Regional Infrastructure Accelerator Act of 2017

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Regional Infrastructure Accelerator 
Act of 2017''.

SEC. 2. PURPOSE.

    The purpose of this Act is to establish a regional infrastructure 
accelerator program that--
            (1) facilitates and mobilizes investment in, and the long-
        term financing of, economically viable covered infrastructure 
        projects of regional or national significance by providing 
        funding for these projects, including through private sector 
        financing, to accelerate the delivery of high-quality, critical 
        infrastructure facilities through a self-sustaining regional 
        infrastructure accelerator that mitigates risk with technical 
        expertise and best practices; and
            (2) encourages regional infrastructure accelerators to 
        provide assistance and communicate best practices and financing 
        and funding opportunities to State, local, and regional public 
        entities, to provide assistance with applications for Federal 
        funding opportunities, to promote innovative financing best 
        practices, and to reduce costs and risks to taxpayers.

SEC. 3. REGIONAL INFRASTRUCTURE ACCELERATOR PROGRAM.

    Using amounts appropriated under section 10(1), the Secretary shall 
establish a regional infrastructure accelerator (RIA) program to 
provide initial and subsequent grants to RIAs in accordance with the 
requirements of this Act.

SEC. 4. STRUCTURE OF REGIONAL INFRASTRUCTURE ACCELERATORS.

    (a) In General.--To be eligible to receive a grant under this Act, 
an RIA shall have a board of directors.
    (b) Board of Directors.--
            (1) Composition.--The board of directors of an RIA shall 
        include at least 1 representative of a State, local, or 
        regional public entity in the area served by the RIA.
            (2) Appointment.--The members of the board of directors of 
        an RIA shall be initially appointed by the person or entity 
        that submitted an application on behalf of the RIA under 
        section 5(a). Subsequent appointments to the board shall be 
        made in accordance with such bylaws as may be adopted by the 
        board.
            (3) Duties.--The duties of the board of directors of an RIA 
        shall include--
                    (A) developing a final regional infrastructure 
                accelerator plan for the RIA, based on the proposed 
                plan submitted on behalf of the RIA under section 5(b);
                    (B) selecting State, local, and regional public 
                entities to receive subgrants from the RIA under 
                section 6; and
                    (C) submitting a report to the Secretary under 
                subsection 5(d).
            (4) Requirements to approve plan.--In carrying out its 
        duties under paragraph (3)(A), the board of directors of an RIA 
        shall consider public stakeholder input from--
                    (A) a public project sponsor with experience in 
                infrastructure financing;
                    (B) an entity with the ability to finance covered 
                infrastructure projects in the area served by the RIA, 
                including private sector equity investors, public 
                pension funds, endowments, and other financial 
                investment funds;
                    (C) a construction or real estate development 
                entity with the capacity to develop covered 
                infrastructure projects in the area served by the RIA;
                    (D) a representative of an organized labor 
                association or an association of workers representing 
                labor and workplace standards;
                    (E) a legal expert with experience in contract 
                development and the execution of public-private 
                partnerships; and
                    (F) a representative of each Federal department or 
                agency with jurisdiction over covered infrastructure 
                projects being considered by the RIA.

SEC. 5. INITIAL GRANTS.

    (a) Application.--An RIA desiring a grant under this section shall 
submit to the Secretary an application at such time, in such manner, 
and containing such information as the Secretary may reasonably 
require.
    (b) Proposed Plan.--An application submitted by an RIA under 
subsection (a) shall include a proposed plan that describes how the RIA 
will promote investment in covered infrastructure projects--
            (1) by providing guidance and feedback to State, local, and 
        regional public entities on infrastructure priorities, 
        financing strategies, and other matters relating to such 
        projects;
            (2) by evaluating and promoting innovative methods for 
        financing such projects;
            (3) by establishing connections between sources of 
        financing for such projects and appropriate State, local, and 
        regional public entities;
            (4) by establishing standards to measure the life-cycle 
        costs of investments in such projects;
            (5) by enhancing the capacity of State and local 
        governments to evaluate and structure such projects that 
        involve the investment of private capital; and
            (6) by providing technical assistance and information on 
        best practices with respect to such projects, including--
                    (A) identifying and selecting qualified advisors, 
                such as infrastructure financial analysts and contract 
                negotiators;
                    (B) incorporating resiliency risk analyses into the 
                planning and design of such projects;
                    (C) preparing and reviewing requests for 
                qualifications and proposals from private sector 
                partners; and
                    (D) applying standardized analyses and processes 
                that provide quantitative data on infrastructure 
                investments, including a value-for-money analysis.
    (c) Selection.--For fiscal year 2018 and each fiscal year 
thereafter, the Secretary shall select, from among applications 
received under subsection (a), 5 RIAs from geographically diverse 
regions to receive a grant under this section.
    (d) Use of Funds.--An RIA that receives a grant under this section 
shall use the amounts of the grant--
            (1) to assess regional approaches for advancing innovative 
        investment in covered infrastructure projects;
            (2) to develop strategies for--
                    (A) transparency in the analysis of covered 
                infrastructure projects to ensure protection of the 
                public interest;
                    (B) the bundling of smaller-scale and rural 
                projects into larger covered infrastructure projects to 
                facilitate transactions and investments; and
                    (C) reducing transaction costs associated with 
                investments in covered infrastructure projects;
            (3) to facilitate the creation of a catalog of covered 
        infrastructure projects available for investment;
            (4) to analyze and apply procurement methods for covered 
        infrastructure projects, including--
                    (A) assessing strategies for management of risks 
                associated with covered infrastructure projects;
                    (B) measuring the speed of completion and quality 
                of covered infrastructure projects; and
                    (C) assessing the use of contracting strategies for 
                covered infrastructure projects in which teams provide 
                design, construction, financing, and maintenance 
                solutions to achieve performance outcomes; and
            (5) to complete the report of the RIA described in 
        subsection (e).
    (e) Report.--Not later than 1 year after the date on which an RIA 
receives a grant under this section, the RIA shall submit to the 
Secretary a report that includes, at a minimum--
            (1) an update on the implementation of the plan of the RIA 
        described in subsection (a), as finalized by the board of 
        directors of the RIA;
            (2) a description of the infrastructure needs of the region 
        to be served by the RIA;
            (3) a proposal of covered infrastructure projects to be 
        accomplished by the RIA through a subsequent grant, as awarded 
        under section 6; and
            (4) the procurement strategies the RIA intends to use for 
        such covered infrastructure projects.
    (f) Selection for Subsequent Grant.--Not later than 60 days after 
the date of receipt of the final report submitted by an RIA under 
subsection (e), the Secretary shall--
            (1) review the reports submitted under subsection (e); and
            (2) for fiscal year 2019 and each fiscal year thereafter, 
        select not fewer than 4 RIAs for which funds are appropriated 
        under section 10 to receive a subsequent grant under section 6.

