P3 Kentucky Staff Writer
The U.S. Department of Transportation Federal Transit Administration (FTA) has proposed a new procedure to develop more efficient and effective private partnerships and investment in infrastructure projects.
The proposed Private Investment Project Procedure (PIPP) will allow federal funding recipients to identify FTA regulations that could hinder the development of public-private partnerships. Recipients will be able to apply to the FTA to suggest changes or modifications if they can prove the initial requirements impede public-private investment.
“As more public transportation project sponsors find willing and able private partners, we must ensure that federal regulations or procedures do not stifle innovation,” said FTA Executive Director Matthew Welbes. “FTA’s Private Investment Project Procedures will help us maintain procedures that are truly beneficial while allowing for discretion to waive those that simply impede good projects.”
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