Public-Private Partnership for Transportation Infrastructure Assets in ...
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Structured F<strong>in</strong>ance Institute presents<br />
sm<br />
(A division of ATLAS In<strong>for</strong>mation Group, Inc)<br />
<strong>Public</strong>-<strong>Private</strong> <strong>Partnership</strong> <strong>for</strong><br />
<strong>Transportation</strong> <strong>Infrastructure</strong><br />
<strong>Assets</strong> <strong>in</strong> North America<br />
Understand<strong>in</strong>g the tax, legal, regulatory and political issues<br />
necessary <strong>in</strong> complet<strong>in</strong>g a PPP transaction<br />
March 3 & 4, 2008 • New York City • The New York Helmsley Hotel<br />
Conference co-chairs:<br />
Dolly Mirchandani, Freshfields, Bruckhaus Der<strong>in</strong>ger LLP<br />
Leo Naughton, Deloitte<br />
Jay Zukerman, Ernst & Young LLP<br />
15 CPE/CLE<br />
Credits Available<br />
Faculty:<br />
Matt Bidwell<br />
Merrill Lynch Global<br />
<strong>Infrastructure</strong> Fund<br />
Jane Bird<br />
CanadaL<strong>in</strong>e<br />
Sean D<strong>in</strong>een<br />
Deloitte<br />
Daniel M. Deaton<br />
Nixon Peabody LLP<br />
Deane R. Eastwood<br />
Ernst & Young LLP<br />
Conference<br />
sponsors:<br />
Patrick Harder<br />
Nossaman Guthner Knox & Elliott LLP<br />
Gigi Harr<strong>in</strong>gton<br />
SamTrans<br />
Gerben Hillebrand<br />
RebelGroup Advisory<br />
Tom Kellerman<br />
Jeffrey A. Parker & Associates, Inc.<br />
Kathy Mayo<br />
BART<br />
Joel Moser<br />
Fulbright & Jaworski<br />
Jeffrey A. Parker<br />
Jeffrey A. Parker & Associates, Inc.<br />
Tim Philpotts<br />
Ernst & Young<br />
Corporate F<strong>in</strong>ance<br />
Saad Rafi<br />
Deloitte<br />
Kent Rowey<br />
Freshfields, Bruckhaus Der<strong>in</strong>ger LLP<br />
Charles P. Shimer<br />
Troutman Sanders LLP<br />
Peter Teigen<br />
Deloitte<br />
Bill Thorp<br />
Florida DOT<br />
Jeroen <strong>in</strong>'t Veld<br />
RebelGroup Advisory<br />
Deutschland GmbH<br />
Sponsorship and speak<strong>in</strong>g<br />
opportunities available<br />
www.atlas-sfi.com Fax: 914-946-3495 Call: 800-207-4432
<strong>Public</strong>-<strong>Private</strong> <strong>Partnership</strong> <strong>for</strong> <strong>Transportation</strong><br />
<strong>Infrastructure</strong> <strong>Assets</strong> <strong>in</strong> North America<br />
Conference co-chairs:<br />
Dolly Mirchandani, Freshfields, Bruckhaus Der<strong>in</strong>ger LLP, New York<br />
Leo Naughton, Deloitte, New York<br />
Jay Zukerman, Ernst & Young LLP, New York<br />
Monday, March 3, 2008<br />
8:00 Registration and Cont<strong>in</strong>ental Breakfast<br />
8:30 Conference Co-chairs Welcome and Introduction<br />
8:45 Overview of <strong>Transportation</strong> Marketplace<br />
Trends Affect<strong>in</strong>g <strong>Transportation</strong> <strong>Infrastructure</strong><br />
• US population growth/regional growth<br />
• Rural challenges<br />
• Construction cost <strong>in</strong>creases<br />
• Ag<strong>in</strong>g exist<strong>in</strong>g <strong>in</strong>frastructure and replacement needs<br />
• General political, social factors, environmental issues<br />
• Highways/bridges/tunnels<br />
• Transit/passenger and freight rail/ports/airports<br />
Tim Philpotts, Ernst & Young, Vancouver<br />
9:30 State Leaders: Prepar<strong>in</strong>g <strong>for</strong> PPP<br />
• Recogniz<strong>in</strong>g early signs that po<strong>in</strong>t towards<br />
consideration of alternative f<strong>in</strong>anc<strong>in</strong>g (PPP) methods<br />
• First steps upon recogniz<strong>in</strong>g the need <strong>for</strong> PPP<br />
• Embark<strong>in</strong>g on the PPP lifecycle<br />
Peter Teigen, Deloitte, Fort Lauderdale, FL<br />
10:15 Break <strong>for</strong> Refreshments<br />
10:35 State of the International PPP Market - Panel Discussion<br />
• Compare and contrast North American and European successes<br />
• Why deals get done <strong>in</strong> different jurisdictions<br />
