Transportation = Economic Development

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Presentation before the Washington State Good Roads and Transportation Association

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Transportation = Economic Development

  1. 1. Transportation = Economic Development The Ridgefield Interchange Project Annual Conference of the Washington State Good Roads & Transportation Association September 18, 2009 Justin L. Clary, P.E. City Manager City of Ridgefield, Washington
  2. 2. Ridgefield Location
  3. 3. Ridgefield Background/History <ul><li>Area originally homesteaded in the 1850s; developed on the banks of Lake River as a mill town </li></ul><ul><li>Incorporated in 1909 </li></ul><ul><li>Remained a rural community based primarily on the agriculture and lumber industries through the 1990s </li></ul>
  4. 4. Ridgefield Background/History (Cont.) <ul><li>Agricultural base slowly eroded through the years </li></ul><ul><li>Pacific Wood Treating, community’s primary employer, filed for bankruptcy in 1993 and ceased operations shortly thereafter </li></ul><ul><li>Following collapse of the waterfront industry, City leaders were faced with determining how to create a new economy </li></ul>
  5. 5. City Limits Expanded to Interstate 5 <ul><li>Following the State Legislature’s enactment of the Growth Management Act in 1990, Clark County and its cities began development of comprehensive growth planning documents </li></ul><ul><li>Ridgefield identified the opportunity to expand its city limits by over three miles to the east to encompass the State Route 501 interchange with I-5 </li></ul><ul><li>Area surrounding interchange zoned for employment-based development </li></ul>Ridgefield Expansion
  6. 6. 2008 Ridgefield Comprehensive Plan Map
  7. 7. Residential Growth Since City Limit Expansion <ul><li>Expansion had limited affect on growth through 2003 </li></ul><ul><li>Residential Growth – 2004-Present </li></ul><ul><ul><li>825 New Homes Constructed </li></ul></ul><ul><ul><li>Population grew from 2,195 to 4,215; ranked No. 8 in State of Washington for Percentage of Population Growth Rate (2000-2009) </li></ul></ul><ul><ul><li>Approximately 1,900 residential lots have gained, at a minimum, preliminary plat approval </li></ul></ul>2005 2007
  8. 8. Employment Growth Since City Limit Expansion <ul><li>Employment-based growth has taken longer to realize than residential growth </li></ul><ul><ul><li>Approximately 500 jobs created since 2004 </li></ul></ul>
  9. 9. Economic Development on the Horizon <ul><li>Ridgefield’s Comprehensive Growth Plan projects 13,000 jobs will be created over the 20-Year planning horizon </li></ul><ul><li>There are a number of large-scale developments under planning and two under build-out </li></ul>
  10. 10. Economic Development on the Horizon Union Ridge Master Planned Business Park
  11. 11. Economic Development on the Horizon Southwest Washington Health System Medical Campus
  12. 12. Economic Development on the Horizon Port of Ridgefield’s Waterfront Master Plan
  13. 13. Economic Development Attributes <ul><li>Ridgefield Junction Employment Area </li></ul><ul><ul><li>Approximately 1,500 acres of land zoned for employment-based development – the largest volume of developable land in the Greater Portland/Vancouver Metropolitan area </li></ul></ul><ul><ul><li>Direct access to an international trade corridor (Interstate-5) </li></ul></ul><ul><ul><li>25-minute drive to Portland International Airport </li></ul></ul><ul><ul><li>Four deep-water ports within 30 miles (Vancouver, Portland, Kalama and Longview) </li></ul></ul><ul><ul><li>Two major railroad lines within 20 miles (BNSF and Union Pacific) </li></ul></ul>
  14. 14. Transportation Challenge <ul><li>I-5/SR 501 Interchange </li></ul><ul><ul><li>Built in 1964 to serve a rural community </li></ul></ul><ul><ul><li>Sole access to Interstate 5 for Ridgefield </li></ul></ul><ul><ul><li>Existing capacity rapidly eroding due to recent growth </li></ul></ul><ul><ul><li>Development community has long identified the existing interchange as a detriment to recruiting quality businesses </li></ul></ul>
  15. 15. A New Interchange <ul><li>I-5/SR 501 Interchange </li></ul><ul><ul><li>Sized to serve 2030 traffic flows </li></ul></ul><ul><ul><li>Design initiated in 2005 through WSDOT-City partnership </li></ul></ul>
  16. 16. Ridgefield Interchange Project Funding <ul><li>Federal </li></ul><ul><ul><li>SAFETEA-LU (2005) </li></ul></ul><ul><ul><li>American Recovery and Reinvestment Act (2009) </li></ul></ul><ul><li>State </li></ul><ul><ul><li>Transportation Partnership Account (2005) </li></ul></ul><ul><ul><li>CTED Economic Development Grant (2005) </li></ul></ul><ul><ul><li>Pre-existing Funds (2011-2013) </li></ul></ul><ul><li>Local </li></ul><ul><ul><li>Traffic Impact Fees (2005) </li></ul></ul><ul><ul><li>Transportation Benefit District (2008) </li></ul></ul>
  17. 17. Return on Investment Study <ul><li>Study completed in 2008 sponsored by the City of Ridgefield & Identity Clark County </li></ul><ul><li>Objective: Analyze the impact of public investment supporting the Ridgefield Interchange Project on tax revenue, permanent job creation and overall economic activity </li></ul><ul><li>Analysis of: </li></ul><ul><ul><li>State, federal and local investment supporting the Project </li></ul></ul><ul><ul><li>Projected private investment over a twenty-year horizon </li></ul></ul><ul><ul><li>Study area was limited to the boundaries of the Transportation Benefit District (approximately one-mile radius around the interchange) </li></ul></ul>
  18. 18. Return on Investment Study - Results Stimulated Development (20-Year Projection) $222,651,000 4,796 $ 471,010,000 Total Stimulated Development $39,702,000 1,552 $ 129,820,000 Retail $ 128,354,000 1,938 $ 114,620,000 Office (Professional & Technical) $ 18,146,000 562 $ 90,240,000 Warehousing $ 36,449,000 774 $ 81,450,000 Manufacturing - - $ 54,880,000 Residential Annual Wages Jobs Cost (NPV) Type of Development
  19. 19. Return on Investment Study - Results Estimated Government Revenue (through 2028) 100% $ 509,200,000 Total Government Revenue 3% $ 15,540,000 Clark County Fire & Rescue 3% $ 15,500,000 Ridgefield School District 10% $ 53,100,000 City of Ridgefield 6% $ 30,110,000 Clark County 30% $ 151,500,000 All Local Agencies Revenue 2% $ 9,240,000 Interchange Transportation Benefit Dist. 1% $ 3,640,000 Fort Vancouver Regional Library less than 1% $ 1,230,000 Port of Ridgefield 5% $ 23,090,000 C-TRAN 70% $ 357,700,000 State of Washington Share 2008 NPV Jurisdiction
  20. 20. Return on Investment Study - Results Direct Return on Investment $47 to $1 - - Economic Stimulus - $29.81 $342,700,000 State $16 to $1 - Private:Public Investment Ratio $37.72 $ 35.40 Payback Ratio (Benefit/Cost) $474,950,000 $ 51,600,000 Net Present Value Benefit-Cost All Public Ridgefield
  21. 21. Actual Return on Investment To Be Determined….

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