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P3 –WHAT IS IT? <br />P3 = PUBLIC PRIVATE PARTNERSHIP <br />“A contractual agreement between a Public Agency (federal, <br />state,or local)and a private sector entity.Through this <br />agreement,the skills,and assets of each sector (public and <br />private)are shared in delivering a service or facility for the <br />use of the general public.In addition to the sharing of <br />resources,each party shares in the risks and rewards <br />potential in the delivery of the services and/or facility.” <br />-The National Council for Public-Private Partnerships, “Testing Tradition <br />Assessing the Added Value of Public-Private Sector Partnerships,” (Arlington, <br />Virginia 2012) p.2, http://www.ncppp.org/wp- <br />content/uploads/2013/03/WhitePaper2012-FinalWeb.pdf <br />4