(a) On and after June 28, 2021, and prior to January 1, 2027, the Governor may approve not more than five projects to be implemented as public-private partnerships. The Governor shall not approve any such project unless the Governor finds that the project will result in job creation and economic growth. After consultation with the Commissioners of Economic and Community Development and Administrative Services, the State Treasurer and the Secretary of the Office of Policy and Management, the department may submit one or more projects to the Governor for approval.

(b) In determining whether a project is suitable for a public-private partnership agreement, the department shall conduct an analysis of the feasibility, desirability and the convenience to the public of the project and whether the project furthers the public policy goals of § 4-255, this section and sections 4-257 to 4-264, inclusive, taking into consideration the following, when applicable:

(1) The essential characteristics of the proposed facility;

(2) The anticipated demand for use of the facility and its economic and social impact on the community and the state;

(3) The technical function and feasibility of the project and its conformity with the state plan of conservation and development adopted under chapter 297;

(4) The benefit to the state and its citizens;

(5) An analysis of the value provided for the cost of the project, that at a minimum includes a cost-benefit analysis, an assessment of opportunity costs and any nonfinancial benefits of the project;

(6) Any operational or technological risk associated with the proposed project;

(7) The cost of the investment to be made and the economic and financial feasibility of the project;

(8) An analysis of public versus private financing on a present value basis, and the eligibility of the project for other public funds from local or federal government sources;

(9) The impact to the state’s finances of undertaking the project by the department; and

(10) The advantages and disadvantages of using a public-private partnership rather than having the department perform the function.

(c) The department shall not submit a project to the Governor for approval for a public-private partnership solely based upon the amount of potential revenue generated by such project.

(d) If the department submits a project in accordance with subsection (a) of this section, the department shall at the same time transmit, in accordance with the provisions of § 11-4a, a copy of its submission to the joint standing committees of the General Assembly having cognizance of matters relating to finance, revenue and bonding, appropriations and the budgets of state agencies and transportation. Said committees shall hold public hearings on any such submission.

(e) The Governor shall notify the department when a project has been approved for a public-private partnership.

(f) On or before January 15, 2022, and annually thereafter, the department shall report, in accordance with the provisions of § 11-4a, to the General Assembly concerning the status of the public-private partnerships established under this section.