The Art of Financing and Implementing      Intermodal Transit Stations:            Lessons Learned                    Shar...
Overview•Transportation Center Audience Response System•Definition of Key Terms•Factors Supporting the Use of Value Captur...
Denver Union Station
Denver Union Station
Anaheim ARTIC Station
Anaheim ARTIC Station
San Jose Ohlone Chynoweth Station
San Jose Ohlone Chynoweth Station
Emeryville Station
Emeryville Station
Oakland Fruitvale Station
Oakland Fruitvale Station
San Diego American Plaza
San Diego American Plaza
Albuquerque Alvarado Transportation                            Center
Albuquerque Alvarado Transportation                            Center
And Now Let’s VoteWhich of these 7 multimodal transit centers provide a vision for San Bernardino?  1. Denver Union Statio...
1. Denver Union Station
What is your opinion?1.   Strongly Agree2.   Agree3.   Neutral4.   Disagree5.   Strongly Disagree                         ...
2. Anaheim ARTIC Station
What is your opinion?1.   Strongly Agree2.   Agree3.   Neutral4.   Disagree5.   Strongly Disagree                         ...
3. San Jose Ohlone Chynoweth                      Station
What is your opinion?1.   Strongly Agree2.   Agree3.   Neutral4.   Disagree5.   Strongly Disagree                         ...
4. Emeryville Station
What is your opinion?1.   Strongly Agree2.   Agree3.   Neutral4.   Disagree5.   Strongly Disagree                         ...
5. Oakland Fruitvale Station
What is your opinion?1.   Strongly Agree2.   Agree3.   Neutral4.   Disagree5.   Strongly Disagree                         ...
6. San Diego American Plaza
What is your opinion?1.   Strongly Agree2.   Agree3.   Neutral4.   Disagree5.   Strongly Disagree                         ...
7. Albuquerque Alvarado   Transportation Center
What is your opinion?1.   Strongly Agree2.   Agree3.   Neutral4.   Disagree5.   Strongly Disagree                         ...
Definition of Key TermsValue Capture  Recoup the value that investments in transit add to   adjacent land and improvements...
Definition of Key TermsValue Capture TOD  the 4th “D” ($$$$)To qualify for FTA funding, TOD/JD must:  • Have a physical an...
Factors Supporting Use of Value         Capture Techniques for Transit• Need for additional revenues• Receptive FTA policy...
Factors Supporting Use of Value        Capture Techniques for Transit• Demographic and economic factors  • Demand side    ...
Types of Value Capture Techniques        Revenue Sharing ArrangementsoLand   sales                      oSpecial   improve...
Types of Value Capture TechniquesTaxed Based Revenue Sharing Arrangements  oTransit   impact fees       oTransient   occup...
Types of Value Capture Techniques             Cost Sharing ArrangementsoSliding   scale impact fees        oVoluntary   ag...
Types of Value Capture TechniquesLand Based Cost Sharing ArrangementsoLand    assembly                  oTransfer   of dev...
Objectives of Major Participants• Transit Agency Objectives  • Increase transit ridership  • Enhance farebox revenues  • P...
Objectives of Major Participants• Local Government Objectives  • Promote Livable Communities  • Provide catalyst for devel...
Objectives of Major Participants• Landowner and Developer Objectives  • Enhance value of development  • Reduce uncertainti...
Objectives of Major Participants• Local Agency Roles & Responsibilities
Denver Union Station       Rail                 Bus                  Other COMMUTER AND                                 CO...
Denver Union Station Location                    Potential Uses  South Wing       Ground floor retail; office above (75,00...
Denver Union Station                                     Revenue Source             Funding                               ...
Anaheim ARTIC Station        Rail           Bus       Other                              Anaheim Resort        Amtrak     ...
Anaheim ARTIC Station   Location Development Underway      Platinum   Triangle Mixed                    Condominiums: 1,50...
