VICTORIA, B.C. — The B.C. Liberals have paved the way for public-private partnerships by introducing legislation, which provides the framework to develop and explore P3s.
“In planning for future projects, we want to make the most of our transportation resources and encourage innovative new approaches to building highways,” says Transportation Minister, Judith Reid. “As we promised in the throne speech, our government is actively pursuing P3 opportunities to spur more private sector investment in transportation. Today’s legislation provides a statutory framework for the ministry to develop these arrangements.”
The Transportation Investment Act enables the government to partner with private companies when financial analyses indicate there is a clear cost savings and public benefit.
The act also allows the government to enter into agreement with private investors who wish to build, operate and maintain toll highways. The province will regulate the amount of the tolls charged, and would insist any private highways meet the provinces design standards for safety, construction and maintenance.
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