SEC. 6. SUBSEQUENT GRANTS.

    (a) In General.--Using amounts appropriated under section 10(2), 
the Secretary shall award a subsequent grant to an RIA selected under 
section 4(f).
    (b) Subgrants.--An RIA shall use the amounts of a subsequent grant 
received under this section--
            (1) to make subgrants to one or more State, local, or 
        regional public entities for the purposes described in 
        subsection (d); and
            (2) for such other purposes as the RIA, after notifying the 
        Secretary, determines appropriate.
    (c) Application.--A State, local, or regional public entity 
desiring a subgrant from an RIA under this section may submit to the 
RIA an application for a subgrant at such time, in such manner, and 
containing such information as the RIA may reasonably require.
    (d) Use of Funds.--The amounts of a subgrant received by a State, 
local, or regional public entity from an RIA under this section may be 
used for payment of the following costs associated with a covered 
infrastructure project:
            (1) Project planning, feasibility studies, economic 
        assessments, cost-benefit analyses, and public benefit studies.
            (2) Value-for-money analyses.
            (3) Design and engineering.
            (4) Financial planning (including the identification of 
        funding and financing options).
            (5) Permitting, environmental review, and regulatory 
        processes.
            (6) Assessment of the impacts of potential projects on the 
        area, including the effect on communities and environment.
            (7) The workforce and wages and benefits, as well as 
        assessment of infrastructure vulnerability and resilience to 
        the impacts of climate change and other risks.
            (8) Public outreach and community engagement.
    (e) Amount.--A subgrant made by an RIA under this section may not 
be in an amount that is greater than $300,000 or 75 percent of the 
projected cost of activities described in subsection (d) associated 
with the covered infrastructure project concerned, whichever is less. 
The recipient of the subgrant shall provide funding for the remaining 
balance of such costs.
    (f) Limitation.--Funds made available under this section may not be 
used to pay for work already completed on a covered infrastructure 
project.

SEC. 7. ADMINISTRATIVE PROVISIONS.

    (a) Prevailing Rate of Wage.--
            (1) In general.--The Secretary shall take such action as 
        may be necessary to ensure that all laborers and mechanics 
        employed by contractors or subcontractors on construction work 
        performed on projects assisted with a grant under this Act 
        shall be paid wages at rates not less than those prevailing on 
        the same type of work on similar construction in the immediate 
        locality as determined by the Secretary of Labor in accordance 
        with sections 3141, 3146, and 3147 of title 40, United States 
        Code.
            (2) Consultation.--In carrying out the duties of paragraph 
        (1), the Secretary of Labor shall consult with the relevant 
        agency of the State in which a project assisted with a grant 
        under this Act is to be performed. After giving due regard to 
        the information thus obtained, the Secretary of Labor shall 
        make a predetermination of the minimum wages to be paid 
        laborers and mechanics in accordance with the provisions of 
        paragraph (1) which shall be set out in each project 
        advertisement for bids and in each bid proposal form and shall 
        be made a part of the contract covering the project.
            (3) Exceptions.--The provisions of this paragraph shall not 
        be applicable to employment pursuant to apprenticeship and 
        skill training programs which have been certified by the 
        Secretary as promoting equal employment opportunity in 
        connection with a construction program.
    (b) Environmental Compliance.--The Secretary shall take such action 
as may be necessary to ensure that projects assisted with a grant under 
this Act are conducted in accordance with the environmental review and 
permitting process under the National Environmental Policy Act of 1969 
(42 U.S.C. 4321 et seq.).

