HB3927 - Public-Private Partnerships Act Summary

• Creates the Public-Private Partnerships Act authorizing responsible public entities (state agencies, local governments, districts) to enter into agreements with private entities for developing, financing, and operating qualifying infrastructure projects to deliver them more timely and cost-effectively.

• Establishes an Infrastructure Investment Commission reporting to the Illinois Finance Authority with 7 members appointed by the Governor, tasked with promoting P3 projects, providing technical assistance, developing a project development fund, and issuing regular reports on the P3 project pipeline.

• Permits responsible public entities to receive and evaluate unsolicited proposals from private entities through a competitive process, including a "Best and Final Offer" (BAFO) phase when counterproposals are received, with strict timelines (21-120 days) and transparency requirements while protecting proprietary information.

• Authorizes public-private agreements for up to 75 years specifying contractor responsibilities for design, construction, financing, operation, maintenance, user fee collection, performance bonds, insurance, and compensation arrangements; all must include labor peace agreement provisions.

• Provides tax exemptions for project property and equipment, authorizes responsible public entities to issue debt and use various financing sources (federal grants, pension funds, private capital), and includes conforming amendments to the Freedom of Information Act and Public Funds Investment Act.