Federal Triangle Development Act

Federal Triangle Development Act - Provides for the construction of a Federal building complex on the site known as the Federal Triangle in the District of Columbia.

Directs the Administrator of General Services to transfer title to such property to the Pennsylvania Avenue Development Corporation for development of the site. Declares that the title to the property shall revert to the Administrator as provided in a development agreement.

Requires the Corporation, within 365 days after enactment of this Act, to submit a proposal for the development of the property to the General Services Administration, the International Cultural and Trade Center Commission (established by this Act), the National Capital Planning Commission, and the Commission of Fine Arts for their approval and recommendations. Requires the Corporation to submit such proposal, together with recommended modifications, to the Senate Committee on Environment and Public Works and the House Committee on Public Works and Transportation for review and approval by resolutions adopted by such committees.

Directs the Corporation to conduct a competition for the selection of a person to develop the Federal Triangle property. Authorizes the Corporation to enter into a development agreement with the person selected which provides at a minimum for: (1) the construction of a building in accordance with architectural plans and specifications selected under the competition; (2) ownership of the property and building by the United States, except that the person may own such building for a term not to exceed 35 years; (3) the leasing of such building under a lease agreement; and (4) inspection during construction by the Administrator and the Corporation.

Allows the building to be connected with the rapid rail system operated by the Washington Metropolitan Area Transit Authority. Makes the construction cost of such connection the responsibility of the person selected to construct the building.

Requires the building to meet all Federal building standards and the Corporation to be treated as the General Services Administration with respect to acquisition and construction of a Federal building.

Declares that the person who develops the Federal Triangle property shall not be subject to any State or local law relating to building permits and building inspection. Declares that the property and any improvements shall not be subject to real and personal property taxation or special assessments.

Authorizes appropriations for FY 1988 for development and construction from the fund established for real property management and related activities (Federal building fund) under the Federal Property and Administrative Services Act of 1949.

Requires the Administrator, before the development agreement is entered into, to enter into an agreement with the person selected to construct the building for its lease for Federal office space and an international cultural and trade center.

Establishes the International Cultural and Trade Center Commission to: (1) participate in the planning of the building's construction; and (2) enter into a lease agreement with the Administrator for the establishment, operation, and maintenance of an international cultural and trade center.

Authorizes the center to include the following: (1) office space for foreign missions and domestic and international organizations involved in international trade or cultural activities; (2) a world exhibition center providing space for exhibits from foreign nations; (3) an international bazaar providing space for commercial establishments sponsored by foreign governments; (4) an international center providing a centralized foreign trade reference facility, conference, and meeting facilities, and audio-visual facilities for translating foreign languages; and (5) such other facilities as are consistent with this Act. Authorizes the Commission to sublease space in such center to foreign missions and international cultural and trade organizations (including domestic organizations and State and local governments) as determined to be consistent with the purposes of this Act.

Establishes a separate account in the Treasury for the deposit of fees and charges and rent for space subleased in the center and for payments for leased space and expenses of the Commission. Requires that excess amounts in the account be transferred to the Federal buildings fund.

Requires the Commission to make an annual report on the operation, management, and budget of the center to specified congressional committees.

Designates the Departmental Auditorium, located on the Federal Triangle between the Custom Service building and the Interstate Commerce Commission building on Constitution Avenue, as the Andrew W. Mellon Auditorium.