(a)
Qualified projects—
(1)
Criteria— The Secretary shall establish criteria for the designation of projects qualified for Federal incentives pursuant to this section and the amendments made by this section.
(2)
Types of projects that may qualify— Projects that may qualify for Federal incentives pursuant to this section and the amendments made by this section are commercial development or other projects that—
(A)
contribute to the generation of revenue by the capture of increasing value from development around station areas, through the establishment of special assessment districts, increasing the tax base, promoting job growth, promoting cost effectiveness, facilitating intermodal connectivity, combining congestion relief with station development, stimulating economic development, or any other appropriate means;
(B)
are likely to make long-term contributions to rail corridor development funds or similar mechanisms that help finance intercity and urban passenger rail infrastructure or operating expenses; and
(C)
provide for a quantifiable revenue stream to the relevant station or rail operation.
(3)
Applicant coordinating authority— An applicant for Federal incentives pursuant to this section and the amendments made by this section shall be a State, local, or regional authority. Such authority shall provide for coordination among stakeholders, local governments, and private developers in the defined region, and shall be the lead party in the application.
(4)
Projects authorized— Except as provided in subsection (b), projects are not authorized to receive Federal incentives pursuant to this section and the amendments made by this section until the date that is 1 year after the report required under subsection (c) is transmitted to Congress.
(b)
Pilot projects— The Secretary may designate up to 4 pilot projects as qualified for Federal incentives pursuant to this section and the amendments made by this section before the date specified in subsection (a)(4).
(c)
Report to Congress— Not later than 1 year after the date of enactment of this Act, the Secretary, after consultation with each State, local, or regional authority coordinating a pilot project under subsection (b), shall transmit to Congress a report assessing the success or failure of each such pilot project and making any appropriate recommendations for modifications to the initiative under this Act.
(d)
Railroad rehabilitation improvement financing— Section 502 of the Railroad Revitalization and Regulatory Reform Act of 1976 (
45 U.S.C. 822) is
amended—
(1)
in subsection (a)—
(A)
by striking “and” at the end of paragraph (5);
(B)
by striking the period at the end of paragraph (6) and inserting “; and”; and
(C)
by adding at the end the following new paragraph:
“(7) persons conducting a qualified project (as defined by the Secretary under section 3 of the National High Performance Passenger Rail Transportation-Oriented Development Act of 2013).”
(2)
in subsection (b)(1)—
(A)
by striking “or” at the end of subparagraph (B);
(B)
by striking the period at the end of subparagraph (C) and inserting “; or”; and
(C)
by adding at the end the following new subparagraph:
“(D) conduct a qualified project (as defined by the Secretary under section 3 of the National High Performance Passenger Rail Transportation-Oriented Development Act of 2013).”
(e)
Transportation infrastructure finance— Section 601(a)(12) of title 23, United States Code, is
amended—
(1)
by striking “and” at the end of subparagraph (C);
(2)
by striking the period at the end of subparagraph (D) and inserting “; and”; and
(3)
by adding at the end the following new subparagraph:
“(E) a qualified project (as defined by the Secretary under section 3 of the National High Performance Passenger Rail Transportation-Oriented Development Act of 2013).”
(f)
Application priority— In general, Federal applications to the Federal Railroad Administration and Federal Transit Administration for railroad projects that participate in the transportation-oriented development initiative under this Act shall receive a priority for funding in the application decision process.
(g)
Revenue neutral program cost— The Secretary shall establish and apply to recipients of Federal incentives pursuant to this section and the amendments made by this section a fee in an amount sufficient to cover the administrative costs of carrying out this Act, including section 2(b).