New Jersey P3 bill passes senate and assembly

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New Jersey has passed legislation permitting government entities to enter into public-private partnership agreements with private entities for undertaking building and highway infrastructure projects was approved by the Senate today. The bill, S-865, provides for oversight of these agreements by the New Jersey Economic Development Authority.

The bill specifically allows the government entity to enter into a public-private partnership agreement under which the private entity assumes final and administrative responsibility for the development, construction, reconstruction, repair, alteration, improvement, extension, operation, and maintenance of a project of, or for the benefit of, the government entity, provided that the project is financed in whole or in part by the private entity.

This bill would allow local government units, school districts, and State government entities to be eligible for PPPs as well. In addition, roadway or highway projects must include an expenditure of at least $10 million in public funds or any expenditure in private funds.

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