The Department may negotiate a 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. However, the contract should not be signed until the following criteria are met: 1) a certification from the Secretary of Public Safety that the official juvenile inmate forecast shows a need for additional juvenile beds within three years when compared to existing or authorized juvenile bed capacity; 2) the Department of Planning and Budget has completed an analysis showing that this contract provides a cost benefit to the Commonwealth when compared to alternative means of providing this facility; and, 3) the State Treasurer, the Attorney General and the Department of General Services have reviewed 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.