This report presents preliminary technical and functional requirements (T&FR), thermal hydraulic design and cost estimate for a lead coolant test facility. The purpose of this small scale facility is to simulate lead coolant fast reactor (LFR) coolant flow in an open lattice geometry core using seven electrical rods and liquid lead or lead-bismuth eutectic. Based on review of current world lead or lead-bismuth test facilities and research need listed in the Generation IV Roadmap, five broad areas of requirements of basis are identified: Develop and Demonstrate Prototype Lead/Lead-Bismuth Liquid Metal Flow Loop Develop and Demonstrate Feasibility of Submerged Heat Exchanger Develop and Demonstrate Open-lattice Flow in Electrically Heated Core Develop and Demonstrate Chemistry Control Demonstrate Safe Operation and Provision for Future Testing. These five broad areas are divided into twenty-one (21) specific requirements ranging from coolant temperature to design lifetime. An overview of project engineering requirements, design requirements, QA and environmental requirements are also presented. The purpose of this T&FRs is to focus the lead fast reactor community domestically on the requirements for the next unique state of the art test facility. The facility thermal hydraulic design is based on the maximum simulated core power using seven electrical heater rods of 420 kW; average linear heat generation rate of 300 W/cm. The core inlet temperature for liquid lead or Pb/Bi eutectic is 420oC. The design includes approximately seventy-five data measurements such as pressure, temperature, and flow rates. The preliminary estimated cost of construction of the facility is $3.7M. It is also estimated that the facility will require two years to be constructed and ready for operation.