AIRPORT INVESTMENT PARTNERSHIP PROGRAM.

SEC. 738. AIRPORT INVESTMENT PARTNERSHIP PROGRAM. Section 47134(b) of title 49, United States Code, is amended by adding at the end the following: “(4) Benefit-cost analysis.— “(A) In general.—Prior to approving an application submitted under subsection (a), the Secretary may require a benefit-cost analysis. “(B) Finding.—If a benefit-cost analysis is required, the Secretary shall issue a preliminary and conditional finding, which shall— “(i) be issued not later than 60 days after the date on which the sponsor submits all information required by the Secretary; “(ii) be based upon a collaborative review process that includes the sponsor or a representative of the sponsor; “(iii) not constitute the issuance of a Federal grant or obligation to issue a grant under this chapter or other provision of law; and “(iv) not constitute any other obligation on the part of the Federal Government until the conditions specified in the final benefit-cost analysis are met.” .