utilizing toll revenues and value capture to fund agency...
TRANSCRIPT
Utilizing Toll Revenues and Value Capture to Fund
Multimodal ImprovementsAmerican Association of State Highway and Transportation Officials
August 1, 2017
Jennifer Mitchell
Agency Director
18/1/2017 2017 AASHTO SCOP/SCOPM/TAM - Cincinnati
I-66Outside TheBeltway
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� Concession agreement with Express Mobility Partners includes $800M over the next 50 years to support enhanced transit service in corridor
� Annual transit payments will support new and enhanced point-to-point, peak period commuter bus services (including both capital & operating expenses)
� Services will originate at new and expanded Park & Ride lots in outer suburbs
� New transit services:� Utilize new express lanes to ensure reliable trip times
� Operated by local transit agencies� Flexibility to optimize services over time based on
performance measures
8/1/2017 2017 AASHTO SCOP/SCOPM/TAM - Cincinnati
I-66 Outside the Beltway
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2022:
New transit services begin operation
2025:
13 new/expanded commuter routes with up to 10,000 forecasted daily riders
4,000 new parking spaces at Park & Rides
2040:
20 new/expanded routes with up to 13,400 forecasted daily riders
Over 6,000 new parking spaces at Park & Rides
8/1/2017 2017 AASHTO SCOP/SCOPM/TAM - Cincinnati
I-66 Inside The Beltway
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�Allocation of toll revenues to fund new and improved travel choices that include transit, TDM, bicycle, pedestrian and roadway options
� Tolling to begin in December 2017
�Northern Virginia Transportation Commission to choose projects for funding with toll revenues
� $9.8 million initial Multimodal Program of 10 projects underway
�Commonwealth Transportation Board must approve projects funding with toll revenues
8/1/2017 2017 AASHTO SCOP/SCOPM/TAM - Cincinnati
I-95/395 Express Lanes
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Transurban committed to annual transit payment beginning in 2019
• $15 million initially with annual escalation
I-95/395 Transit and TDM Study by DRPT
• Comprehensive set of transit and TDM enhancements for the corridor that could be funded with annual transit payment
• Developed in partnership with key stakeholders
Commonwealth to determine the process for selecting projects and allocating funds from the annual transit payment
8/1/2017 2017 AASHTO SCOP/SCOPM/TAM - Cincinnati
� Conversion of 8 miles of HOV lanes in Norfolk to HOT/Express Lane in Fall 2017
� I-264/64 Interchange to I-564 Interchange
� Westbound – Monday through Friday 5AM – 9AM
� Eastbound – Monday through Friday 2PM – 6PM
� Opportunity to utilize some toll revenue to support enhanced transit service in the corridor during toll hours
� Working with HRT to evaluate eligible routes and services
I-64HOTLanes
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WMATASilverLine Expansion: Fairfax County
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� Up to $1 billion of $6 billion project cost financed by local TIF’s
� Phase I: $400 million from a tax of 22 cents per $100 of assessed value on commercial and industrial properties
� Phase II: Commercial and industrial properties near the transit corridor escalated from 5 cents per $100 in value in 2010 to 20 cents per $100 in 2013, for a total contribution of up to $330 million
� 64% of local property owners supported
WMATA Silver Line Expansion: Loudoun County
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$274 million for construction
• $195 million: TIFIA loan
• $60 million : Non-TIFIA debt
• $19 million : Metro Service Tax District Revenue
$60 million: Additional Debt Issuance Planned in FY 18
$10 million a year from TIF
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Tyson’s Corner Mixed Use Development Projects
Courtesy: Cushman and Wakefield commercial real estate services
Project Budgeted Cost= $268 million
Northern Virginia
Transportation
Authority Grant
$70 million
City of Alexandria
General Obligation
Bonds
$60 million
USDOT TIFIA Loan
$88 million
Commonwealth
of Virginia
Transportation
Infrastructure
Bank Loan $50 million
Initial ProjectFunding Sources
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$20M
$40M
$60M
$80M
$100M
$120M
$140M
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Total Special Tax District Collections
Total Net Local Taxes
Total Net New Property Tax Collections
Developer Contributions
Total Debt Service & Costs
Potomac Yard Metro Funding Sources
200-acre former railroad yard
Largest single tract of land available for redevelopment in Washington DC urban core area
Adjacent to Reagan Washington National Airport
600,000 ft2 going up to 12 million ft2of mixed-used, transit-oriented development planned
KeyFacts
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$268 million infill Metrorail Station planned
Value capture is prime strategy
$2.5 billion to $3.5 billion in net new tax revenues for the City projected for Potomac Yard in 45-year period
$300 million needed to cover debt service
• Two special tax districts (+20 cents, 10 cents at $100 value)
• Substantial net new taxes generated by development
• Developer contributions of $10 per square foot for first 4.8 million square foot pledged
Key Facts
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