Bill > S2489

This bill permits public-private partnership agreements for certain building and highway infrastructure projects, allowing private entities to take on financial and administrative responsibility for projects that are at least $10 million. These agreements can involve leases of public facilities where the private entity manages operations and receives revenue, with responsibility reverting to the public entity at the end of the lease term. The bill establishes that private entities involved in these projects may not be subject to the usual procurement and contracting laws that apply to local government units, school districts, or state government entities, provided they are selected through a competitive process involving at least two proposals. The New Jersey Economic Development Authority (EDA) is given oversight, requiring review and approval of these projects, and will maintain a public record of their status. The bill also mandates prevailing wage rates for workers on these projects, requires project labor agreements for building construction, and includes provisions for performance and payment bonds. Additionally, it clarifies that the power of eminent domain cannot be delegated to private entities, though public entities can dedicate property interests to such projects. The bill also amends existing law to allow Rutgers University and the New Jersey Institute of Technology to enter into these agreements and expands the EDA's powers to include reviewing and approving these public-private partnership agreements, as well as providing tax-exempt private activity bond financing.