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The Federal Transit Administration (FTA) is soliciting comments on proposed changes to its guidance for transit agencies seeking to pursue joint development projects.
The changes would result in more opportunities that create value for both transit systems and surrounding communities, as well as streamline FTA’s approval process, according to an FTA press release.
Comments are due June 3.
The FTA is seeking comments on the following proposed changes:
no longer defining a minimum revenue threshold, or setting a monetary requirement from a joint development project for transit purposes; and
eliminating the requirement of project sponsors to submit a baseline market analysis and a certification of compliance.