Public-Private Partnerships Will Support Building & Highway Projects
Legislation sponsored by Senate President Steve Sweeney and Senator Steve Oroho permitting government entities to enter into public-private partnership agreements with private entities for undertaking building and highway infrastructure projects was signed into law today by Governor Phil Murphy.
Sen. Steve Oroho’s bipartisan legislation permitting government entities to enter into public-private partnership agreements with private entities for undertaking building and highway infrastructure projects was signed into law by Gov. Phil Murphy. (SenateNJ.com)
“Public-private partnerships will pave the way for innovative and sustainable infrastructure in New Jersey,” said Senator Oroho (R-Sussex/Warren/Morris). “Governments on the local, county, and state levels should be permitted flexibility in financing their capital needs given proper oversight. These partnerships are an important way to stretch scarce public dollars to complete needed projects that will benefit our residents and create jobs and economic growth.”
“We have to maximize the impact of public and private resources to create jobs and generate economic growth,” said Senator Sweeney (D-Gloucester/Salem/Cumberland). “Public-private partnerships are an innovative way to permit a wider array of entities to engage the private sector to help advance critical infrastructure and facilities projects. This is a way to empower the private sector so that we can address our state’s infrastructure issues and ensure these projects are completed in a structured, timely and cost efficient manner.”
The law, S-865, provides for oversight of these agreements by the New Jersey Economic Development Authority.
The law 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.
Under current law, a state college or county college is already authorized to enter into public-private partnership agreements. The new law allows local government units, school districts, and State government entities to be eligible to enter as well.