A PPP for the Turnpike, Parkway, and/or Atlantic City Expressway could easily represent a new level of private investment in public assets and will require a new level of accountability. A PPP would not be business as usual for the State, and the State should use the opportunity to raise the bar for transparency. An appropriate level of transparency will entail full disclosure. To achieve it, the State should accomplish the following:
• Disclose what will be lost that might need to be replaced with other government funding if revenue from the asset is no longer collected by a public agency.
• Disclose the current performance, operation, maintenance, environmental and labor standards on the asset in question.
• Disclose the full text of any contract used to establish the PPP.
• Early on, disclose the future allowable toll schedule, including starting toll rates, and the degree to which variable tolls may be used in the future to help manage congestion and performance.
• Disclose any non-compete agreements or other contract language potentially impacting the expansion of other transportation infrastructure.
• Disclose the performance, operation, maintenance, environmental and labor standards that the private sector will be held to, and how the contracts will ensure high performance operation and management of the affected corridors.
• Hold legislative hearings and town hall meetings on the subject, and allow sufficient time for meaningful public input and legislative review.
• Disclose transactions costs, including fees to investment banks, financial advisors, lawyers and other professionals retained by the public sector to analyze and craft the PPP.