• Useful h<strong>in</strong>ts and tips from UK/European transactions<br />
Gerben Hillebrand, RebelGroup Advisory, Dusseldorf<br />
Jeroen <strong>in</strong> ‘t Veld, RebelGroup Advisory, Dusseldorf/Rotterdam<br />
Matt Bidwell, Merrill Lynch Global <strong>Infrastructure</strong> Fund, London<br />
11:20 Tax Considerations - U.S. Federal Taxes - Project Level<br />
• Cost recovery<br />
• Capitalization issues<br />
• Availability payments projects<br />
• State f<strong>in</strong>ancial contributions<br />
Jay Zukerman, Ernst & Young LLP, New York<br />
12:30 Summary and Q&A<br />
12:45 Luncheon<br />
2:00 Tax Considerations - U.S. Federal Taxes -<br />
Investor/Acquisition Levels<br />
• Choice of entity and partnership issue<br />
• Blocker corporation<br />
• Treaty qualification and withhold<strong>in</strong>g tax<br />
• Hybrid entities and hybrid <strong>in</strong>struments<br />
• Fund<strong>in</strong>g and f<strong>in</strong>anc<strong>in</strong>g<br />
• Dividend issues, E&P and tax-free return of capital distributions<br />
Leo Naughton, Deloitte, New York<br />
3:00 Break <strong>for</strong> Refreshments<br />
3:15 Key Federal and State Legislative and<br />
Regulatory Issues Faced <strong>in</strong> PPP Transactions<br />
Dolly Mirchandani, Freshfields Bruckhaus Der<strong>in</strong>ger LLP, New York<br />
3:45 Case Study - BART OAC<br />
Kent Rowey, Freshfields, Bruckhaus Der<strong>in</strong>ger LLP, New York<br />
Kathy Mayo, BART, San Francisco<br />
4:15 Valuation Issues<br />
• Initial valuation of <strong>in</strong>frastructure assets<br />
• <strong>Infrastructure</strong> asset purchase price allocation<br />
• Periodic <strong>in</strong>frastructure valuation updates<br />
Sean D<strong>in</strong>een, Deloitte, New York<br />
4:45 Summary and Q&A<br />
5:00 Conference Adjourns<br />
www.atlas-sfi.com Fax: 914-946-3495 Call: 800-207-4432<br />
March 3 & 4, 2008<br />
New York City<br />
The New York Helmsley Hotel<br />
Tuesday, March 4, 2008<br />
8:00 Cont<strong>in</strong>ental Breakfast<br />
8:30 Co-chair Review of Day One & Preview of Day Two<br />
8:45 <strong>Public</strong> Officials Update<br />
• Goals public agencies are look<strong>in</strong>g to achieve by<br />
enter<strong>in</strong>g <strong>in</strong>to public-private partnerships<br />
• F<strong>in</strong>anc<strong>in</strong>g options that have been utilized –<br />
the emergence of availability payments and<br />
<strong>Private</strong> Activity Bonds<br />
• Apply<strong>in</strong>g public-private partnerships <strong>in</strong> public<br />
transport and cutt<strong>in</strong>g edge congestion relief strategies<br />
Jeffrey A. Parker, Jeffrey A. Parker & Associates, Inc.,<br />
Chilmark, MA<br />
Gigi Harr<strong>in</strong>gton, SamTrans<br />
William Thorp, Florida DOT<br />
Jane Bird, CanadaL<strong>in</strong>e, Vancouver<br />
Additional Speaker to be Announced<br />
10:00 F<strong>in</strong>anc<strong>in</strong>g PPP Transactions with Bonds<br />
• Pension plans<br />
• Long-term <strong>in</strong>vestors/passive <strong>in</strong>vestors<br />
• Foreign <strong>in</strong>vestors, <strong>in</strong>clud<strong>in</strong>g<br />
government and pension funds<br />
• <strong>Private</strong> equity and hedge funds<br />
• Liquidity – exit strategies<br />
Daniel M. Deaton, Nixon Peabody LLP, Los Angeles, CA<br />
10:30 Break <strong>for</strong> Refreshments<br />
10:45 Tax Considerations – State and Local Taxes<br />
• Income tax – <strong>in</strong>come apportionment issues, structur<strong>in</strong>g<br />
and plann<strong>in</strong>g (choice of entity and jurisdiction)<br />
• Sales and use taxes<br />
• Property taxes and valuation<br />
Deane R. Eastwood, Ernst & Young LLP, Baltimore MD<br />
11:40 Documentation and Certa<strong>in</strong><br />
State Law Consideration<br />
• Federalisim framework<br />
• Sovereign powers<br />
• Specific powers and Dillon’s Rule<br />
• Limitations on contracts<br />
• Appropriation risk and “moral” obligation -<br />
the role of the authority<br />