Anaheim ARTIC Station                                        Revenue Source               Funding                         ...
San Jose Ohlone Chynoweth Station                     Rail            Bus       Other                Two VTA light-rail   ...
San Jose Ohlone Chynoweth Station                  Related Land Uses                    240 park-and-ride spaces          ...
San Jose Ohlone Chynoweth Station                Revenue Source              Funding                    Tax-exempt bonds  ...
Emeryville Station     Rail             Bus            Other                                  Emery Go-Round     Amtrak   ...
Emeryville Station            Related Land Uses     20-acre mixed-use transit-oriented development3-building 550,000 sq ft...
Oakland Fruitvale Station         Rail            Bus         Other      Richmond to                        AC Transit    ...
Oakland Fruitvale Station               Related Land Uses     Daily, Extended Weekend, Carpool, Long Term Parking         ...
Oakland Fruitvale Station                                                       Revenue Source                            ...
Strategies for Success• Planning & Development Strategies  • Incorporate principles of Transit Oriented Development (TOD) ...
Strategies for Success• Planning & Development Strategies  • Local government should lead the way by creating incentives l...
Strategies for Success• Transportation Strategies  • Combine a variety of transit modes to maximize the centers transit   ...
Strategies for Success• Financial Strategies  • Secure federal grant(s) at the initial stage which can be used as a    pro...
Strategies for Success• Consensus Building Strategies  • Coordinate with local government, transit agencies, financial and...
s.greene@sharongreene.org
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LTC, Jack R. Widmeyer Transportation Research Conference, Going to San Bernardino A Symposium on Intermodal Transit Stations and Transit-Oriented Design, 11/06/2009, Sharon Greene

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LTC, Jack R. Widmeyer Transportation Research Conference, Going to San Bernardino A Symposium on Intermodal Transit Stations and Transit-Oriented Design, 11/06/2009, Sharon Greene

  1. 1. The Art of Financing and Implementing Intermodal Transit Stations: Lessons Learned Sharon Greene Sharon Greene + AssociatesGoing to San Bernardino: A Symposium on Intermodal Transit Stations and Transit-Oriented Design Jack R. Widmeyer Transportation Research Conference November 6, 2009
  2. 2. Overview•Transportation Center Audience Response System•Definition of Key Terms•Factors Supporting the Use of Value Capture in Transit•Types of Value Capture Techniques •Revenue Sharing Arrangements •Cost Sharing Arrangements•Objectives of Major Participants•Transportation Center Examples•Strategies for Success
  3. 3. Denver Union Station
  4. 4. Denver Union Station
  5. 5. Anaheim ARTIC Station
  6. 6. Anaheim ARTIC Station
  7. 7. San Jose Ohlone Chynoweth Station
  8. 8. San Jose Ohlone Chynoweth Station
  9. 9. Emeryville Station
  10. 10. Emeryville Station
  11. 11. Oakland Fruitvale Station
  12. 12. Oakland Fruitvale Station
  13. 13. San Diego American Plaza
  14. 14. San Diego American Plaza
  15. 15. Albuquerque Alvarado Transportation Center
  16. 16. Albuquerque Alvarado Transportation Center
  17. 17. And Now Let’s VoteWhich of these 7 multimodal transit centers provide a vision for San Bernardino? 1. Denver Union Station 2. Anaheim ARTIC Station 3. San Jose Ohlone Chynoweth Station 4. Emeryville Station 5. Oakland Fruitvale Station 6. San Diego American Plaza 7. Albuquerque Alvarado Transportation Center
  18. 18. 1. Denver Union Station
  19. 19. What is your opinion?1. Strongly Agree2. Agree3. Neutral4. Disagree5. Strongly Disagree 0% 0% 0% 0% 0% 1 2 3 4 5
