BRADENTON, Fla. North Carolina will be open for public-private partnerships at all levels of government by mid-September.
The General Assembly this year passed an act authorizing state and local government agencies to pursue public-private partnership construction contracts.
The new law also establishes minimum criteria for selecting P3 projects, and those that will be done using the design-build method.
North Carolina lawmakers said that they recognize certain governments in the state lack the financial resources to undertake capital building projects necessary to satisfy critical public needs, and that partnerships with private developers may offer an effective financial mechanism fulfill building needs, according to the P3 act.
The general public must have confidence in the process that governmental entities use for construction contracting, the act said, adding that the new law is designed to open competition that delivers the best value for taxpayers in a “transparent, fair, and equitable” contracting process for the use of public funds.
Gov. Pat McCrory signed the legislation into law on Aug. 23. It becomes effective 30 days after that.
In late June, Florida Gov. Rick Scott signed a similar bill opening the Sunshine state for P3 business to be done by state and local governments.
Proponents of such measures, which are being enacted in many states, say standardized laws are necessary to enhance the prospects of investors and developers participating in the P3 industry.