Joel Moser, Fulbright & Jaworski, New York<br />
12:30 Summary and Q&A<br />
12:45 Luncheon<br />
1:45 Political Risk Factors<br />
• Texas experience - what can be learned<br />
• Congressional developments<br />
Patrick Harder, Nossaman Guthner Knox & Elliott LLP,<br />
Los Angeles, CA<br />
2:30 A Fresh Look at Insurance<br />
Benchmark<strong>in</strong>g <strong>in</strong> the U.S.<br />
• Describ<strong>in</strong>g <strong>in</strong>surance premium risk <strong>in</strong> P3s<br />
• Typical risk mitigation methods – band<strong>in</strong>g<br />
• Evaluation of a simplified approach benefit<strong>in</strong>g<br />
both grantor and concessionaire<br />
Tom Kellerman, Jeffrey A. Parker & Associates Inc.,<br />
Philadelphia, PA<br />
3:00 F<strong>in</strong>anc<strong>in</strong>g Canadian <strong>Transportation</strong> <strong>Infrastructure</strong><br />
• Recent experience and prospective developments<br />
Saad Rafi, Deloitte, Toronto<br />
3:45 Case Study - I-495 Project<br />
Charles P. Shimer, Troutman Sanders LLP, Richmond VA<br />
4:15 Summary and Q&A<br />
4:30 Conference Concludes<br />
© SFI (Structured F<strong>in</strong>ance Institute), 2008 – All rights reserved
<strong>Public</strong>-<strong>Private</strong> <strong>Partnership</strong> <strong>for</strong> <strong>Transportation</strong><br />
<strong>Infrastructure</strong> <strong>Assets</strong> <strong>in</strong> North America<br />
Understand<strong>in</strong>g the tax, legal, regulatory and political<br />
issues necessary <strong>in</strong> complet<strong>in</strong>g a PPP transaction<br />
March 3 & 4, 2008 • New York City<br />
The New York Helmsley Hotel<br />
The Structured F<strong>in</strong>ance Institute (SFI) has assembled<br />
a highly experienced group of professionals to educate<br />
participants on all of the tax, legal and regulatory issues<br />
necessary <strong>in</strong> complet<strong>in</strong>g a PPP transaction <strong>in</strong> North<br />
America. <strong>Public</strong>-private partnership (PPP), is often<br />
referred to as a government service or private bus<strong>in</strong>ess venture<br />
which is funded and operated through a partnership of<br />
government and one or more private sector companies.<br />
The challenges <strong>in</strong> complet<strong>in</strong>g transactions <strong>in</strong> this area<br />
are highly complex but the end results benefit both the<br />
public and private sectors of any given municipality. The<br />
PPP schematic has earned a reputation as one of the<br />
most valuable tools to provide local, state and federal<br />
governments with excess revenue while allow<strong>in</strong>g private<br />
equity funds to develop and better ma<strong>in</strong>ta<strong>in</strong> the assets.<br />
SFI’s conference will allow <strong>for</strong> an <strong>in</strong>-depth focus on<br />
the tax, legal and regulatory developments affect<strong>in</strong>g the<br />
PPP market. Our faculty will provide details on these<br />
aspects that other symposiums barely touch on. Our<br />
agenda also <strong>in</strong>cludes issues on political risk factors, types<br />
of assets <strong>in</strong>volved, <strong>in</strong><strong>for</strong>mation about the various funds<br />
and <strong>in</strong>vestors, and an update from state and federal public<br />
officials. We are also pleased to announce a panel of<br />
<strong>in</strong>ternational experts who will compare deals completed<br />
<strong>in</strong> Europe and abroad to better guide the U.S. and its<br />
North American neighbors on how to best complete<br />
these transactions.<br />
There are no prerequisites required <strong>for</strong> this basic to<br />
<strong>in</strong>termediate level conference with group live <strong>in</strong>struction.<br />
This program is transitional and nontransitional<br />
which is appropriate <strong>for</strong> both newly admitted attorneys<br />
and experienced attorneys.<br />
Jo<strong>in</strong> us on March 3 & 4, 2008 at the New York<br />
Helmsley Hotel to learn how you can lead your organization<br />
