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Yesterday, Sen. Mark Kirk (R-Ill.) proposed draft legislation that he believes would encourage private investment in transportation infrastructure.

Unveiled during a transportation summit at Chicago’s Union League Club, the Lincoln Legacy Infrastructure Development Act would “give new life to President Abraham Lincoln’s economic legacy by building new roads, airports and railroads using public-private partnerships without new federal borrowing,” according to a June 20 press release.

The bill calls for removing federal restrictions on public-private partnerships, providing states greater flexibility to generate transportation revenues, and enhancing access to private capital investment in road, rail, aviation, highway and port infrastructure. The legislation would “mobilize $100 billion in private investment,” Kirk said.

Under the proposal, high-speed rail project and development costs — including pre-construction activities such as planning, feasibility analysis and revenue forecasting, according to an American High Speed Rail Alliance (AHSRA) press release — would be eligible for Railroad Rehabilitation and Improvement Financing program loans.

“These activities are frequently too risky for the private sector to take on themselves and cash-strapped local governments are unable to fund these activities up front,” the alliance said.

In addition, states could use future dedicated revenues or user fees in place of collateral to lower credit risk premiums.

Several of the bill’s provisions were included in the AHSRA’s legislative proposal, the alliance said.