Public Feedback Sought On P3 Reforms

PUBLIC FEEDBACK SOUGHT ON P3 REFORMS

RICHMOND – The Commonwealth is seeking public feedback to improve the state process to procure transportation projects under the Public-Private Transportation Act, also referred to as the P3 program.

Under the support of Governor Terry McAuliffe, the General Assembly passed legislation this session enhancing the integrity and predictability of the state’s P3 delivery process for projects in the P3 program.  The intent is to minimize risk for taxpayers by selecting projects in which the private sector is willing to accept the reasonable project risk and make the appropriate investment in expectation of getting a reasonable return.

To further support the legislation, the Virginia Office of Public-Private Partnerships (VAP3) is seeking feedback and comments from individuals, private companies, industry groups and public officials regarding the revised P3 Risk Management Guidelines, released today.

For review, go to P3 Risk Management Guidelines and to submit comments, go to Request for Comment.

Comments are due by April 30, 2015.

The VAP3 will review all comments and take them into consideration while finalizing the guidelines.  The Commonwealth Transportation Board will be briefed on the guidelines and the final guidelines will be posted on the VAP3 website.