Prince George’s County Public Schools
Prince George’s County, Maryland
Fengate is the lead developer and equity investor in the Prince George’s County Public Schools (PGCPS) alternative financing construction project for the design, build, finance, operation, and maintenance of six public schools under a 30-year contract in Prince George’s County, Maryland. PGCPS, one of the nation’s largest school districts, was faced with aging facilities and expected overcrowding from a growing student population. This project is the first of its kind, delivering U.S. public school infrastructure via a public-private partnership (P3), resulting in the provision of five new middle schools and one K-8 school.
The objective of the P3 model is to cut delivery time in half, reduce construction costs, and reduce preventative maintenance expenses over the life of the schools. When compared to a traditional public sector construction procurement model, this approach will save the County approximately $174M in deferred maintenance and construction costs. Following commercial and financial close, PGCPS and the project team together announced the creation of a $1M endowed fund to support scholarships, student internships, mentoring opportunities and apprenticeships, together valued at $4.7M. Other community benefits include the guaranteed procurement of at least 30 percent of total eligible costs of the program from minority-owned businesses, community-based enterprises, and community-based small businesses.