Infrastructure in New Jersey Gets a Welcome Boost as Public-Private Partnership Statute Signed
Trenton, NJ, August 14th 2018: Governor Phil Murphy today signed into law Senate Bill No. 865, establishing a Public-Private Partnership program to allow for the repair, restoration and improvement of New Jersey’s infrastructure. The bill will enable the use of P3s for certain building and highway infrastructure projects as a means to encourage private investment to deliver needed assets to New Jersey’s taxpayers.
Elected officials and legislative leaders gathered in the impressive setting of The College of New Jersey’s Campus Town for the signing of the bill. Introducing Governor Murphy, TCNJ President, Kathryn Foster, noted that Campus Town, an exemplar example of a Higher Education P3, was a fitting location for the event.
Jack Kocsis, President of the Associated Construction Contractors of New Jersey, acknowledged the steadfast commitment and leadership of President of the State Senate, Sen. Steve Sweeney (D, 3rd), who was very much the driving force behind the legislation, and recognized co-sponsor Sen. Steve Oroho (R, 24th) for the bipartisan support. “The statute has the potential to create additional work opportunities for the contracting community and our labor partners that may not otherwise happen. In addition, the bill contains strong, time-tested contractor and labor protections.” Kocsis also acknowledged the work of AIAI in providing technical support throughout the process. Alongside member representatives from Surety and Fidelity Association of America, Moretrench, Peckar & Abramson, Langan, WSP and Star America, we worked closely to ensure that best practices and taxpayer protections were incorporated into the statute.
Governor Murphy remarked, “We are open for business, but be assured, we are not giving away the store. This new legislation will create jobs, shield taxpayers from undue burdens, and protect prevailing wages and labor requirements. Together we will build a stronger, and fairer New Jersey.”
CLICK HERE to visit the NJ State Legislature for more details on the bill.