49 CFR Part 650 — Private Investment Project Procedures

PART 650—PRIVATE INVESTMENT PROJECT PROCEDURES Authority: Sec. 20013(b)(5), Pub. L. 112-141, 126 Stat 405; 49 CFR 1.91. Source: 83 FR 24677, May 30, 2018, unless otherwise noted. Subpart A—General Provisions § 650.1 Purpose. This part establishes private investment project procedures that seek to identify and address Federal Transit Administration requirements that are impediments to the greater use of public-private partnerships and private investment in public transportation capital projects, while protecting the public interest and any public investment in such projects. § 650.3 Applicability. This part applies to any recipient subject to 49 U.S.C. chapter 53 that funds a public transportation capital project with Federal financial assistance under 49 U.S.C. chapter 53, the Transportation Infrastructure Finance and Innovation Act (TIFIA) (23 U.S.C. 181-189, 601-609), the Railroad Rehabilitation and Improvement Financing (RRIF) program (45 U.S.C. 821-823), or with any other Federal financial assistance. § 650.5 Definitions. All terms defined in 49 U.S.C. chapter 53 are applicable to this part. The following definitions also apply to this part: Administrator Application Eligible project FTA FTA requirements Joint development Other private sector investment Private investment project procedures Private sector investor Public-private partnership (P3) Recipient Subpart B—Private Investment Project Procedures § 650.11 Private investment project procedures. (a) A recipient may, subject to the requirements of this part, submit applications to modify or waive existing FTA requirements for an eligible project. For projects with multiple recipients, recipients may, but are not required to, submit an application for a project jointly; however, only one application per phase of a project may be submitted. Applications may contain requests for modification or waiver of more than one FTA requirement. All applications shall comply with the requirements of § 650.31. (b) Subject to § 650.13, the Administrator may modify or waive FTA requirements if the Administrator determines the recipient has demonstrated that— (1) The FTA requirement proposed for modification discourages the use of a public-private partnership, a joint development, or other private sector investment in a federally assisted public transportation capital project, (2) The proposed modification or waiver of the FTA requirements is likely to have the effect of encouraging a public-private partnership, a joint development, or other private sector investment in a Federally-assisted public transportation capital project, (3) The amount of private sector participation or risk transfer proposed is sufficient to warrant modification or waiver of FTA requirements, and (4) Modification or waiver of the FTA requirements can be accomplished while protecting the public interest and any public investment in the proposed federally assisted public transportation capital project. § 650.13 Limitation. (a) Nothing in this part may be construed to allow the Administrator to modify or waive any requirement under— (1) 49 U.S.C. 5333; (2) The National Environmental Policy Act of 1969 (42 U.S.C. 4321, et seq. (3) Any other provision of Federal statute. (b) The Administrator's approval of an application under this part does not commit Federal-aid funding for the project. Subpart C [Reserved] Subpart D—Applications § 650.31 Application process. (a) Applications must be submitted to the FTA Private Sector Liaison at FTA Headquarters and provide a copy to the FTA Regional Administrator for the region in which the project is located. Addresses for FTA Headquarters and Regions are available at www.transit.dot.gov. (b) To be considered, an application submitted under this part must— (1) Describe the proposed project with respect to anticipated scope, cost, schedule, and anticipated source and amount of Federal financial assistance, (2) Identify whether the project is to be delivered as a public-private partnership, as a joint development or with other private sector investment, (3) Describe in detail the role of the private sector investor, if any, in delivering the project, (4) Identify the specific FTA requirement(s) that the recipient requests to have modified or waived and a proposal as to how the requirement(s) should be modified, (5) Provide a justification for the modification(s) or waiver(s), including an explanation of how the FTA requirement(s) presents an impediment to a public-private partnership, joint development, or other private sector investment, (6) Explain how the public interest and public investment in the project will be protected and how FTA can ensure the appropriate level of public oversight and control, as determined by the Administrator, is undertaken if the modification(s) or waiver(s) is allowed, (7) Provide other recipients' concurrence with submission of the application and waiver of the right to submit a separate application for the same project, where a project has more than one recipient at the time of application, (8) Provide a financial plan identifying sources and uses of funds proposed or committed to the project, and (9) Explain the expected benefits that the modification or waiver of FTA requirements would provide to address impediments to the greater use of public-private partnerships and private investment in the project. (c) The Administrator shall notify the recipient in writing if the application fails to meet the requirements of paragraph (b) of this section. If the recipient does not supplement an incomplete application within thirty days of the date of the Administrator's notification, the application will be considered withdrawn without prejudice. The Administrator will not consider an application until the application is complete. The Administrator reserves the right to request additional information beyond the requirements in paragraph (b) upon determining that more information is needed to evaluate an application. (d) For applications that have been deemed complete, the Administrator will notify the recipient in writing as to whether the request for modification or waiver is approved or denied. Any approval may be given in whole or in part and may be conditioned or contingent upon the recipient satisfying the conditions identified in the approval. (e) FTA will publish on its public website information related to waivers the FTA Administrator has granted. This may include a copy of the waiver application and any supporting documents, with proprietary information redacted. Under authority delegated in 49 CFR 1.91.

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