UPDATED: Governor urged to sign P3 jobs bill
FRANKFORT, Ky. – Noting the importance of job creation and calling it the most significant jobs bill of 2014, 34 organizations from across the Commonwealth urged Gov. Beshear to quickly sign House Bill 407 into law. This legislation offers a new tool for our state and local governments that never existed before.
HB 407 will provide opportunities and fuel job growth by enabling the use of public-private partnerships – so called P3s – by state and local governments, creating a system in Kentucky that already exists in many states. A public-private partnership is a contract between a public entity, such as a state or local government, and a private business, under which the business builds a project or provides a service for the public. Any financial risk during the construction and/or operation of the project is assumed by the private business.
“This legislation will provide Kentucky companies with a number of opportunities to help state and local government entities deliver projects and services across the state,” noted Kentucky Chamber President Dave Adkisson. “HB 407 is, without question, the greatest bill to advance this session to support job creation in Kentucky.”
The numerous organizations also pointed out how P3 projects will protect taxpayers as projects are subject to a rigorous level of transparency. Additionally, the letter noted how this effort is an example of bipartisan cooperation. “HB 407 never got caught up in political gamesmanship or partisan bickering. Our legislative leaders worked together for the best solution to move forward this session and create jobs in the Commonwealth.”
Read the letter of support here: P3 coalition letter to Gov. Beshear
The list of supporters is growing daily! In addition to the letter from 34 business and civic organizations, others have directly communicated their support for House Bill 407.