Tennessee Code 54-6-111 – Contract for development, redevelopment, or operation of transportation facility
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 54-6-111
- Availability payments: means payments by a public entity to an eligible private entity in connection with the development, redevelopment, or operation of a qualifying transportation facility pursuant to a service contract or comprehensive agreement. See Tennessee Code 54-6-102
- Contract: A legal written agreement that becomes binding when signed.
- Private entity: means any natural person, corporation, limited liability company, partnership, joint venture, or other private business entity. See Tennessee Code 54-6-102
- Qualifying transportation facility: means one (1) or more transportation facilities developed, redeveloped, or operated by a private entity pursuant to this chapter. See Tennessee Code 54-6-102
- redevelopment: means the process of replanning, reconstructing, or redesigning a transportation facility, including acquisition, clearance, development, or disposal, or any combination of these activities, of a transportation facility. See Tennessee Code 54-6-102
In addition to any authority otherwise conferred by law, any public entity may contract with an eligible private entity for the development, redevelopment, or operation of a qualifying transportation facility in exchange for availability payments and other consideration as such public entity may deem appropriate.