New Jersey Administrative Code
Title 17 - TREASURY - GENERAL
Chapter 49 - PUBLIC-PRIVATE PARTNERSHIPS RULES
Subchapter 8 - STATE GOVERNMENT ENTITY PROCEDURES AND REQUIREMENTS
Section 17:49-8.6 - Lease arrangements and availability payments

(a) Any availability payment or lease arrangement with a private entity pursuant to a public-private partnership agreement may include a lease of a revenue-producing public building, road, structure, infrastructure, or facility in exchange for up front or structured financing by a private entity for the project, provided that the private entity is responsible for the management, operation, and maintenance of the building, road, structure, infrastructure or facility, so long as the State government entity retains full ownership of the land upon which the project is located.

(b) The private entity may receive some or all of the revenue generated by the building, road, structure, infrastructure, or facility and shall, in turn, operate the building, structure, infrastructure, or facility in accordance with State standards.

(c) A lease term shall not exceed 30 years, unless it includes a highway project component in which case the lease agreement shall be limited in duration to a term not more than 50 years, and shall be subject to all applicable law governing leases by a State government entity.

(d) Upon completion of the lease term, subsequent revenue generated, and any capital improvement, shall revert to the State government entity.

(e) Leases may include lease back arrangements.