The Federal Transit Administration has a newly proposed law that would facilitate their regulatory and permit obtaining process, if the project claims it will attract more private investors. This law is titled the Private Investment Project Procedures and would help the government achieve higher interest from private contribution. The areas this would benefit would include development, construction, maintenance and others. With previous legislation for federally funded public projects, the projects were highly limited by FTA regulations. Privately funded projects would speed up the process as well highlight possible flaws in public regulations.
Key Takeaways:
- The DOT’s Federal Transit Administration (FTA) issued a notice of proposed rulemaking this that would allow public transit projects to streamline some steps in the regulatory or permit approval process if they prove that it will attract more private investors.
- Under the proposed PIPP system, public transportation projects would be able to apply to FTA to request modification or waiver of specific FTA requirements if the recipient demonstrates that those requirements discourage the use of public-private partnerships.
- As more public transportation project sponsors find willing and able private partners, we must ensure that federal regulations or procedures do not stifle innovation
“Under the proposed PIPP system, public transportation projects would be able to apply to FTA to request modification or waiver of specific FTA requirements if the recipient demonstrates that those requirements discourage the use of public-private partnerships.”
https://www.constructionequipment.com/dot-tries-streamline-private-involvement-transit-projects