Governor Signs Florida’s New P3 Legislation
Governor Rick Scott signed HB 85 yesterday, creating Florida’s new Public/Private Partnership Statute. Senator Miguel Diaz de la Portilla and Representative Greg Steube, the bill sponsors, deserve great recognition for championing this cause through the difficulties of the legislative session.
However, it was all worth it. As Representative Steube said, "We must use Florida funds wisely but we must be open to new ideas. My legislation ensures that public benefit comes first. Growth and job creation are important to our state’s future. That being said, public and private entities must be accountable for their actions and Floridians will hold projects accountable for the final investment and, more importantly, the results".
The new legislation requires the responsible public entity to ensure the quality of the private entity’s performance and safeguard the most efficient pricing. It addresses the transfer of the private entity’s obligations to the investors or public entity if the project agreement, called a comprehensive agreement, is terminated or a material default occurs. Additionally, the public entity must perform an independent analysis of the proposed public-private partnership to ensure the cost-effectiveness and overall public benefit of the job.
Representative Steube said it best when he said "I want to personally thank the Governor for his support of public-private partnerships in Florida. The signing of this bill will create jobs, encourage economic development and provide infrastructure to taxpayers at little or no taxpayer expense."