TOD Advancement Act of 2019

Bill: 116-s-2805
Sponsor: full_name: Sen. Wicker, Roger F. [R-MS]
Introduced: 2019-11-06
Policy area: Transportation and Public Works
Subjects: Congressional oversight

Economic development

Government lending and loan guarantees

Railroads

Transportation programs funding
Latest action: action_date: 2020-08-12
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 516.

Summaries:
action_date: 2019-11-06
action_desc: Introduced in Senate
text: <p><b>TOD Advancement Act of 2019</b></p> <p>This bill revises and extends until December 4, 2021, the Railroad Rehabilitation Improvement and&nbsp;Financing program.</p> <p>Specifically, the bill revises the eligible purposes under the program to include financing economic development and infrastructure that (1) incorporates private investment of greater than 20% of total project costs; (2) is physically connected to, or within a half mile walking distance from, a passenger rail station or multimodal station that includes rail service; (3) will commence construction within 90 days after the loan or loan guarantee is obligated for the project; and (4) demonstrates the ability to generate new financial assistance for the relevant passenger rail station or service.</p>

action_date: 2020-08-12
action_desc: Reported to Senate
text: <p><b>TOD Advancement Act of 2019</b></p> <p>This bill revises and extends until December 4, 2021, the Railroad Rehabilitation Improvement and&nbsp;Financing program.</p> <p>Specifically, the bill revises program purposes to include financing economic development and infrastructure that (1) incorporates private investment of greater than 20% of total project costs; (2) is physically connected to, or within one half mile walking distance from, a passenger rail station or minimodal station that includes rail services; (3) will commerce construction within 90 days after the loan or loan guarantee is obligated for the project; and (4) demonstrates the ability to generate new financial assistance for the relevant passenger rail station or service.</p> <p>The bill requires the Department of Transportation to periodically report to Congress on the number of applications for loans and loan guarantees under the program. </p>

tv_txt: II 116th CONGRESS 1st Session S. 2805 IN THE SENATE OF THE UNITED STATES November 6, 2019 Mr. Wicker (for himself, Mr. Cassidy , and Ms. Duckworth ) introduced the following bill; which was read twice and referred to the Committee on Commerce, Science, and Transportation A BILL To improve transit-oriented development financing, and for other purposes.

1. Short title This Act may be cited as the TOD Advancement Act of 2019 . 2. Extension of transit-oriented development loan and loan guarantee authority Section 502(b)(3) of the Railroad Revitalization and Regulatory Reform Act of 1976 ( 45 U.S.C. 822(b)(3) ) is amended by striking only during the 4-year period beginning on December 4, 2015 and inserting until December 4, 2021. . 3. Eligible purposes Section 502(b)(1)(E) of the Railroad Revitalization and Regulatory Reform Act of 1976 ( 45 U.S.C. 822(b)(1)(E) ) is amended to read as follows: (E) finance economic development, including commercial and residential development, and related infrastructure and activities, that— (i) incorporates private investment of greater than 20 percent of total project costs; (ii) is physically connected to, or is within ½ mile walking distance from, a passenger rail station or multimodal station that includes rail service; (iii) has a certification from the applicant that the contracting process for construction will commence not later than 90 days after the date on which the direct loan or loan guarantee is obligated for the project under this subchapter; and (iv) demonstrates the ability to generate new financial assistance for the relevant passenger rail station or service by increasing ridership, tenant lease payments, or other activities that generate revenues in excess of costs. . 4. Quarterly report on transit-oriented development eligibility Not later than 6 months after the date of the enactment of this Act, and every 90 days thereafter, the Secretary of Transportation shall submit a report to the Committee on Commerce, Science, and Transportation of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives that identifies— (1) the number of applications submitted to the Department of Transportation for a direct loan or loan guarantee under section 502(b)(1)(E) of the Railroad Revitalization and Regulatory Reform Act of 1976, as amended by section 3; (2) the number of such loans or loan guarantees that were provided to applicants; and (3) for each such application, the reasons for providing or declining to provide the requested loan or loan guarantee.

tv_txt: II Calendar No. 516 116th CONGRESS 2d Session S. 2805 [Report No. 116–255] IN THE SENATE OF THE UNITED STATES November 6, 2019 Mr. Wicker (for himself, Mr. Cassidy , Ms. Duckworth , Ms. Collins , Mr. Markey , Mr. Reed , and Mr. King ) introduced the following bill; which was read twice and referred to the Committee on Commerce, Science, and Transportation August 12, 2020 Reported by Mr. Wicker , with amendments Omit the part struck through and insert the part printed in italic A BILL To improve transit-oriented development financing, and for other purposes.

1. Short title This Act may be cited as the TOD Advancement Act of 2019 . 2. Extension of transit-oriented development loan and loan guarantee authority Section 502(b)(3) of the Railroad Revitalization and Regulatory Reform Act of 1976 ( 45 U.S.C. 822(b)(3) ) is amended by striking only during the 4-year period beginning on December 4, 2015 September 30, 2020 and inserting until December 4, 2021 . 3. Eligible purposes Section 502(b)(1)(E) of the Railroad Revitalization and Regulatory Reform Act of 1976 ( 45 U.S.C. 822(b)(1)(E) ) is amended to read as follows: (E) finance economic development, including commercial and residential development, and related infrastructure and activities, that— (i) incorporates private investment of greater than 20 percent of total project costs; (ii) is physically connected to, or is within ½ mile walking distance from, a passenger rail station or multimodal station that includes rail service; (iii) has a certification from the applicant that the contracting process for construction will commence not later than 90 days after the date on which the direct loan or loan guarantee is obligated for the project under this subchapter; and (iv) demonstrates the ability to generate new financial assistance for the relevant passenger rail station or service by increasing ridership, tenant lease payments, or other activities that generate revenues in excess of costs. . 4 . Quarterly report on transit-oriented development eligibility Not later than 6 months after the date of the enactment of this Act, and every 90 days 4. Semi-annual report on transit-oriented development eligibility Not later than 6 months after the date of the enactment of this Act, and every 180 days thereafter, the Secretary of Transportation shall submit a report to the Committee on Commerce, Science, and Transportation of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives that identifies— (1) the number of applications submitted to the Department of Transportation for a direct loan or loan guarantee under section 502(b)(1)(E) of the Railroad Revitalization and Regulatory Reform Act of 1976, as amended by section 3; (2) the number of such loans or loan guarantees that were provided to applicants; and (3) for each such application, the reasons for providing or declining to provide the requested loan or loan guarantee.

August 12, 2020 Reported with amendments