The Florida State Legislature on May 3, 2013 passed Public Private Partnership (“P3″) Legislation that authorizes P3s for certain qualifying projects. The law also includes limitations and specific requirements for this alternative procurement process.
This is exciting news intended to spur investment in the State, assist public entities in meeting their project delivery needs, and to create jobs.
The Law, once signed by the Governer, has an effective date of July 1, 2013. Key components of the Law are that it:
- Establishes an alternative procurement process and requirements for public-private partnerships to facilitate the construction of public-purpose projects.
- Establishes a New Task Force to recommend guidelines for the Legislature to consider with the objective of creating a uniform process for establishing P3s.
- Authorizes the use of P3s for purposes of county road projects, and permits, if certain requirements are met, counties to both receive or solicit proposals and enter into agreements with private entities to construct, extend, or improve a county road.
The Need: Spur Investment
An alternative method of procurement is being sought for governments and jurisdictions to meet its objectives. The State Legislature acknowledges that there is a public need for timely and cost effective projects. Moreover, it has been demonstrated that P3s can meet these objectives in a timely and cost effective manner.