toward the successful completion of a PPP deal<br />
while network<strong>in</strong>g with lead<strong>in</strong>g professionals <strong>in</strong> the field.<br />
S<strong>in</strong>cerely<br />
Dolly Mirchandani<br />
Freshfields, Bruckhaus<br />
Der<strong>in</strong>ger LLP<br />
Leo Naughton<br />
Deloitte<br />
Jay Zukerman<br />
Ernst & Young LLP<br />
www.atlas-sfi.com Fax: 914-946-3495 Call: 800-207-4432<br />
Who Should Attend:<br />
• Federal, and municipal<br />
f<strong>in</strong>ance directors<br />
• Corporate f<strong>in</strong>ance specialists<br />
• Insurance/ bond experts<br />
• Hedge fund professionals<br />
• Project f<strong>in</strong>ance professionals<br />
• Pension fund managers<br />
• In-house counsel<br />
• Attorneys<br />
• <strong>Private</strong> equity <strong>in</strong>vestors<br />
• Heads of <strong>in</strong>frastructure f<strong>in</strong>anc<strong>in</strong>g<br />
• Investment bankers<br />
• Commercial bankers<br />
• Insurance company<br />
<strong>in</strong>vestors<br />
• Consult<strong>in</strong>g firms<br />
• CFOs at Municipalities<br />
• M&A specialists at<br />
law firms<br />
• Asset valuation<br />
professionals<br />
• Tax professionals<br />
Hotel Accommodations:<br />
New York Helmsley Hotel - (212) 490-8900<br />
212 E 42nd St, New York, NY 10017<br />
Discounted room rate: $259 per night<br />
For sleep<strong>in</strong>g room reservations, please contact the hotel listed above<br />
and mention you are attend<strong>in</strong>g the SFI conference <strong>in</strong> order to receive a<br />
discounted room rate. Discounted rooms are on a space available basis<br />
and are released approximately one month prior to sem<strong>in</strong>ar dates.<br />
Rates and availability of sleep<strong>in</strong>g rooms cannot be guaranteed.<br />
CPE Educational Course Credits: ATLAS/SFI is registered with<br />
the National Association of State Boards of Accountancy (NASBA) as<br />
a sponsor of cont<strong>in</strong>u<strong>in</strong>g professional education on the National<br />
Registry of CPE Sponsors. State boards of accountancy have f<strong>in</strong>al<br />
authority on the acceptance of <strong>in</strong>dividual courses <strong>for</strong> CPE credit.<br />
Compla<strong>in</strong>ts regard<strong>in</strong>g registered sponsors may be addressed to the<br />
National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite<br />
700, Nashville, TN, 37219-2417. Web site: www.nasba.org<br />
CLE Educational Course Credits: ATLAS/SFI has been approved <strong>in</strong><br />
accordance with the requirements of the NYS Board of Cont<strong>in</strong>u<strong>in</strong>g<br />
Legal Education as well as Texas and Cali<strong>for</strong>nia CLE. Accreditation <strong>for</strong><br />
other states will be sought and determ<strong>in</strong>ed <strong>in</strong> those jurisdictions<br />
requested by registrants at the conference. For <strong>in</strong><strong>for</strong>mation about the<br />
f<strong>in</strong>ancial aid policy and the application procedure, please visit our<br />
website or email <strong>in</strong>fo@atlas-sfi.com
<strong>Public</strong>-<strong>Private</strong> <strong>Partnership</strong> <strong>for</strong> <strong>Transportation</strong> <strong>Infrastructure</strong> <strong>Assets</strong> <strong>in</strong> North America<br />
March 3 & 4, 2008 • New York City • New York Helmsley Hotel<br />
Name<br />
Title<br />
Organization<br />
Address<br />
City State Zip<br />
Tel.( ) Fax ( )<br />
(Mail Stop)<br />
Email<br />
Method of payment: ❏ Credit card payment: ❏ Mastercard ❏ Visa ❏ AmEx<br />
❏ Check payable to: SFI U.S. dollars drawn on U.S. bank.(T.I.N. 13-4018929)<br />
Card No.<br />
Signature Card exp. /<br />
Can we keep you <strong>in</strong><strong>for</strong>med on upcom<strong>in</strong>g events via email? ❏ Yes ❏ No<br />
❏ I wish to receive CLE or CPE credits <strong>in</strong> the state of<br />
Substitutions/Cancellations: If you need to cancel your registration, a colleague from your<br />
