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Realizing Transit: Clearing the Funding Hurdle

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Realizing Transit: Clearing the Funding Hurdle Realizing Transit: Clearing the funding hurdle. Presentation to the 8th International Hydrail Conference June 11th & 12th Ryerson University, Toronto, Canada Toronto, Metrolinx is not alone: How do we pay for transit? . Charlotte Area Transit System . Denver’s Eagle Project . Tucson’s Streetcar . Cleveland’s Bus Rapid Transit . LA’s Crenshaw Light Rail Line . Dulles’ Metro Rail Line . Denver’s Union Station . NJ’s Light Rail Line 2030 Transit Corridor System Plan Adopted by the Metropolitan Transit Commission in 2006 o Guide for growth of mobility options in the region 30‐year long range plan o Build‐out of a multimodal transit system o Introduction of rapid transit modes of transportation Federal Transit Administration (FTA) and the NC Department of Transportation (NCDOT) are key financial and technical partners FTA is the largest investor in projects i.e. 50% of eligible projects Every $ received from NCDOT is matched ≥ 100% with local half‐cent sales tax funds 2006 Funding Plan billion $8.8 Financial model through 2035 State $971 million included: • Capital and Operating expense • 3 main sources: Federal $2.5 billion • Local Sales Tax • Federal Grants • State Grants billion $5.1 • Other revenue from fares, Local Sales interest and property tax / Tax vehicle registration 2006 System Funding Plan 2006 Economic Impact on Sales Tax Economies Impact on Sales Tax Receipts 2006 Revenue Estimate 2013 Revenue Estimate Our Next Major Project: LYNX Blue Line Extension LYNX Blue Line Extension (BLE) o +9.4 miles o Implementation in 2017 o +25,000 daily riders o Improvements to North Tryon Street o Connects UNC Charlotte campuses FTA issued Record of Decision in December 2011 Request to enter Final Design in March 2012 Financially sustainable project o $1.16 billion (YOE) o FTA approved project & FFGA o NCDOT approved project & FFGA Next Major Project: LYNX Blue Line Extension LYNX Red Line (Commuter Rail) LYNX Red Line: North Corridor • Commuter rail from downtown Charlotte to Town of Davidson (or Iredell County) • Currently not eligible for federal funding grants for construction • NCDOT participation necessary o Financial partners o Leadership with private railroads • Proposed build‐out in 2018 o P3 (Public‐Private‐Partnership) • Candidate for design‐build LYNX Red Line (Commuter Rail) • Dual Benefit Corridor o Integrates the efficient movement of both goods (freight) and people (transit) • Economic Benefit o Attract new residents, employment and private business, strengthening the North Corridor as a focal point for the regional economy • Unified Benefits Approach o Maximize regional value creation, value capture and value distribution though a Joint Powers Authority (JPA) LYNX Red Line (Commuter Rail) • Rosa Parks Place to Eastland • Serves many travel markets • Catalyst for development • PE funded by City of Charlotte • Federal grant for 1.5 mile starter project CityLYNX Gold Line Streetcar Gold Line Airport ‐ West Corridor Gold Line Streetcar –West Corridor Airport Connection 2025 System Plan (2002) • Bus Rapid Transit • Light rail not FTA cost-effective 2030 System Plan (2006) • Streetcar extension– post 2030 • Light rail not FTA cost-effective Today Sprinter Service Funding Gap $5 billion ( Projected - remaining corridors - 2045) $1.7 billion $5 billion gap needed to advance the remaining corridors Operating • Red Line –North Corridor • Gold Line –Center city • Gold Line Airport ‐ West Corridor $3.3 billion • Silver Line –Southeast Corridor Capital Funding Gap 2045 The Best Minds –Best Ideas Transit Funding Working Group • Metropolitan Transit Commission working committee • Specifically focused on: • Identifying & building awareness for funding challenges faced to complete the 2030 Transit Plan • Recommend a set of funding and financing tools and strategies • Diverse cross‐section of local business, industry and elected officials • Finance, Development, Small Business, Transit • Local Town, City, County