Mr. McBride, if there are a lot of questions on P3s, I guess it's because many of us are not quite familiar with how they might work.
From a conceptual point of view, I note that some small communities undertake to develop their own lots, service them, and attempt to sell them. Some get developers to do them. In the normal course of events, they're more practised at doing them. Of course, you might be able to get the cost down by using the private sector.
If the risk gets passed to the private sector in P3s, and if they have to raise their initial capital, I guess there's a cost to that. Is there some sort of formula that say, on a given project of x dollars you have to allow a certain rate of return or percentage to the private sector for (a) assuming risk, (b) raising financing, and (c) contributing funds to the project? I have a number of questions in there.
At the tail end of it, if you're going to operate it for 20 or 25 years, there's a certain amount of risk, a certain amount of management fees, and a certain rate of return that it would be reasonable to get. There must be something you factor in for that when you're going through a project. When you add all that up, it must be less than the risk assumed and then the overall cost, because you've never done it before, or for any variety of reasons, such as, you haven't thought about the design, or you haven't thought about maintenance. I mean, you're thinking about all these things, but there's a cost to them.
Can you answer those questions? You don't necessarily have to answer them in that order, but you get the drift.