Governor Terry McAuliffe announced today legislation that would restore integrity to the state’s process to deliver projects under the Public Private Transportation Act (PPTA) and improve reliability for transportation funding distributions. The legislative package continues the evolution of the administration’s transportation program to improve transparency and credibility in how taxpayer dollars are spent on transportation projects.
“I am pleased to work with Chairman Chris Jones on a legislative package that puts the taxpayers first, making sure transportation dollars are invested wisely, while addressing critical transportation needs across Virginia,” said Governor McAuliffe. “Strengthening our transportation infrastructure and offering new options for commuters and businesses is a central part of my administration’s effort to build a new Virginia economy.”
“This legislation maximizes limited resources by providing the right funding structure to restore aging roads and bridges and make other critical improvements to Virginia’s transportation network,” said Transportation Secretary Aubrey Layne. “I want to thank Delegate Jones and Delegate Rust for focusing on solutions and sponsoring legislation that improve reliability in how funds are distributed and restore integrity to the P3 program.”
Delegate Chris Jones added, “The changes we are promoting will help get funds to local communities who haven’t seen funds in four years and the legislation will restore integrity to the public private transportation act process and help keep this program effective for key projects in the future.”
The bipartisan legislative package focuses on the following areas:
Highway Formula Changes
“Current highway funding formulas do not meet today’s needs,” said Governor McAuliffe. “The outdated formulas result in a lack of funding for local needs, including replacing aging bridges and pavements. The bill greatly simplifies the myriad of rules governing the distribution of transportation funding, which will make funding more reliable and consistent.”
Changes to the formula
Additional support for transit capital projects
Making CTB more independent
“The P3 program works for the right projects, such as the I-95 and I-495 Express Lanes in Northern Virginia where the private sector put their money and resources on the table in expectation of getting a reasonable return on their investment,” said Governor McAuliffe. “The P3 program was the wrong procurement tool to deliver the U.S. 460 project in southeastern Virginia, which cost taxpayers $300 million with nothing to show for it. To prevent this from occurring again, Delegate Jones has played a significant role in reforming this process so it is transparent, the risk to taxpayers is minimized and clear lines of accountability are set.”
Delegate Chris Jones added, “The changes we are promoting will help restore integrity to the public private transportation act process and help keep this program effective for key projects in the future.”
P3 bill highlights:
Representatives from the General Assembly will be on the P3 steering committee that determines whether or not a project should move ahead as a P3 project. They will assess if there is truly a risk and reward relationship between the public and private sectors.