d. Florida

Florida broadened its legislation in 2007 to authorize long-term concessions for existing assets, and to refine certain aspects of its PPP program.70 Florida has had statutory authority to enter into PPPs at the State and local level since 2002. The new legislation authorizes FDOT to enter into long-term concessions for existing toll roads.71 The legislation requires upfront payments at closing and revenue sharing during the term of any such concession. PPPs are permitted to develop new facilities or to increase capacity on existing facilities.

Pursuant to Florida's amended legislation, regulations governing toll rate increases and provisions requiring revenue sharing need to be included in the concession agreement. PPPs in Florida must comply with all requirements of (i) Federal, State, and local laws, (ii) State, regional, and local comprehensive plans, (iii) FDOT rules, policies, procedures, and standards for transportation facilities, and (iv) any other conditions which FDOT determines to be in the public's best interest. FDOT is also specifically authorized under the legislation to enter into PPPs that utilize a payment structure based on the availability of the facility or based on the level of traffic using the facility. Concessions are limited to terms not exceeding 50 years, unless the secretary of FDOT authorizes a term of up to 75 years. Any term in excess of 75 years must be specifically approved by the Legislature.

The following exhibit highlights the states that have legislation enabling PPPs and describes the legislation in these states.

States with Legislation Enabling PPPs

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70  Florida Code, Section 334.30.

71  Florida Turnpike Enterprise toll roads are excluded from this legislation.