fi i t it o i t d financing transit oriented districts · fundamentals of financing transit...
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Fi i T it O i t d Financing Transit Oriented DistrictsDistricts
“Getting It Done”Workshop IVWorkshop IV
Dena BelzerJune 15 2010June 15, 2010
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Presentation OverviewPresentation Overview
1. Fundamentals of Financing Transit Oriented Districts
2. Current National Discussion on Financing TODFinancing TOD
3. Quick Case Studies4 C l di Th ht L N t4. Concluding Thoughts, Lessons, Next
Steps for the Twin Cities
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Fundamentals of Financing Transit Oriented Districts
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1. Transit Districts Have Many M i P tMoving Parts:
• Transit• Connections to stations for buses, bikes, pedestrians,
d f th land cars from the larger area• Gray infrastructure (sewer, water, storm)• Green infrastructure (parks street trees)• Green infrastructure (parks, street trees)• Community infrastructure (libraries, day care health
clinics)• Existing Buildings• Development opportunity sites
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2. There Are More Moving Parts:2. There Are More Moving Parts:
• Market Conditions– Station AreaStation Area– Corridor– RegionRegion– National
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3. Even More Moving Parts:3. Even More Moving Parts:
• Local, regional, statewide, federal policy – Local zoningLocal zoning– Regional transportation investment policies– State enabling legislation for local financeState enabling legislation for local finance– Federal support for local projects
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4. One More Moving Part:4. One More Moving Part:
• Local Implementation Capacity– Can come from many sources, butCan come from many sources, but
leadership and political will must emerge
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Successful TOD District Implementation is Composed of the Implementation is Composed of the Interaction Among All of these Parts
Physical Context
Market Conditions
Proactive Leadership ConditionsLeadership
Policy Framework
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Financing Transit Oriented Districts is Driven By Context, Not
by Tools by Tools Always use the right tool for the g t too o t ejob!
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While Every TOD is Slight Different, C t i P tt i TOD D l t Certain Patterns in TOD Development
Have Emergedg
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Proximity to Employment Drives De elopment Acti itDevelopment Activity
New Development Total Employmentp
Hiawatha Line(Minneapolis)
Residential Commercial
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
velo
pmen
t (in
Squ
are
Feet
)
20 000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
Jobs
(200
8)
1,400,0001,600,000 1,800,000
e Fe
et)
-
1,000,000 Dev
0
20,000
25 000
30,000
0 200,000 400,000 600,000 800,000
1,000,000 1,200,000 1,400,000
Dev
elop
men
t (in
Squ
are
Southeast Corridor(Denver Region)
0
5,000
10,000
15,000
20,000
25,000
Jobs
(200
8)
Blue Line(Charlotte) 30,000
40,000
50,000
60,000
70,000
80,000
Jobs
(200
8)
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
ent (
in S
quar
e Fee
t)
( )
Station Area
0
10,000
20,000
J-
1,000,000
2,000,000
Deve
lopm
e
Station Area
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Development “Opportunity” D t i TOD A ti it
Fairmont Corridor (Boston) Blue Line (Charlotte)E t i O t it f N D
Determines TOD Activity
•Limited Opportunity for New Dev. •Extensive Opportunity for New Dev.
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Public Policy and Public Investment Can Aff t D l t F ibilit
Townhome4 Stories
over Podium “Dallas Donut” 6 St i
Affect Development FeasibilityTownhome over Podium Dallas Donut 6 Stories +
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II. Some Case Studies In Matching Opportunities and Tools
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Case Study #1Case Study #1
Prioritizing TOD investments at the regional scale – Portland Metro TOD gProgram
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Metro Planning Department’s Transit-Oriented Development Implementation Oriented Development Implementation Program - Direct Investment in TOD ProjectsProjects• Foster construction of higher density and mixed use
h i t d t t it th h t hihousing connected to transit through partnerships with the private sector
• Develop urban style buildings that minimize parking and maximize floor area ratio
• Decrease auto trips and increase transit, bike, and ped. trips in station areas ped ps s a o a eas
• Leverage and focus public expenditures within station areas to support Metro’s 2040 Growth Concept.
