- Adds eligibility to high-speed rail projects and development costs under the Railroad Rehabilitation and Improvement Financing Program, an under-utilized loan program operated by the Federal Railroad Administration.??
- Allows projects like high-speed rail to use future dedicated revenues or user fees in place of collateral to lower credit risk premiums.
Encourages Airport Private-Public Partnerships
- Removes caps on the Airport Privatization Pilot Program and lifts barriers to private investment in airports.
The Lincoln Legacy Infrastructure Development Act could potentially unlock more than $100 billion in new transportation investment. Many other nations already have embraced partnerships to help finance their infrastructure needs. In British Columbia, Canada, 20 percent of all new infrastructure is designed, built and operated by the private sector. In Australia, partnerships account for 10-15 percent of all infrastructure procurement, or about $38 billion in 2008 alone.
According to the National Conference on State Legislatures, 29 states and Puerto Rico have passed legislation allowing some sort of partnerships. States such as Indiana have transformed their economies and fostered economic growth by encouraging public-private partnerships to finance infrastructure projects that create jobs without needing to borrow. Such projects have allowed Indiana's economy to grow at twice the rate of Illinois' over the past year.
The Illinois General Assembly has passed legislation that would allow the legislature to consider such partnerships. The legislation is awaiting Gov. Quinn's signature.
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