The publication is reproduced in full below:
INTRODUCTION OF THE PUBLIC BUILDINGS RENEWAL ACT OF 2021
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HON. EARL BLUMENAUER
of oregon
in the house of representatives
Friday, February 26, 2021
Mr. BLUMENAUER. Madam Speaker, today I introduced the Public Buildings Renewal Act of 2021. This legislation will spur private investment in public building infrastructure throughout the United States by creating $5 billion in Private Activity Bonds for the development of government-owned public buildings. Critically, this legislation intends that these bonds are compliant with Davis-Bacon labor standards.
In every American community, there are serious concerns about the condition of our schools, public hospitals, justice facilities, universities, and libraries. With state and local budgets becoming increasingly strained, officials have chosen to save money by steadily reducing capital investment in public buildings. But years of underinvestment have led to facilities that are inadequately maintained, fail to comply with current codes or disability requirements, and do not have adequate security--endangering the public. Throughout the country, the average public school building is at least 40 years old, and the current backlog of maintenance and repair projects adds up to more than $45 billion annually in unmet funding needs. It is past time that we upgrade our public buildings to provide a safe, modern, and efficient experience from coast to coast.
Presently, the use of public-private partnerships to develop government owned public buildings is restricted because, unlike transportation projects, public buildings are not currently eligible for Private Activity Bonds. This unnecessary impediment prevents public building from combining tax-exempt financing with private, taxable financing, resulting in lower project costs for our state and local governments. The Public Buildings Renewal Act adds public buildings as a new class of projects eligible for financing with Private Activity Bonds, allowing state and local governments to invest in public building infrastructure projects more easily. Once enacted, state and local governments would be able to enter long-term contracts with a private sector company to design, build, finance, and/or operate and maintain the building for a defined period. This legislation is intended to provide an additional financing option to state and local governments looking to improve their public buildings, not be a panacea for all projects.
We can no longer accept schools and hospitals in disrepair, deferred maintenance, and delayed capital investment. I look forward to working with my colleagues in the House and Senate to include this legislation in an infrastructure investment package.
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SOURCE: Congressional Record Vol. 167, No. 37
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