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In a recent incarnation of the public–private partnership, state or city governments agree to lease revenue-producing assets to a private operator for a lengthy period, up to 99 years. The government receives an up-front payment, allowing it to collect many years of future revenue at once. This article evaluates the distributional consequences across time of one asset lease, the Indiana Toll Road. The analysis finds that the majority of benefits, in the form of road construction, are enjoyed in the early part of the lease, while the bulk of the costs fall late in the lease, raising important questions about intergenerational fairness.