  20. 20. 2. Anaheim ARTIC Station
  21. 21. What is your opinion?1. Strongly Agree2. Agree3. Neutral4. Disagree5. Strongly Disagree 0% 0% 0% 0% 0% 1 2 3 4 5
  22. 22. 3. San Jose Ohlone Chynoweth Station
  23. 23. What is your opinion?1. Strongly Agree2. Agree3. Neutral4. Disagree5. Strongly Disagree 0% 0% 0% 0% 0% 1 2 3 4 5
  24. 24. 4. Emeryville Station
  25. 25. What is your opinion?1. Strongly Agree2. Agree3. Neutral4. Disagree5. Strongly Disagree 0% 0% 0% 0% 0% 1 2 3 4 5
  26. 26. 5. Oakland Fruitvale Station
  27. 27. What is your opinion?1. Strongly Agree2. Agree3. Neutral4. Disagree5. Strongly Disagree 0% 0% 0% 0% 0% 1 2 3 4 5
  28. 28. 6. San Diego American Plaza
  29. 29. What is your opinion?1. Strongly Agree2. Agree3. Neutral4. Disagree5. Strongly Disagree 0% 0% 0% 0% 0% 1 2 3 4 5
  30. 30. 7. Albuquerque Alvarado Transportation Center
  31. 31. What is your opinion?1. Strongly Agree2. Agree3. Neutral4. Disagree5. Strongly Disagree 0% 0% 0% 0% 0% 1 2 3 4 5
  32. 32. Definition of Key TermsValue Capture Recoup the value that investments in transit add to adjacent land and improvementsTransit Oriented Development Development near or oriented to public transit facilities • Characterized by “3-D” o Density o Diversity of land uses o Design supportive of transit and pedestrian activity
  33. 33. Definition of Key TermsValue Capture TOD the 4th “D” ($$$$)To qualify for FTA funding, TOD/JD must: • Have a physical and functional relationship to transit • Provide a financial return – either cash or other benefits • Enhance the highest and best transit use
  34. 34. Factors Supporting Use of Value Capture Techniques for Transit• Need for additional revenues• Receptive FTA policy • Livable Communities concepts • Changes in FTA Joint Development policy o More permissive interpretation of federal grant rules • FTA New Starts Criteria o Land Use rating: Transit-supportive policies and plans o Financial rating: Financial capacity and commitment
  35. 35. Factors Supporting Use of Value Capture Techniques for Transit• Demographic and economic factors • Demand side o Growth in niche consumer markets for neighborhood housing situated near transit, mixed-use development, quality of life features • Supply side: o Positive impacts on property values, rents, absorption rates, returns on investment• Congestion levels and patterns
  36. 36. Types of Value Capture Techniques Revenue Sharing ArrangementsoLand sales oSpecial improvement districtsoLeases oTax increment financing districtsoAir and subterranean rights oNegotiated paymentsoConcession leases (proffers)oFacility connection fees oIn-kind contributionsoStation interface fees oNaming rightsoBenefit assessment districts
  37. 37. Types of Value Capture TechniquesTaxed Based Revenue Sharing Arrangements oTransit impact fees oTransient occupancy tax revenues oParking revenues oAdmission fee on event oRental car tax revenues tickets
  38. 38. Types of Value Capture Techniques Cost Sharing ArrangementsoSliding scale impact fees oVoluntary agreementsoGrants oIncentive-based agreementsoLoans oMandatory-based agreementsoTax abatement and credits oJoint use/construction of facilitiesoDirect financial participation oOperational assistanceoCreative financing
  39. 39. Types of Value Capture TechniquesLand Based Cost Sharing ArrangementsoLand assembly oTransfer of development rightsoLand swaps oSliding scale impact feesoEmpowerment oTax abatement and creditszones/enterprise zones oDirect financial participationoSale or lease of development oCreative financingrights
  40. 40. Objectives of Major Participants• Transit Agency Objectives • Increase transit ridership • Enhance farebox revenues • Promote transit-friendly development: compact, higher density, mixed use • Generate supplementary, non-operating revenue stream • Reduce development-associated costs by sharing revenues and costs with private developers and/or other public entities
