The Construction Industry Takes Notice of New Business Opportunities
House Bill 337 and its companion Senate Bill 576, codifying, enabling and expanding the practice of public/private partnerships has gained the construction industry’s attention. People are getting excited about the prospect of builders approaching public entities with unsolicited ideas for public/private partnership opportunities, in which builders would advance some or all of the funding for projects, then make it all back through deferred payments, operation and impact fees, or any other choices of creative funding. It could put many contractors back to work on lucrative deals as long as the builders proposing the project can carry the construction costs for a little while.
I’ve spoken to or heard from many industry professionals and procurement experts, most of whom agree this bill would open the door to unsolicited proposals from builders to public agencies for construction opportunities, rather than waiting for the agencies to find the money to put jobs out for bid. So read the bill, familiarize yourself with the public/private partnership concept and prepare for what could be the next wave of construction opportunities in Florida. There is much work yet to be done on the bill and I’m helping with some of the drafting, but regardless of whether or in what form this bill may pass, the public/private concept may be the wave of the future, at least in the near term.
Please take some time to read the bill and let me know what drafting suggestions you may have. We want to propose changes that will help our industry, so please let me know what’s on your mind.