Gov. Tom Corbett today signed House Bill 3, a measure that provides for public-private partnerships, or P3s, to help fund transportation infrastructure projects.
The legislation gives Pennsylvania the ability to lease large-scale transportation assets to the private sector in order to expedite improvement projects that cannot be funded solely through public dollars.
The private entity would generate a return through user fees or tolling.
Pennsylvania needs about $3.5 billion annually to fully address infrastructure projects that include more than 5,000 structurally deficient bridges and about 8,000 miles of roadway in very poor condition. The funding estimate comes from a 2010 study by the State Transportation Advisory Committee.
Enacting P3 legislation was one of the major recommendations of the governor’s Transportation Funding Advisory Committee, which issued its report last August.
HB 3 cleared the General Assembly last week.