  41. 41. Objectives of Major Participants• Local Government Objectives • Promote Livable Communities • Provide catalyst for development and redevelopment • Improve urban form • Increase property tax and sales tax revenues • Foster advanced planning
  42. 42. Objectives of Major Participants• Landowner and Developer Objectives • Enhance value of development • Reduce uncertainties and risks • Increase profit margins • Reduce project costs • Share development-associated costs with transit agency (infrastructure, foundations, parking) • Receive density bonuses in return for public benefit development
  43. 43. Objectives of Major Participants• Local Agency Roles & Responsibilities
  44. 44. Denver Union Station Rail Bus Other COMMUTER AND COMMERCIAL REGIONAL BUS INTERCITY RAIL CARRIERS FASTRACKS •RTD Regional Bus •Taxi •Commercial Bus •East Corridor •Rental Cars (Greyhound) •Northwest •Vans and Shuttle •Tour Buses Corridor (Super Shuttle) •Gold Line •Charter Buses •Ski Area Shuttles •North Metro OTHER BUS •Van Pools AMTRAK •RTD Local Bus •Limos •16th Street Mall •Ski Train OTHER MODES Shuttle •North Front Range Intercity Service •Bike Station (Future) LRT •Pedicab •Southeast •Horse Drawn Corridor (existing) Carriage •Southwest •Pedestrian Plaza Corridor (existing) ON-SITE PUBLIC FASTRACKS PARKING •Commercial Parking •West Corridor Facility (150 spaces)
  45. 45. Denver Union Station Location Potential Uses South Wing Ground floor retail; office above (75,000 SF) North Wing Ground floor retail; office above (75,000 SF) Triangle Office or hotel; ground floor retail (200,000 SF) A Block Office , residential and retail (500,000 SF) B Block Office , residential and retail (500,000 SF) Parking Garage 685 spaces
  46. 46. Denver Union Station Revenue Source Funding FasTracks Sales Tax $35 M RTD SAFETEA-LU Earmark $2 M RTD FTA Section 5309 Bus $7 M Discretionary Earmark CDOT SAFETEA-LU Earmark $40 M (PNRS) CDOT SB-1 Grant $17 MComponents Costs Metropolitan District $25 M LRT Facility $35 M Regional Bus Facility $205 M Surplus Land Sale $38 MCommuter Rail Facility $168 M City Obligation Revenue $121 M Street & Utilities $23 MPlaza & Public Spaces $29 M Other Sources $19 M DUS Renovation $17 M Total Revenues $477 M Total Costs $477 M
  47. 47. Anaheim ARTIC Station Rail Bus Other Anaheim Resort Amtrak OCTA Transit Shuttle Metrolink High-speed rail California-Nevada Maglev
  48. 48. Anaheim ARTIC Station Location Development Underway Platinum Triangle Mixed Condominiums: 1,500 units Use Overlay Zone Apartments: 8,400 units Retail: 327,000 sq feet Restaurant: 7,840 sq feet Office: 882,000 sq feet Hotel: 130 rooms
  49. 49. Anaheim ARTIC Station Revenue Source Funding Renewed Measure M--Project T $81.6 million Bond Proceeds Measure M Transit Revenue $6.0 million 2008 State Transportation $29.2 million Improvement Program Proposition 116 $58.8 million Federal Earmark $3.2 million Components Sq Feet Total Revenues $178.8 millionTicket and Waiting Areas 49,000Event Space and Retail 42,000 Baggage 30,000 Operations 15,000 Bike Station 6,000 Total 142,000
  50. 50. San Jose Ohlone Chynoweth Station Rail Bus Other Two VTA light-rail VTA Bus lines Alum Rock - Santa Teresa Ohlone/Chynoweth - Almaden
  51. 51. San Jose Ohlone Chynoweth Station Related Land Uses 240 park-and-ride spaces 330 units of affordable housing 4,400 sq. ft. of retail Day care center for children
  52. 52. San Jose Ohlone Chynoweth Station Revenue Source Funding Tax-exempt bonds $14.5 M Tax Credit Equity $10.5 M City Loan $5.2 M FTA Improvement $824,000 Affordable Housing grant $500,000 State Proposition 1 $350,000 Total Revenue $31.9 M
