text: 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.
target: 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;RIA&quot; 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 project&quot; 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 (including bridges and tunnels), 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.
feat_title: Regional Infrastructure Accelerator Act of 2017