and State elected officials The Best Minds –Best Ideas National Experts / Projects • Learning from national experts • How they are: • Advancing transit projects thru P3s • Using energy savings / carbon credits to finance projects • Leveraging partnerships to reduce project risk • Creating local jobs & providing ROI to private businesses • Assembling innovative funding / financing models P3 Projects: Denver’s Eagle Project Tucson’s Streetcar Cleveland’s Bus Rapid Transit LA’s Crenshaw Light Rail Line Dulles’ Metro Rail Line Denver’s Union Station NJ’s Light Rail Line One of Denver’s Models The Denver Experience: Fed New $2.05 billion Starts Denver –Eagle Project: $1034 million • Transit FasTracks initiative • Multiple corridors advancing Private Activity • Commuter rail / Bus Rapid Transit Bonds $396 million Project Delivery: Denver Transit Partners Design – Build – Finance –Operate – Maintain • For 34 years TIFIA Loans $280 million • Transit retain asset ownership • Set fares, customer service, safety, Federal Grants $62million standards Local/CDOT $40 million GARVEE $16million Revenue Bonds $48 million Local Sales Tax $114million Chicago Infrastructure Trust The Chicago Experience: Energy Retrofit • Cross‐agency project for several Chicago city departments and the Chicago Public Schools • $100 million retrofit of facilities to realize energy savings • Energy savings are shared with P3 to pay for project and provide a return on investment Chicago Infrastructure Trust • 501C organization • Appointed by Mayor with staggered terms • Allows for a more regional approach • Cross different agencies to obtain benefits and advance projects Contrasting Models Contrasting Models Fares / Adv./Other • More robust and flexible funding State & financing mechanisms Federal • Spreads risk across many entities Federal NCDOT • Increased upfront development potential TIFIA/RRIF Loans • Pay‐As‐Go • TIFs Local Sales • SAD/MSD Tax • Pennies for Progress Pay‐As‐You Go • Expanded sales tax, etc. Capital Current Model Proposed Model Toolbox Local Revenue Exploration Legislative Revenue tools Metrolinx short‐listed: State authorizing legislation for all P3 TIFIA Loan for BLE long‐term financing methods TIF and SAD legislation which makes revenue eligible for capital (and operating) Development charges Define “System Plan” boundary for general TIF legislation costs of transit Employer payroll tax Enact TIF district along BLE Corridor Extend SAD Legislation Sunset State legislative authority that may be Gas tax Develop local infrastructure bank needed to explore transit loan programs Assess impact of changes to base by the General Additional sales tax (including Pennies for High‐occupancy toll lanes Assembly on the current ½% sales tax Progress for capital) Establish zoning incentives along corridors to attract Technical ‐ Planning/Engineering Highway tolls development Combine Streetcar and West Corridors into Land value capture Explore menu of options for ancillary revenue: one project Parking space levy o Advertising Define mode for the Southeast Corridor Property tax o Air rights Revisit project scopes and cost estimates Sales tax o Naming rights Outreach Initiate and maintain contact with P3 market Transit fare increase o Digital kiosks/boards o Carbon tax Educate other stakeholders on P3 methods Vehicle kilometres travelled o VMT o Parking o Energy Related Revenue o Debt Refunding Coordination/financial cooperation from Airport on West Corridor Streetcar Cost Pressures Cost Pressures Create an opportunity: Construction Costs and Operations & Maintenance Costs Have to be included in the finance plans for transit lines. Eliminating catenary can significantly reduce the cost of both. Equipment OEM’s need to adopt the BMW approach and provide financing/leases that include maintenance in the cost and/or; OEM’s should participate in P3 consortiums which provide a reliable total cost financing. Questions Questions? Thank You Presented by: Bill Thunberg, Executive Director Lake Norman Transportation Commission [email protected] www.lakenormantrans.org Thank You!.
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