The Department may contract for the construction and/or operation of a 225-bed juvenile correctional center as a long-term pilot program to test the cost-effectiveness of such privately-operated facilities when compared with similar facilities operated by the Department of Juvenile Justice. The effective date of the contract should coincide with the need for more juvenile beds, as certified by the Secretary of Public Safety, based on the official forecast of the juvenile population and the completion of other authorized juvenile facilities. The Department of Planning and Budget shall evaluate all such proposed contracts to determine whether such contracts demonstrate a cost-benefit to the Commonwealth when compared to alternative means of providing such facilities. The State Treasurer, the Attorney General and the Auditor of Public Accounts shall review the form and content of any proposed contracts, pursuant to Chapter 2.1 of Title 66, Code of Virginia. The results of such evaluations and reviews shall be presented to the Chairmen of the Senate Finance and House Appropriations Committees at least 30 days prior to the signing of any such contract.