‘‘(i) IN
GENERAL.—On a determina-
tion by a recipient that the economic devel-
opment needs of the recipient have changed 
during the period beginning on the date on 
which investment assistance for a construc-
tion project is provided under this Act and 
ending on the expiration of the expected pe-
riod established for the project under para-
graph (1), the recipient may submit to the 
Secretary a request to terminate the rever-
sionary interest of the Secretary in property 
of the project under paragraph (2)(B) before 
the date described in subparagraph (A). 
‘‘(ii) APPROVAL.—The Secretary may 
approve a request of a recipient under 
clause (i) if— 
‘‘(I) in any case in which the re-
quest is submitted during the 10-year 
period beginning on the date on which 
assistance is initially provided under 
this Act for the applicable project, the 
recipient repays to the Secretary an 
amount equal to 100 percent of the fair 
market value of the pro rata Federal 
share of the project; or 
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‘‘(II) in any case in which the re-
quest is submitted after the expiration 
of the 10-year period described in sub-
clause (I), the recipient repays to the 
Secretary an amount equal to the fair 
market value of the pro rata Federal 
share of the project as if that value had 
been amortized over the period estab-
lished under paragraph (1), based on a 
straight-line depreciation of the project 
throughout the estimated useful life of 
the project. 
‘‘(b) TERMS AND CONDITIONS.— 
‘‘(1) IN GENERAL.—The Secretary may establish 
such terms and conditions under this section as the 
Secretary determines to be appropriate, including by 
extending the period of a reversionary interest of the 
Secretary under subsection (a)(2)(B) in any case in 
which the Secretary determines that the performance 
of a recipient is unsatisfactory. 
‘‘(2) MAINTENANCE OF STANDARDS.—The Sec-
retary may not terminate a reversionary interest of 
the Secretary under subsection (a)(2)(B) if the Sec-
retary has not received adequate assurances that the 
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applicable recipient will continue to satisfy the re-
quirements of section 602 after the termination. 
‘‘(c) PREVIOUSLY EXTENDED ASSISTANCE.—With re-
spect to any recipient to which the term of provision of as-
sistance was extended under this Act before the date of en-
actment of this section, the Secretary may approve a request 
of the recipient under subsection (a) in accordance with the 
requirements of this section to ensure uniform administra-
tion of this Act, notwithstanding any estimated useful life 
period that otherwise relates to the assistance. 
‘‘(d) CONVERSION OF USE.—If a recipient of assist-
ance under this Act demonstrates to the Secretary that the 
intended use of the project for which assistance was pro-
vided under this Act no longer represents the best use of 
the property used for the project, the Secretary may approve 
a request by the recipient to convert the property to a dif-
ferent use for the remainder of the term of the Federal inter-
est in the property, subject to the condition that the new 
use shall be consistent with the purposes of this Act. 
‘‘(e) STATUS OF AUTHORITY.—The authority of the 
Secretary under this section is in addition to any authority 
of the Secretary pursuant to any law or grant agreement 
in effect on the date of enactment of this section.’’. 
(b) CLERICAL AMENDMENT.—The table of contents in 
section 1(b), as amended by this Act, is further amended 
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by inserting after the item relating to section 612 the fol-
lowing: 
‘‘Sec. 613. Maintenance of effort.’’. 
TITLE VII—FUNDING 
SEC. 701. GENERAL AUTHORIZATION OF APPROPRIATIONS. 
(a) ECONOMIC
DEVELOPMENT
ASSISTANCE
PRO-
GRAMS.—Section 701(a) (42 U.S.C. 3231(a)) is amended 
by striking ‘‘until expended’’ and all that follows through 
the period at the end and inserting the following: ‘‘until 
expended, $500,000,000 for each of fiscal years 2011 
through 2015.’’. 
(b) SALARIES AND EXPENSES.—Section 701(b) (42 
U.S.C. 3231(b)) is amended by striking paragraphs (1) and 
(2) and inserting the following: 
‘‘(1) $42,000,000 for fiscal year 2011; and 
‘‘(2) such sums as are necessary for each fiscal 
year thereafter.’’. 