firm is welcome to attend <strong>in</strong> your place. Cancellations must be made <strong>in</strong> writ<strong>in</strong>g at least 5<br />
bus<strong>in</strong>ess days prior to the sem<strong>in</strong>ar date and a full credit (valid <strong>for</strong> one year) will be issued<br />
toward another ATLAS or SFI conference. If you must cancel with<strong>in</strong> 5 bus<strong>in</strong>ess days, a<br />
$150 adm<strong>in</strong>istrative fee will be deducted from the credit voucher. No credit card or cash<br />
refunds will be granted. "No-shows" will be charged as attend<strong>in</strong>g. For more <strong>in</strong><strong>for</strong>mation<br />
regard<strong>in</strong>g adm<strong>in</strong>istrative policies such as compla<strong>in</strong>t and refund, please contact our offices<br />
at 914-946-4010 or email <strong>in</strong>fo@atlas-sfi.com<br />
5 Easy Ways to Register:<br />
E-Mail: <strong>in</strong>fo@atlas-sfi.com • www.atlas-sfi.com<br />
Fax: 914-946-3495 • Tel: 800-207-4432<br />
Mail: SFI, P.O. Box 1637, White Pla<strong>in</strong>s, NY 10602<br />
Fee <strong>in</strong>cludes: cont<strong>in</strong>ental breakfasts; lunches; cocktail<br />
reception, refreshment breaks and sem<strong>in</strong>ar materials.<br />
❏ $995 Special Promotional Rate - thru January 31st<br />
❏ $1295 Registration (after January 31st)<br />
❏ Special Rate <strong>for</strong>: Municipality/Agency/Authority<br />
Representatives call SFI <strong>for</strong> details<br />
Special Discounts/Materials:<br />
❏ $100 Deduction <strong>for</strong> additional registrants from the same company<br />
❏ $295 Sem<strong>in</strong>ar materials only. Add $50 <strong>for</strong> shipments outside U.S<br />
For group rates contact SFI directly<br />
Sponsorship opportunities available contact SFI Legal directly<br />
Structured F<strong>in</strong>ance Institute<br />
P.O. Box 1637,<br />
White Pla<strong>in</strong>s, NY 10602<br />
Structured F<strong>in</strong>ance Institute presents<br />
sm<br />
(A division of ATLAS In<strong>for</strong>mation Group, Inc)<br />
<strong>Public</strong>-<strong>Private</strong> <strong>Partnership</strong> <strong>for</strong><br />
<strong>Transportation</strong> <strong>Infrastructure</strong><br />
<strong>Assets</strong> <strong>in</strong> North America<br />
Understand<strong>in</strong>g the tax, legal, regulatory and political issues<br />
necessary <strong>in</strong> complet<strong>in</strong>g a PPP transaction<br />
March 3 & 4, 2008 • New York City • The New York Helmsley Hotel<br />
Conference co-chairs:<br />
Dolly Mirchandani, Freshfields, Bruckhaus Der<strong>in</strong>ger LLP<br />
Leo Naughton, Deloitte<br />
Jay Zukerman, Ernst & Young LLP<br />
15 CPE/CLE<br />
Credits Available<br />
Faculty:<br />
Matt Bidwell<br />
Merrill Lynch Global<br />
<strong>Infrastructure</strong> Fund<br />
Jane Bird<br />
CanadaL<strong>in</strong>e<br />
Sean D<strong>in</strong>een<br />
Deloitte<br />
Daniel M. Deaton<br />
Nixon Peabody LLP<br />
Deane R. Eastwood<br />
Ernst & Young LLP<br />
Patrick Harder<br />
Nossaman Guthner Knox & Elliott LLP<br />
Gigi Harr<strong>in</strong>gton<br />
SamTrans<br />
Gerben Hillebrand<br />
RebelGroup Advisory<br />
Tom Kellerman<br />
Jeffrey A. Parker & Associates, Inc.<br />
Kathy Mayo<br />
BART<br />
Joel Moser<br />
Fulbright & Jaworski<br />
Jeffrey A. Parker<br />
Jeffrey A. Parker & Associates, Inc.<br />
Tim Philpotts<br />
Ernst & Young<br />
Corporate F<strong>in</strong>ance<br />
Saad Rafi<br />
Deloitte<br />
Kent Rowey<br />
Freshfields, Bruckhaus Der<strong>in</strong>ger LLP<br />
Charles P. Shimer<br />
Troutman Sanders LLP<br />
Peter Teigen<br />
Deloitte<br />
Bill Thorp<br />
Florida DOT<br />
Jeroen <strong>in</strong>'t Veld<br />
RebelGroup Advisory<br />
Deutschland GmbH<br />
Sponsorship and speak<strong>in</strong>g<br />
opportunities available<br />
Conference<br />
sponsors:<br />
www.atlas-sfi.com Fax: 914-946-3495 Call: 800-207-4432
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