(a) Before requesting or considering a proposal for a qualifying project, a responsible governmental entity must adopt and make publicly available guidelines that enable the governmental entity to comply with this chapter. The guidelines must be reasonable, encourage competition, and guide the selection of projects under the purview of the responsible governmental entity.
(b) The guidelines for a responsible governmental entity described by § 2267.001(5)(A) must:
(1) require the responsible governmental entity to:
(A) make a representative of the entity available to meet with persons who are considering submitting a proposal; and
(B) provide notice of the representative’s availability;
(2) provide reasonable criteria for choosing among competing proposals;
(3) contain suggested timelines for selecting proposals and negotiating an interim or comprehensive agreement;
(4) allow the responsible governmental entity to accelerate the selection, review, and documentation timelines for proposals involving a qualifying project considered a priority by the entity;
(5) include financial review and analysis procedures that at a minimum consist of:
(A) a cost-benefit analysis;
(B) an assessment of opportunity cost;
(C) consideration of the degree to which functionality and services similar to the functionality and services to be provided by the proposed project are already available in the private market; and
(D) consideration of the results of all studies and analyses related to the proposed qualifying project;
(6) allow the responsible governmental entity to consider the nonfinancial benefits of a proposed qualifying project;
(7) ensure that the governmental entity, for a proposed project to improve real property, evaluates design quality, life-cycle costs, and the proposed project’s relationship to any relevant comprehensive planning or zoning requirements;
(8) include criteria for:
(A) the qualifying project, including the scope, costs, and duration of the project and the involvement or impact of the project on multiple public entities;
(B) the creation of and the responsibilities of an oversight committee, with members representing the responsible governmental entity, that acts as an advisory committee to review the terms of any proposed interim or comprehensive agreement; and
(C) the center’s role in the review, analysis, or evaluation of the qualifying project;
(9) require the responsible governmental entity to analyze the adequacy of the information to be released by the entity when seeking competing proposals and require that the entity provide more detailed information, if the entity determines necessary, to encourage competition, subject to § 2267.053(g); and
(10) establish criteria, key decision points, and approvals required to ensure that the responsible governmental entity considers the extent of competition before selecting proposals and negotiating an interim or comprehensive agreement.

(c) The guidelines of a responsible governmental entity described by § 2267.001(5)(B) must include:
(1) the provisions required under Subsection (b); and
(2) a requirement that the governmental entity engage the services of qualified professionals, including an architect, professional engineer, or registered municipal advisor, not otherwise employed by the governmental entity, or the center to provide independent analyses regarding the specifics, advantages, disadvantages, and long-term and short-term costs of a qualifying project unless the governing body of the governmental entity determines that the analysis is to be performed by similarly qualified employees of the governmental entity.
(c-1) For a proposal with an estimated cost of $5 million or more for construction or renovation of a qualifying project, the analysis conducted under Subsection (c)(2) must include review by an architect, a professional engineer, and a registered municipal advisor not otherwise employed by the governmental entity.
(d) A responsible governmental entity described by § 2267.001(5)(A) shall submit a copy of the guidelines adopted by the entity under this section to the commission for approval by the commission consistent with the requirements of Subsection (b). The commission shall prescribe the procedure for submitting the guidelines for review under this section. The commission must complete its review of the guidelines not later than the 60th day after the date the commission receives the guidelines and provide written comments and recommendations to the governmental entity to ensure timely compliance with Subsection (b). The governmental entity may not request or consider a proposal for a qualifying project until the guidelines are approved by the commission.