Our MAP framework
Our Municipal Asset Partnership (MAP)™ is an alternative financing and delivery approach designed to overcome barriers to essential infrastructure projects, no matter the size.
A financial model that works
The MAP difference
You need infrastructure immediately. That means financing, and a partner to execute. Most importantly, you need to control revenue and rates for the long term. Graham’s MAP framework is fully customizable for any size of municipality and project.
Ultimate control
The MAP framework is underpinned by a 50/50 partnership, allowing projects of any size to be developed, financed, and delivered while you retain full control of the entire process.
Maximize cash flow
Graham’s established legal, financial and accounting framework allows you to preserve the municipal borrowing limit. Retain your cash flow and leave financial flexibility for other municipal priorities.
Speed & scalability
MAP can be scaled for projects from $20M to any size, without the slow process of obtaining traditional financing.
Green Bonds
Smart money
We’re an issuer of Green Bonds under our sustainable finance framework. The framework and its governance procedures align with the Green, Social, and Sustainable Bond Principles developed by the International Capital Markets Association. A copy of the framework is available upon request.
The use of a Green Bond within the MAP framework is a clear indication to your constituents that your project has demonstrable positive impacts on the environment. Green Bonds enable capital-raising and investment for new and existing projects with environmental benefits. The Green Bond Principles seek to support issuers in financing environmentally sound and sustainable projects that foster a net-zero emissions economy and protect the environment.
Process
01
Project initiation
Municipality releases a Competitive Request for Proposals (RFP) using a Qualifications Based Selection (QBS) procurement strategy.
02
Partnership formation
Graham and the Municipality form a 50/50 joint venture to develop the project, focusing on a cost-effective long-term solution.
03
Project development
Collaboratively and transparently develop a technical, legal, and financial solution between the Municipality and Graham.
04
Capitalizing the partnership
Minimize cost of capital with low-cost debt and limited, capped private equity financing and remove investor profit as a motivator.
05
Project delivery
With development activities concluded and the partnership capitalized, the partnership implements the project with joint governance.
06
Future potential
Scale and adapt Graham’s MAP to suit other infrastructure needs, if the municipality requires further support.
Comparison
Graham’s MAP was developed to overcome the challenges that our client partners face financing and delivering critical infrastructure projects. It’s a new, cost-competitive way to bring private sector finance to rate-based infrastructure projects, that keeps your asset under your control. MAP manages existing borrowing capacity challenges allowing flexibility for other municipal priorities. Best of all, we can support small-scale projects that get left behind by traditional delivery models.
See how we stack up.
| Consideration | Option 1 Municipal Borrowing |
Option 2 Development Levies |
Option 3 Standard P3 |
Option 4 Utility Privatization |
|
|---|---|---|---|---|---|
| ControlWill the municipality retain ownership & economic benefits associated with the utility infrastructure? | ✓ | ✓ | ✓ | ✗ | ✓ |
| ControlWill the municipality have access to third party expertise at all stages of project development and delivery? | ✗ | ✗ | ✓ | ✓ | ✓ |
| FinancesWill this address borrowing capacity challenges to allow the municipality to invest in other priorities within the community? | ✗ | - | ✗ | ✓ | ✓ |
| FinancesWill this alleviate long-term pressure on rates? | ✓ | ✓ | ✗ | ✗ | ✓ |
| FlexibilityIs access provided to alternative financing for various project sizes? | ✗ | ✗ | ✗ | ✓ | ✓ |
| FlexibilityDoes it allow for accelerated project delivery? | ✗ | ✗ | ✗ | ✓ | ✓ |
| Does this option address issues with control, financial constraints, and flexibility? | ✗ | ✗ | ✗ | ✗ | ✓ |
MAP in action
Wetaskiwin partnership
Faced with serious issues to cover the costs of a new project, The City of Wetaskiwin chose Graham’s MAP framework for the delivery of a $53M wastewater treatment plant upgrade. With project development complete and financing secured, construction began in May 2022.
FAQs
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Graham’s MAP is extremely flexible and scalable, suitable for large-scale projects of $100M+, smaller projects with values as low as $20M – and anything in between. One of MAP’s core benefits is that it can be used to structure project financing for smaller projects that would typically struggle to raise financing through more traditional means.
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Graham’s MAP is ideal for rate-generating infrastructure projects, especially in cases where project owners require development and financing support but don’t wish to cede ownership or surplus income to a private-sector partner. MAP can also solve issues with borrowing capacity debt limits, bringing financing to smaller-scale projects that would generally not be suitable for traditional financing structures. Water, wastewater, and clean energy projects are optimal candidates.
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Your project is delivered under a partnership that allows you to retain an active role in the development, execution, and long-term management of the infrastructure, with full transparency throughout. Our true-partner framework ensures that you retain ownership of your infrastructure, and the associated long-term financial benefits.
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We encourage our clients to use an open and competitive procurement process to select a private-sector development partner. A Request for Proposals structured as a Qualifications-Based Selection is best for projects early in the development process – that way, you can select a team that’s the best fit for you.