HB627: PPTA; private entity to pay costs for independent audit of all traffic and cost estimates.

Chief Patron

Joe May (R-33)
Leesburg, VA
Served: 1994–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

03/04/2008: signed by governor

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Summary

PPTA. Requires that projects undertaken under the Public-Private Transportation Act of 1995 (PPTA) be part of the Commonwealth Transportation Board's six-year improvement plan. The bill also requires that the responsible public entity must conduct a traditional public hearing on any proposal prior to granting approval of the development and/or operation of the transportation facility or facilities as a qualifying transportation facility. In addition, the responsible public entity must require the private entity to pay the costs for an independent verification of any traffic and cost estimates associated with the private entity's proposal and also provide a full accounting of all public costs and potential liabilities to which taxpayers would be exposed, with all such information to be fully disclosed prior to entering into any interim agreement. Finally, the responsible public entity would be required in evaluating the proposal to give priority to projects in which the private entity will invest equity in a toll project or purchase a certain percentage of bonds issued in connection with a toll project.

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