OH SB218

Creates transportation innovation authorities (TIAs) as bodies corporate and politic that can be formed by governmental agencies (counties, townships, municipalities, transit authorities, port authorities, and others) to plan and fund regional transportation projects.

Authorizes TIAs to develop land use plans, identify transportation projects, and pursue multi-modal and intermodal transportation solutions including roads, transit systems, rail service, and bicycle/pedestrian infrastructure within their jurisdictions.

Grants TIAs broad powers to acquire and dispose of property, contract with public and private entities, employ staff, and finance projects through bonds, tolls, special assessments, loans, grants, and public-private partnerships.

Establishes a pilot program limited to no more than four TIAs, subject to director of transportation approval, with annual reporting requirements to the general assembly on effectiveness in identifying and funding transportation needs.

Creates "new generation infrastructure bank funds" within the state infrastructure bank to provide financial assistance (loans, guarantees, grants) to TIAs for qualifying transportation projects, and allows the director of transportation to enter into contracts with TIAs for project administration.