N.J. Admin. Code § 17:49-8.1

Current through Register Vol. 56, No. 23, December 2, 2024

Section 17:49-8.1 - Minimum State government entity standards for operation of a project

(a) A State government entity may enter into a public-private partnership agreement with a private entity to assume full financial and administrative responsibility for the development, construction, reconstruction, repair, alteration, improvement, extension, operation, and maintenance of a public building or highway, including any infrastructure or facility to be used by the public or in support of a public purpose, or for the benefit of the public, provided that the project is financed in whole or part by the private entity, and the State government entity retains full ownership of the land upon which the project is located.

(b) A State government entity shall complete the following steps to ensure a project meets the policy, risk allocation/transfer, funding, social equity, market readiness, legal, innovation, life cycle, and accelerated delivery requirements requisite within a public-private partnership agreement:

1. Step 1: Complete a self-assessment utilizing the initial screening criteria outlined in Treasury's Initial Screening Tool available at www.treasury.nj.gov/ p3screening1. A State government entity shall submit this self-assessment screening, along with proof of any necessary approvals by the State House Commission or Legislature, with its application to the Office of Public Finance; and

2. Step 2: Assuming successful completion of a self-assessment, report to the Office of Public Finance, through an email to p3@treas.nj.gov, that it is considering pursuing a public-private partnership. The State government entity shall conduct a project analysis, in conjunction with financial and other experts possessing the requisite minimum criteria outlined at N.J.A.C. 17:49-3.2, to determine the financial and technical viability of a potential project, prior to submission to the Office of Public Finance. A State government entity shall submit all supporting documents with its application to the Office of Public Finance, including information on the credentials of the experts retained for purposes of conducting the project analysis, as required by N.J.A.C. 17:49-8.5.

N.J. Admin. Code § 17:49-8.1

Adopted by 52 N.J.R. 898(a), effective 4/20/2020