P3 law approved in New York
The Innovative Infrastructure Development Act will give the state’s Department of Transportation, the New York State Bridge Authority, and the New York State Thruway Authority greater flexibility to enter into P3 agreements to finance and deliver transportation infrastructure projects, said chairman of the committee Senator Charles J. Fuschillo, Jr.
"Governments throughout the world are utilizing public-private partnerships to improve their infrastructure. With New York State facing its own infrastructure crisis, which current funding sources alone cannot solve, it’s critical that we have the flexibility to utilise public-private partnerships. P3s could help get project moving, create jobs, and generate economic development, all of which are greatly needed. I’m pleased that the committee has approved this legislation," he said.
New York’s $16bn capital works programme passed through the legislature with broad bipartisan support in April and there are a number of high-profile projects in the state which are keen to leverage private financing.
Governor Andrew Cuomo plans to blend federal, state and private sector financing to spur the first tranche of partnership-driven growth projects in the coming months, said Michael Likosky, director, Center on Law & Public Finance in the US.
