Public Buildings Renewal Act of 2019 Introduced
On Thursday, U.S. Senators Todd Young (R-Ind.) and Catherine Cortez Masto (D-Nev.) introduced the Public Buildings Renewal Act of 2019, which incentivizes private financing to rebuild schools and public buildings through public-private partnerships. Senators Tim Scott (R-S.C.) and Michael Bennet (D-Colo.) also joined as cosponsors of the bipartisan legislation that aims to spur needed infrastructure improvements. Once enacted, state and local governments would be able to enter into long-term contracts with a private sector company to design, build, finance, and/or operate the building for a defined period of time. Private investment in public building provides state and local governments with access to private capital, accelerated project development, reduced risk, and the ability to spread out payments over the length of the contractual term. The ownership of the building, however, would always remain with the government entity.
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