Page:United States Statutes at Large Volume 119.djvu/1596

 119 STAT. 1578

PUBLIC LAW 109–59—AUG. 10, 2005 ‘‘(B) PROJECTS RECEIVING LESS THAN $25,000,000 IN FEDERAL ASSISTANCE.—If the assistance provided under this section with respect to a new fixed guideway capital project is less than $25,000,000, the requirements of this subsection shall not apply to the project until such date as the final regulation to be issued under paragraph (9) takes effect. ‘‘(2) SELECTION CRITERIA.—The Secretary may provide Federal assistance under this subsection with respect to a proposed project only if the Secretary finds that the project is— ‘‘(A) based on the results of planning and alternatives analysis; ‘‘(B) justified based on a review of its public transportation supportive land use policies, cost effectiveness, and effect on local economic development; and ‘‘(C) supported by an acceptable degree of local financial commitment. ‘‘(3) PLANNING AND ALTERNATIVES.—In evaluating a project under paragraph (2)(A), the Secretary shall analyze and consider the results of planning and alternatives analysis for the project. ‘‘(4) PROJECT JUSTIFICATION.—For purposes of making the finding under paragraph (2)(B), the Secretary shall— ‘‘(A) determine the degree to which the project is consistent with local land use policies and is likely to achieve local developmental goals; ‘‘(B) determine the cost effectiveness of the project at the time of the initiation of revenue service; ‘‘(C) determine the degree to which the project will have a positive effect on local economic development; ‘‘(D) consider the reliability of the forecasting methods used to estimate costs and ridership associated with the project; and ‘‘(E) consider other factors that the Secretary determines appropriate to carry out this subsection. ‘‘(5) LOCAL FINANCIAL COMMITMENT.— ‘‘(A) IN GENERAL.—For purposes of paragraph (2)(C), the Secretary shall require that each proposed local source of capital and operating financing is stable, reliable, and available within the proposed project timetable. ‘‘(B) CONSIDERATION OF FISCAL CAPACITY OF STATE AND LOCAL GOVERNMENTS.—If the Secretary gives priority to financing projects under this subsection that include more than the non-Federal share required under subsection (h), the Secretary shall give equal consideration to differences in the fiscal capacity of State and local governments. ‘‘(6) ADVANCEMENT OF PROJECT TO DEVELOPMENT AND CONSTRUCTION.— ‘‘(A) GENERAL RULE.—A proposed project under this subsection may advance from planning and alternatives analysis to project development and construction only if the Secretary finds that the project meets the requirements of this subsection and there is a reasonable likelihood that the project will continue to meet such requirements. ‘‘(B) EVALUATION.—In making the findings under subparagraph (A), the Secretary shall evaluate and rate the project as high, medium-high, medium, medium-low,

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