The Virginia General Assembly has taken proactive steps to enact and amend legislation that creates the legal framework for the viability of public-private partnerships. In 2005, the General Assembly amended the 1995 PPTA to:
• Require mandatory risk sharing
• Increase transparency and public involvement
• Permit private sector solicitation of federal funding
• Increase penalties for toll violations
• Solidify partnership status during project construction and implementation43
Virginia's legislation dictates a public review process and comment period, a method to prepare and review proposals, and the guidelines for the comprehensive agreement that determines the relationship between the state and private entity to ensure oversight responsibilities by VDOT. Operating under this framework and acting on behalf of the public and Commonwealth's interests, VDOT authorities "negotiated a fair and reasonable partnership" that maintains VDOT's oversight rights and responsibilities.
Expected by year's end 2007, the comprehensive agreement will expand on the negotiated business terms reached in September 2007 that delineates:
• Rights and obligations of the public and private sectors
• Allocation of risks and responsibilities
• Concession specifics about overuse of the lanes by HOV and transit
• Fixed price and timeline for design and construction
• Commonwealth's ability to build other transportation capacity
• Revenue sharing
• Financial commitment on the part of both parties
• Responsibility of the private sector to maintain free flowing conditions on the lanes