed the first PPEA project in the Commonwealth of Virginia.
Through a PPEA agreement, the skills and assets of the public and private sectors are shared in delivering a service or facility. This can lead to faster delivery of needed projects, cost savings, more local control over project development, and opportunities for innovative financing.
HESS partnered with Stafford County Public Schools on the first comprehensive agreement under the PPEA, a multi-school mixed development in Stafford County. The Learning Village at the Armstrong site included two schools accommodating over 2500 students, a community center, pad site for a higher education building, and a parcel for a senior living facility. The agreement provided our client with accelerated delivery, reduced development risk, and sale proceeds from the mixed use development nearly equaling the cost of the entire Armstrong tract.