NJ Treasury Submits Rules Governing New Public Private Partnership (P3) Program
(TRENTON) – The Department of the Treasury announced today that the proposed rules governing the expansion of the New Jersey Public Private Partnership (P3) program are now available on the New Jersey Register for public comment.
The new P3 program was signed into law by Governor Murphy in August 2018. The program allows a school district, college or university, municipality, county, or other state entity to enter into an agreement with a private organization that would assume the financial and administrative responsibility for the development, construction, reconstruction, repair, alteration, improvement, extension, operation, and maintenance of a government-related project. P3 projects must be financed in whole or in part by the private organization.
The proposed rules include steps for submitting a P3 project, procedures by which a proposed project is examined and approved, project timelines, and any fees associated with the P3 program. The rules can also be accessed through the Office of Public Finance P3 webpage.
The 60-day public comment window ends on Aug. 16, 2019. Members of the public should submit their comments via mail or email:
Department of the Treasury
225 W State Street, 4th Floor
Trenton, NJ 08625-0211
Attn: Public Private Partnership Rule Proposal