SEC. 702. FUNDING FOR GRANTS FOR PLANNING AND 
GRANTS FOR ADMINISTRATIVE EXPENSES. 
Section 704 (42 U.S.C. 3234) is amended— 
(1) by striking ‘‘$27,000,000’’ and inserting 
‘‘$36,000,000’’; and 
(2) by inserting after ‘‘under section 203’’ the 
following: ‘‘and, of that amount, not less than 
$500,000 shall be made available for grants under 
section 203 for planning relating to high-speed rail’’. 
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SEC. 703. FUNDING FOR FINANCIAL ASSISTANCE FOR BUSI-
NESS INCUBATORS AND SCIENCE AND RE-
SEARCH PARKS. 
(a) IN GENERAL.—Title VII (42 U.S.C. 3231 et seq.) 
is amended by adding at the end the following: 
‘‘SEC. 705. FUNDING FOR FINANCIAL ASSISTANCE FOR 
BUSINESS INCUBATORS AND SCIENCE AND 
RESEARCH PARKS. 
‘‘(a) GRANTS.—In addition to amounts made avail-
able under section 701, there is authorized to be appro-
priated $7,500,000 to carry out section 208(c). 
‘‘(b) LOAN GUARANTEES.—In addition to amounts 
made available under section 701, there are authorized to 
be appropriated such sums as may be necessary to carry 
out section 208(d), including the cost (as defined in section 
502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 
661a)) of guaranteeing loans under that section.’’. 
(b) CLERICAL AMENDMENT.—The table of contents in 
section 1(b), as amended by this Act, is further amended 
by inserting after the item relating to section 704 the fol-
lowing: 
‘‘Sec. 705. Funding for financial assistance for business incubators and science 
and research parks.’’. 
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SEC. 704. FUNDING FOR SUSTAINABLE ECONOMIC DEVEL-
OPMENT DEMONSTRATION PROGRAM. 
(a) IN GENERAL.—Title VII (42 U.S.C. 3231 et seq.), 
as amended by this Act, is further amended by adding at 
the end the following: 
‘‘SEC. 706. FUNDING FOR SUSTAINABLE ECONOMIC DEVEL-
OPMENT DEMONSTRATION PROGRAM. 
‘‘Of the amounts made available under section 701 for 
each fiscal year, not less than $25,000,000 shall be made 
available to carry out section 218.’’. 
(b) CLERICAL AMENDMENT.—The table of contents in 
section 1(b), as amended by this Act, is further amended 
by inserting after the item relating to section 705 the fol-
lowing: 
‘‘Sec. 706. Funding for sustainable economic development demonstration pro-
gram.’’. 
SEC. 705. FUNDING FOR GRANTS FOR TRAINING, RE-
SEARCH, AND TECHNICAL ASSISTANCE. 
(a) IN GENERAL.—Title VII (42 U.S.C. 3231 et seq.), 
as amended by this Act, is further amended by adding at 
the end the following: 
‘‘SEC. 707. FUNDING FOR GRANTS FOR TRAINING, RE-
SEARCH, AND TECHNICAL ASSISTANCE. 
‘‘Of the amounts made available under section 701 for 
each fiscal year, not less than $10,000,000 shall be made 
available for grants provided under section 207 and, of that 
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amount, not less than $1,125,000 shall be made available 
for grants under section 207 to establish university centers 
in States that do not have a university center.’’. 
(b) CLERICAL AMENDMENT.—The table of contents in 
section 1(b), as amended by this Act, is further amended 
by inserting after the item relating to section 706 the fol-
lowing: 
‘‘Sec. 707. Funding for grants for training, research, and technical assistance.’’. 
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Union Calendar No. 390 
111TH CONGRESS 
2D SESSION 
H. R. 5897 
[Report No. 111–652, Part I] 
A BILL 
To reauthorize and improve programs and activities 
carried out under the Public Works and Eco-
nomic Development Act of 1965, and for other 
purposes. 
SEPTEMBER 29, 2010 
Reported from the Committee on Transportation and 
Infrastructure with an amendment 
SEPTEMBER 29, 2010 
Committee on Financial Services discharged; committed 
to the Committee of the Whole House on the State of 
the Union and ordered to be printed 
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