The Department may negotiate and award 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, no part of any such contract shall be performed and no funds shall be obligated until an appropriation for the cost of the contract has been approved by the General Assembly. 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.