  53. 53. Emeryville Station Rail Bus Other Emery Go-Round Amtrak AC Transit ShuttleCalifornia Zephyr, Coast Starlight San Joaquin, Capital Corridor
  54. 54. Emeryville Station Related Land Uses 20-acre mixed-use transit-oriented development3-building 550,000 sq ft complex of office and ground-floor retail, 101 condominium units over 1,000 parking spaces
  55. 55. Oakland Fruitvale Station Rail Bus Other Richmond to AC Transit Fremont Fremont to Daly City Dublin/Pleasanto n to Daly City/Millbrae
  56. 56. Oakland Fruitvale Station Related Land Uses Daily, Extended Weekend, Carpool, Long Term Parking Bike racks and Storage Retail 39,707 Sq Ft Office 114,510 Sq Ft Residential 42 Units
  57. 57. Oakland Fruitvale Station Revenue Source Equity: including FEMA, Ford Foundation, Goldman Fund, Levi-Strauss, PG&E, Neighborhood Reinvestment Corp City of Oakland: including EDA, Measure K, CDBG, EPA, City Library, Tax Increment Allocation FTA/MTC/ BART: including FTA grants for pedestrian paseo, pedestrian plaza, bike facility, station Interest/Miscellaneous: including interest and bond fund interest Source Revenue Debt: including 501©(3) bonds, Unity Council Total Project $53.86 million permanent and bridge loan, City Section 108, Equity 2.79 million Citibank Subordinate, City Housing loan, City of Oakland $16.70 million FTA/MTC/BART $5.76 millionInterest/Miscellaneous $0.82 million Debt $27.80 million
  58. 58. Strategies for Success• Planning & Development Strategies • Incorporate principles of Transit Oriented Development (TOD) in the jurisdictions general plan • Amend zoning rules and regulations to foster joint development around transportation centers and rail stations • Acquire land adjacent to the site to enhance joint development potential • Assemble land sufficient for transportation center with allowance for growth • Identify and pursue opportunities to combine and coordinate transit with adjacent development • Combine different land uses to encourage greater residential, employment, retail and entertainment activity
  59. 59. Strategies for Success• Planning & Development Strategies • Local government should lead the way by creating incentives like offering special tax credits, designating TOD area, creating redevelopment area as well as administering the planning and zoning process critical to joint development • Locate transit center in prime nodes of regional and community acticity attractive to normal market forces • Reflect into the transit center design, and architectural material the unique cultural elements of the city in which the system is located • Incorporate aesthetics and environmental treatment of streetscape around the center • Pursue an aggressive and focused policy commitment to accomplish joint development in conjunction with transit center
  60. 60. Strategies for Success• Transportation Strategies • Combine a variety of transit modes to maximize the centers transit ridership • Phase in related modes over time • Allow for sufficient parking to accommodate the overall needs of the project and associated development
  61. 61. Strategies for Success• Financial Strategies • Secure federal grant(s) at the initial stage which can be used as a project "kick-off" • Conduct realistic assessments of the market for development • Secure tenants with guaranteed source of revenue that can assist in securing project financing • Use multiple sources of fund to create a financial package with which to finance the center
  62. 62. Strategies for Success• Consensus Building Strategies • Coordinate with local government, transit agencies, financial and development community and the public • Work with the neighborhoods to identify and achieve community based goals • Increase project visibility by organizing public policy outreach programs
  63. 63. s.greene@sharongreene.org

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