SEC. 8. REPORT TO CONGRESS.

    (a) In General.--Not later than 1 year after the date on which the 
Secretary first makes a grant under this Act, the Secretary shall 
submit to Congress a report on the effectiveness of the Program.
    (b) Contents.--The report shall include--
            (1) an overview of the Program; and
            (2) the findings of the Secretary on the effectiveness of 
        regional collaboration on infrastructure investment, 
        infrastructure finance, and the use of procurement methods (as 
        described in section 5(d)(4)).

SEC. 9. DEFINITIONS.

    In this Act, the following definitions shall apply:
            (1) Covered infrastructure project.--The term ``covered 
        infrastructure project'' means a project that is located in a 
        State, that is sponsored by a State, local, or regional public 
        entity, and that involves the construction, consolidation, 
        alteration, or repair of any of the following:
                    (A) Intercity passenger or freight rail lines.
                    (B) Intercity passenger rail facilities or 
                equipment.
                    (C) Intercity freight rail facilities or equipment.
                    (D) Intercity passenger bus facilities or 
                equipment.
                    (E) Public transportation facilities or equipment.
                    (F) Highway facilities, including bridges and 
                tunnels.
                    (G) Airports.
                    (H) Air traffic control systems.
                    (I) Port or marine terminal facilities, including 
                approaches to marine terminal facilities or inland port 
                facilities.
                    (J) Port or marine equipment, including fixed 
                equipment to serve approaches to marine terminals or 
                inland ports.
                    (K) Ports of entry or border crossing 
                infrastructure.
                    (L) Transmission or distribution pipelines.
                    (M) Inland waterways.
                    (N) Intermodal facilities or equipment related to 
                two or more of the sectors described in subparagraphs 
                (A) through (M).
                    (O) Water treatment and solid waste disposal 
                facilities, including drinking water facilities.
                    (P) Storm water management systems.
                    (Q) Dams and levees.
                    (R) Facilities or equipment for energy 
                transmission, distribution, or storage.
            (2) Life-cycle costs.--The term ``life-cycle costs'' means, 
        with respect to an infrastructure facility, the budgetary 
        impacts of the design, development, construction, and 
        operations and maintenance of the infrastructure facility.
            (3) Program.--The term ``Program'' means the regional 
        infrastructure accelerator program established under section 3.
            (4) Regional infrastructure accelerator; ria.--The term 
        ``regional infrastructure accelerator'' or ``RIA'' means a 
        multi-jurisdictional organization organized and dedicated to 
        providing technical assistance, financing options, and 
        resources for covered infrastructure projects within the 
        jurisdictions represented in such organization.
            (5) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
            (6) State.--The term ``State'' means each of the several 
        States, the District of Columbia, Puerto Rico, and any 
        territory or possession of the United States.

SEC. 10. AUTHORIZATION OF APPROPRIATIONS.

    There is authorized to be appropriated to carry out the Program--
            (1) for fiscal year 2018 and each fiscal year thereafter--
                    (A) $11,500,000 for making initial grants to RIAs 
                under section 5; and
                    (B) $500,000 for covering the administrative costs 
                of the Program; and
            (2) for fiscal year 2019 and each fiscal year thereafter, 
        $13,000,000 for making subsequent grants to RIAs under section 
        6.

Summary: Regional Infrastructure Accelerator Act of 2017 This bill authorizes the Department of the Treasury to establish a regional infrastructure accelerator (RIA) program to provide initial and subsequent grants to RIAs to facilitate investment in, and long-term financing of, economically viable covered infrastructure projects. An quot, RIAquot. Is defined as a multi-jurisdictional organization dedicated to providing technical assistance, financing options, and resources for covered infrastructure projects within the represented jurisdictions. A quot, covered infrastructure projectquot. Is defined as a project sponsored by a state, local, or regional public entity that involves the construction, consolidation, alteration, or repair of rail, bus, or public transportation facilities or equipment, highway facilities , airports, port or marine facilities and equipment, pipelines, inland waterways, intermodal facilities and equipment, water treatment and solid waste disposal facilities, storm water management systems, dams and levees, and facilities or equipment for energy transmission, distribution, or storage. From applications received, Treasury shall select five RIAs from geographically diverse regions to receive initial grants. An RIA shall use such a grant to: assess regional approaches for advancing innovative investment in covered infrastructure projects. Develop strategies for transparency in the analysis of such projects to ensure protection of the public interest, for the bundling of smaller scale and rural projects into larger covered infrastructure projects to facilitate transactions and investments, and for reducing transaction costs associated with investments in such projects. Facilitate the creation of a catalog of covered infrastructure projects available for investment. And analyze and apply project procurement methods for covered infrastructure projects. Treasury shall review final reports submitted by RIAs and select four of them to receive subsequent grants. A selected RIA shall use such subsequent grant to make subgrants to public entities for costs associated with a covered infrastructure project.