As guaranteed late in 2010, the Gov. George Deukmejian Courthouse in Long Beach, Calif., was delivered on time and on budget this month under a 35-year DBFOM agreement negotiated with the state by equity investor Meridiam Infrastructure. Availability payments will begin soon under California’s first long-term pay-for-performance infrastructure contract, which requires that the 535,000-sq-ft building be turned over to the state in 2048 in 85% new condition. If at any point during that time the building and its 31 courtrooms are not in service due to private operator error, the penalty is $250,000 per day.
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