HB2302: Transportation Partnership Opportunity Fund; funds for transportation projects.

Legislative Summary

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. 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.