HB5605 - TOLL HWY OASIS REINVESTMENT

2 Co-Sponsors

Creates the Toll Highway Oasis Reinvestment Act. Provides that if an oasis has been operational for more than 5 years within the jurisdiction and boundaries of a local government and has been subsequently removed due to toll highway expansion, the Authority shall offer any adjacent land previously associated with the oasis to the respective local government for the purpose of developing a new travel oasis. Requires the terms of the land transfer to the local government to be under a lease agreement for a term of 50 years, with 2 successive renewal options of 25 years each. Requires the local government to pay the Authority a fee equivalent to 5% of the gross revenue generated from the redeveloped oasis throughout the duration of the lease and its renewals. Requires the local government, upon accepting the terms of the land transfer, to enter into a project labor agreement for the construction, renovation, or any development work pertaining to the oasis. Provides that project labor agreement shall ensure that all labor used for the project adheres to local labor standards and regulations. Grants rulemaking authority. Effective immediately.