(a) In General.— The Administrator of the Federal Aviation Administration may approve an application of an airport sponsor under this section to authorize the airport sponsor to award a design-build contract using a selection process permitted under applicable State or local law if
(1) the Administrator approves the application using criteria established by the Administrator;
(2) the design-build contract is in a form that is approved by the Administrator;
(3) the Administrator is satisfied that the contract will be executed pursuant to competitive procedures and contains a schematic design adequate for the Administrator to approve the grant;
(4) use of a design-build contract will be cost effective and expedite the project;
(5) the Administrator is satisfied that there will be no conflict of interest; and
(6) the Administrator is satisfied that the selection process will be as open, fair, and objective as the competitive bid system and that at least 3 or more bids will be submitted for each project under the selection process.