Las Vegas Review-Journal
Justine Kastan was quoted in a December 23, 2019 article in the Las Vegas Review-Journal about the plan for constructing the UNLV medical building by the university and its benefactors. Kastan, who specializes in public-private partnerships (or P3’s), said the key to successful cooperation between public and private entities is to have all parties define what’s important to them.
“My experience has been, like any arrangement, it comes down to the parties involved,” Kastan said. “The devil’s in the details, the exact terms of the arrangement they end up entering into.”
Kastan told the reporter that P3’s are not a common arrangement when considering all facilities construction projects, but they tend to have some defining characteristics: they’re typically high-dollar projects of $100 million or more and they likely have many moving parts.
There’s no template for these agreements: They can take on all kinds of models, from a more traditional lease, to an availability payment model to revenue-sharing and more. Specifics about which party controls what can be written into the agreement to avoid confusion later on, Kastan said.