On March 2, the New Mexico House of Representatives unanimously approved House Bill 213, which would allow public agencies to enter into P3 agreements to facilitate public infrastructure and broadband projects. The public infrastructure component covers the construction or improvement of public transportation facilities or public transportation other than toll roads. The bill sets out required steps that public agencies must take before entering a P3 agreement, such as conducting a public hearing for the proposed P3 project and undertaking a cost-benefit analysis on using a P3 in comparison with traditional public partner-managed projects. The bill also creates a public-private partnership board, consisting of six senior state officials and five members of the public appointed by the New Mexico legislature to review and approve P3 projects costing over $10 million. Many of the bill’s requirements mirror those associated with obtaining federal funding under programs like the Transportation Infrastructure Finance and Innovation Act (TIFIA). The bill currently sits with the New Mexico Senate Judicial Committee for further consideration.
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