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Rail News: Passenger Rail
FTA rolls out pilot program to fast-track transit projects
The Federal Transit Administration (FTA) is looking for participants in a new pilot program aimed at expediting transit capital projects.
Authorized under the Fixing America's Surface Transportation (FAST) Act, the program includes a streamlined federal review process to help deliver projects more quickly, FTA officials said yesterday in a press release.
Eligible projects must utilize public-private partnerships, be operated and maintained by employees of an existing public transit provider, and have a federal share not exceeding 25 of the project's total cost.
The deadline for submitting expressions of interest is Nov. 13.
The FTA plans to work with the selected project sponsors to further define the steps that transit agencies must compete before a construction grant can be awarded under the pilot. To date, Congress has appropriated $25 million for the program.
The FTA is "particularly interested" in working with projects that consider value capture techniques as part of their project financing, agency officials said.
Value capture strategies are public financing tools that help recover a share of value that transit creates, according to a post on the FTA's website. This could include tax-increment financing, special assessments or joint development.
Contact Progressive Railroading editorial staff.