Michael Cheroutes’ dedication to moving public-private partnerships forward in Colorado has been instrumental to state’s dedication to establishing industry leading practices and has delivered new infrastructure for residents far faster than would have been possible with traditional funding mechanisms.
As Director of Colorado’s High Performance Transportation Enterprise (HPTE), Cheroutes pursues innovative public-private financing alternatives for strategic transportation projects in Colorado and aims to deliver affordable new economic infrastructure to the state.
Colorado’s first P3 project, a two-phase for the U.S. Interstate 36 ExpressLanes project is projected to save the state millions of dollars.
The first phase of the project was procured as a design-build contract, which began initial construction work along the corridor. The second phase, a P3, rolled maintenance and operation of the completed Phase 1 and of the brownfield Interstate 25 facility into the 50-year concession contract.
Plenary Roads Denver agreed to finance the project’s scope of work, including contributing its own equity to the project, and is assuming the risk that toll revenue will meet projections.
Before the project closed earlier this year, Cheroutes recognized the need to reach out to the community and to stakeholders, to ensure that the project, its commercial terms, and its benefits were understood by the wider community. He and his team engaged local mayors and community groups to implement a significant education campaign for citizens and lawmakers.
Taking the lessons learned from this first successful project, the HPTE team is currently preparing to implement more managed lane projects across Colorado.
The prospect of a strong project pipeline and the State’s commitment to fair and transparent P3 procurement has attracted bidders from across the continent and beyond, ensuring residents and taxpayers get the best possible deal.
Michael Cheroutes’ path to his current role as director of HPTE has spanned the public and private sectors, developing a wealth of knowledge derived from early public private partnerships for infrastructure projects across the country.
For his leadership in Colorado and his long career developing and promoting P3s, NCPPP is proud to honor him with the 2014 National Public-Private Partnership Leadership Award.