Local Public Works Capital Development and Investment Act

Local Public Works Capital Development and Investment Act - States that the current depressed condition of the national economy has had an especially heavy impact upon local governments, making it no longer possible for them to finance needed public facilities, thereby threatening the health, safety, and general welfare of their citizens.

Declares it to be needless and unwise public policy for a vast pool of idle manpower to coexist with a backlog of needed and long overdue local public facilities work.

Authorizes the Secretary of Commerce, acting through the Economic Development Administration, to make grants to any State or local government for local public works projects, including but not limited to: (1) those public works projects of State and local governments for which Federal financial assistance is authorized under provisions of law other than this Act; and (2) the architectual design, engineering, and related planning of local public works projects.

Provides that the Federal share of any project for which a grant is made under this Act shall be 100 percent of the cost of such project.

Directs the Secretary to prescribe those rules, regulations, and procedures necessary to carry out this Act. States factors that the Secretary shall consider in accordance with the relative needs of the various sections of the country.

Authorizes the Secretary to make a grant for the purpose of increasing to 100 percent the Federal contribution to a public works project for which Federal financial assistance is authorized under provisions of law other than this Act.

States that not more than 10 percent of all amounts authorized to carry out this Act shall be granted for local public works projects within any one State.

Provides that all laborers and mechanics employed by contractors or subcontractors on projects assisted by this Act shall be paid wages at rates not less than those prevailing on similar construction in the locality as determined by the Secretary of Labor in accordance with the Davis-Bacon Act.

Authorizes to be appropriated an amount not to exceed $5,000,000,000 to carry out this Act.