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2023 SESSION

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HB 2302 Transportation Partnership Opportunity Fund; funds for transportation projects.

Introduced by: Les R. Adams | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Transportation Partnership Opportunity Fund. Authorizes the Governor to direct funds from the Transportation Partnership Opportunity Fund (Fund) to the Commonwealth Transportation Board for transportation projects determined to be necessary to support major economic development initiatives or to enhance the economic development opportunities of the Commonwealth's transportation programs when recommended by the Secretary of Transportation and Secretary of Commerce and Trade; these directed funds do not have a specified limit.

When funds are directed to such transportation projects or programs from the Fund in excess of $5 million, the bill requires the Secretary of Transportation to submit a report, the content of which is designated in the bill, to the Chairmen of the Senate Committee on Finance and Appropriations and the House Committee on Appropriations within 30 days of such direction of funds. The bill further requires, for the direction of funds from the Fund in excess of $35 million, that such direction be submitted for review, within 14 days, to the MEI Project Approval Commission. The bill provides that absent a recommendation within the 14-day period that the funds should not be directed, or in the event that the Commission does not provide a recommendation within the 14-day period, the funds shall be directed.

The bill authorizes the use of grants, funds directed to the Board, and revolving loans for property acquisition and new or improved infrastructure to support economic development opportunities of the Commonwealth's transportation programs. The bill clarifies that the authority granted related to the Fund cannot be used for otherwise prohibited eminent domain purposes. This bill is identical to SB 1106.

SUMMARY AS PASSED HOUSE:

Transportation Partnership Opportunity Fund. Authorizes the Governor to direct funds from the Transportation Partnership Opportunity Fund to the Commonwealth Transportation Board (the Board) for transportation projects determined to be necessary to support major economic development initiatives or to enhance the economic development opportunities of the Commonwealth's transportation programs when recommended by the Secretary of Transportation and Secretary of Commerce and Trade. The bill does not specify a limit to such directed funds but provides that any transfer of funds in excess of $35 million shall be submitted for review to the MEI Project Approval Commission (the Commission) and if such transfer is not recommended by the Commission the transfer is prohibited unless authorized by the General Assembly. The bill also authorizes the Governor to use funds from the Fund to enhance the economic development opportunities of the Commonwealth's transportation programs. The bill authorizes the use of grants, funds directed to the Board, and revolving loans for property acquisition and new or improved infrastructure to support economic development opportunities of the Commonwealth's transportation programs.

SUMMARY AS INTRODUCED:

Transportation Partnership Opportunity Fund. Requires the Governor to include in the Budget Bill an appropriation of up to $200 million, limited to $100 million each year, from the Commonwealth Transportation Fund to maintain a minimum available balance of $300 million in the Transportation Partnership Opportunity Fund (the Fund). The bill authorizes the Governor to direct funds from the Fund to the Commonwealth Transportation Board for transportation projects determined to be necessary to support major economic development initiatives or to enhance the economic development opportunities of the Commonwealth's transportation programs when recommended by the Secretary of Transportation and Secretary of Commerce and Trade; these directed funds do not have a specified limit. The bill also authorizes the Governor to use funds from the Fund to enhance the economic development opportunities of the Commonwealth's transportation programs. The bill authorizes the use of grants, funds directed to the Board, and revolving loans for property acquisition and new or improved infrastructure to support economic development opportunities of the Commonwealth's transportation programs. The bill removes the requirement for the Governor to provide copies of the guidelines and criteria for awarding grants and loans to the Chairmen of the House Committees on Appropriations, Finance, and Transportation and the Senate Committees on Finance and Appropriations and Transportation. The bill repeals the requirement for the Commonwealth Transportation Board to ensure that projects are not undertaken primarily for economic development purposes.