TOD Advancement Act of 2019

II Calendar No. 516 116TH CONGRESS 2D SESSION S. 2805 [Report No. 116–255] To improve transit-oriented development financing, and for other purposes. 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. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘TOD Advancement 4 Act of 2019’’. 5 VerDate Sep 11 2014 20:45 Aug 12, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S2805.RS S2805 pamtmann on DSKBC07HB2PROD with BILLS 2 •S 2805 RS SEC. 2. EXTENSION OF TRANSIT-ORIENTED DEVELOPMENT 1 LOAN AND LOAN GUARANTEE AUTHORITY. 2 Section 502(b)(3) of the Railroad Revitalization and 3 Regulatory Reform Act of 1976 (45 U.S.C. 822(b)(3)) is 4 amended by striking ‘‘only during the 4-year period begin- 5 ning on December 4, 2015September 30, 2020’’ and in- 6 serting ‘‘until December 4, 2021’’. 7 SEC. 3. ELIGIBLE PURPOSES. 8 Section 502(b)(1)(E) of the Railroad Revitalization 9 and Regulatory Reform Act of 1976 (45 U.S.C. 10 822(b)(1)(E)) is amended to read as follows: 11 ‘‘(E) finance economic development, in- 12 cluding commercial and residential development, 13 and related infrastructure and activities, that— 14 ‘‘(i) incorporates private investment of 15 greater than 20 percent of total project 16 costs; 17 ‘‘(ii) is physically connected to, or is 18 within 1⁄2 mile walking distance from, a 19 passenger rail station or multimodal sta- 20 tion that includes rail service; 21 ‘‘(iii) has a certification from the ap- 22 plicant that the contracting process for 23 construction will commence not later than 24 90 days after the date on which the direct 25 VerDate Sep 11 2014 20:45 Aug 12, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S2805.RS S2805 pamtmann on DSKBC07HB2PROD with BILLS 3 •S 2805 RS loan or loan guarantee is obligated for the 1 project under this subchapter; and 2 ‘‘(iv) demonstrates the ability to gen- 3 erate new financial assistance for the rel- 4 evant passenger rail station or service by 5 increasing ridership, tenant lease pay- 6 ments, or other activities that generate 7 revenues in excess of costs.’’. 8 SEC. 4. QUARTERLY REPORT ON TRANSIT-ORIENTED DE- 9 VELOPMENT ELIGIBILITY. 10 Not later than 6 months after the date of the enact- 11 ment of this Act, and every 90 days 12 SEC. 4. SEMI-ANNUAL REPORT ON TRANSIT-ORIENTED DE- 13 VELOPMENT ELIGIBILITY. 14 Not later than 6 months after the date of the enactment 15 of this Act, and every 180 days thereafter, the Secretary 16 of Transportation shall submit a report to the Committee 17 on Commerce, Science, and Transportation of the Senate 18 and the Committee on Transportation and Infrastructure 19 of the House of Representatives that identifies— 20 (1) the number of applications submitted to the 21 Department of Transportation for a direct loan or 22 loan guarantee under section 502(b)(1)(E) of the 23 Railroad Revitalization and Regulatory Reform Act 24 of 1976, as amended by section 3; 25 VerDate Sep 11 2014 20:45 Aug 12, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S2805.RS S2805 pamtmann on DSKBC07HB2PROD with BILLS 4 •S 2805 RS (2) the number of such loans or loan guaran- 1 tees that were provided to applicants; and 2 (3) for each such application, the reasons for 3 providing or declining to provide the requested loan 4 or loan guarantee. 5 VerDate Sep 11 2014 20:45 Aug 12, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S2805.RS S2805 pamtmann on DSKBC07HB2PROD with BILLS VerDate Sep 11 2014 20:45 Aug 12, 2020 Jkt 099200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\S2805.RS S2805 pamtmann on DSKBC07HB2PROD with BILLS Calendar No. 516 116TH CONGRESS 2D SESSION S. 2805 [Report No. 116–255] A BILL To improve transit-oriented development financing, and for other purposes. AUGUST 12, 2020 Reported with amendments VerDate Sep 11 2014 20:45 Aug 12, 2020 Jkt 099200 PO 00000 Frm 00006 Fmt 6651 Sfmt 6651 E:\BILLS\S2805.RS S2805 pamtmann on DSKBC07HB2PROD with BILLS