The State of Connecticut has used a public-private partnership in an innovative way to restructure the balance sheet of the Mystic Aquarium, an important economic and cultural piece of the southeast part of the state.
Rather than take out a $10 million loan to help the aquarium pay for ongoing costs to care for the animals while attendance is down during the pandemic, they created a P3 to raise money from private sector participants and restructure the organization's balance sheet and governance. This is another example of innovative uses of the P3 model we are seeing emerge during the COVID crisis.
“Historically, the state ... would have gone out and borrowed $10 million and hoped for the best and pass things over until the next election. And that’s not the way we did it. This place is too important not to get it right."