The level of cooperation and integration at the public-private community is a political process. But its essence is choice, choice of funding source, choice of priority housing and community development programs, and choice of design and plan. The special district must make the difficult decisions on how to develop a portfolio of projects, how to rank them, and how to finance them in order to bring the private sector back to the New Orleans area. The integration process involves a horizontal sweep across current political jurisdictions and business and community leaders to establish a consensus on direction and purpose for the development.
A design team is established to create ideas and proposals for consideration by the special district leaders. Plans are framed in terms of project plan, schedule, and cost, and all projects are analyzed using cash flow projections, discounted by net present value factors, a weighted scoring model that ranks projects according to the relative importance of several community objectives, and a risk assessment that identifies project risks, impacts, probabilities, severity, and contingency actions.
The development of an integrated portfolio involves ranking projects using the tools described above and then generating a public-hearing process to raise community awareness of proposals and projects. Contractors are chosen through competitive bidding on segments of the community plan and are bonded to avoid misuse of funding or fraud and waste.
Funding for the proposal would come from an integrated financial package providing for 80% federal funding from the Department of Housing and Development, and the Department of Transportation, and 20% state funding from a special state tax assessment. Private funding from charitable organizations and service agencies such as Red Cross will be welcomed.
Control of finances and strict accountability will be maintained by the special inspector general function managed at the state level by the Governor's office.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.