Virginia Code 33.2-1801: Policy
A. The General Assembly finds that:
Terms Used In Virginia Code 33.2-1801
- development: means to plan, design, develop, finance, lease, acquire, install, construct, or expand. See Virginia Code 33.2-1800
- operation: means to finance, maintain, improve, equip, modify, repair, or operate. See Virginia Code 33.2-1800
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: means the Commonwealth of Virginia. See Virginia Code 33.2-1800
1. There is a public need for timely development and/or operation of transportation facilities within the Commonwealth that address the needs identified by the appropriate state, regional, or local transportation plan by improving safety, reducing congestion, increasing capacity, enhancing economic efficiency, or any combination thereof and that such public need may not be wholly satisfied by existing methods of procurement in which qualifying transportation facilities are developed and/or operated;
2. Such public need may not be wholly satisfied by existing ways in which transportation facilities are developed and/or operated; and
3. Authorizing private entities to develop and/or operate one or more transportation facilities may result in the development and/or operation of such transportation facilities to the public in a more timely, more efficient, or less costly fashion, thereby serving the public safety and welfare.
B. A public-private partnership may be in the best interest of the public only if the requirements of subdivisions C 1 through 5 of § 33.2-1803 have been met.
C. It is the intent of this chapter, among other things, to encourage investment in the Commonwealth by private entities that facilitates the development and/or operation of transportation facilities when such investment is in the best interest of the public. Accordingly, public and private entities may have the greatest possible flexibility in contracting with each other for the provision of the public services that are the subject of this chapter.
D. This chapter shall be liberally construed in conformity with the purposes hereof.
1994, c. 855, § 56-558; 1995, c. 647; 2005, cc. 504, 562; 2006, c. 922; 2014, c. 805; 2017, cc. 539, 551.