A public-private partnership facilitates the sharing of expertise, experience and risk. After a competitive bidding process, York Region and York Consortium 2002 entered into an agreement on June 27th, 2002 to move forward with the implementation of a rapid transit network.
York Consortium 2002 brings to the partnership extensive international experience in planning and implementing major transit infrastructure projects. The partnership provides the following benefits to York Region:
• Faster implementation of the rapid transit network and its associated benefits
• Application of private sector business practices and innovative technologies to generate efficiencies and reduce implementation costs
• Sharing of financial risk between the private and public partners — an important consideration for major, long-term projects
• Obtaining financial support from senior levels of government to implement a project of this scale — both the Government of Canada and the Province of Ontario support the delivery of major infrastructure through public-private partnerships
In addition to these benefits, the Region will ensure that the partnership operates with appropriate public direction, control, accountability, and transparency. The Region will:
• Maintain responsibility for setting service levels and fare policies
• Retain ownership of the rapid transit system
• Have voting majority in the partnership
• Receive regular reports as part of the ongoing process
• Incorporate an open, transparent price analysis by an independent auditor to establish the final Design/Build Contract price in order that the project provides good value for the money being spent.
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