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Sort the Opportunities by Market St th d U b FStrength and Urban Form
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Places for Investing and Places f Pl ifor Planning
Plan and Partner
Invest in Projects
Invest in Place Making
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Case Study #2Case Study #2
Regional Investment in Affordable TOD –Bay Area Acquisition Fundy q
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BAY AREA DEMAND FOR AFFORDABLE TOD
• High cost of living – So strong imperative for putting h i t ithousing near transit
• Demand for housing near transit projected to increase 40% between 2000 and 2030 248 000 potential householdsbetween 2000 and 2030 – 248,000 potential households
• Half of demand for housing in TOD will come from low income householdsincome households
• 41% of existing subsidized housing is near transit
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REGIONAL DEVELOPMENT OPPORTUNITIES
Limited Number of Potential Infill Development Sites
1.20
1.40
s of Acres
Vacant or Underutilized
0.80
1.00
Millions Underutilized
Property –Less than 3%
0.40
0.60of total
0.00
0.20
0.00
Bay Area Developable Land
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REGIONAL DEVELOPMENT OPPORTUNITIESScarcity of Development Sites Near Transit
14% of Vacant Land
30.0
35.0
nds of Acres
Vacant Land is Near Existing or Pl d
20.0
25.0
Thou
san
Planned Transit
10.0
15.0
0 0
5.0
0.0
Vacant or Underutilized Land
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The MPO (MTC) Has Put Up $10 illi t “S d” A i iti F dmillion to “Seed” Acquisition Fund
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Case Study # 3Case Study # 3
Fruitvale Transit Village – Oakland, California
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Long Term Project With Many PhPhases
– Neighborhood revitalization– New construction
• Las Bougainvilleas – 68 affordable units (1998)g ( )• Streetscape improvements (1999-2002)• Fruitvale Transit Village (2004)• Public Market (2007)• Dense Housing “Phase II” – 275 units (2009-2012)• Cultural & Performing Arts Center (2010)
• Façade and Street Improvement (Main Street/PBID)• Graffiti Abatement and Crime Reduction• Inviting, Safe, Walkable Public Spaces
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Many Financing SourcesMany Financing SourcesMain Buildings and BART Parking Garage
– A. Equity/Grants (Buildings/Plazas) - $26.0 million– FTA $5.7 million– City of Oakland Prepaid Leases $7.4 million– City of Oakland Pass through grants $5.3 million– Tax increment financing $4.0 million– Foundations $2.3 million– Unity Council/FDC equity $1.3 million
– B. Debt (Buildings/Plazas) - $28.0 million501 3 B d $19 8 illi– 501c3 Bonds $19.8 million
– City of Oakland HUD 108/EDI $3.3 million– Citibank $1.4 million– City of Oakland Home $0.7 million
U it C il l $1 8 illi– Unity Council loan $1.8 million
– C. Equity/Debt (BART Parking Structure) - $12.5 million
– FTA $7 6 million grantFTA $7.6 million grant– Alameda County (ACTIA) $4.1 million– Unity Council loan to BART $0.8 million
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Case Study #4Case Study #4
Financing Mixed Income Housing –Denver and Lakewood Colorado Housing Authorities
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Denver/Lakewood Housing A h i iAuthorities
• Strategic land acquisition along West Corridor (currently under construction)construction)
• Redevelopment of existing publicexisting public housing into mixed income co edevelopment
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Case Study #5Case Study #5
Financing Streetcars – Seattle, Portland, Tampap
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Portland: Streetcar Funding Portland: Streetcar Funding
Construction of 2.4 mi alignment began in 1997, opened in 2001
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Seattle: Streetcar FundingSeattle: Streetcar Funding
As a local property owner initiative, the largest funding source came from a LID
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Tampa: Streetcar FundingTampa: Streetcar Funding
Diverse array of funding sources covered implementation costs Diverse array of funding sources covered implementation costs
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Current National Discussion on Financing TOD
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Improving the Federal Partnership for Equitable TOD – CTOD Equitable TOD CTOD
Recomendations
Expand Federal Financing And Tax Incentive Programs
• RECOMMENDATION #1: Modify and Expand the Transportation Infrastructure Finance and Innovation Act (TIFIA) to work better for transit and TOD
• RECOMMENDATION #2: Create a Livable Communities Credit Enhancement Program
• RECOMMENDATION #3: Modify US Tax Code to Create Location Efficiency Incentives
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CTOD Recommendations (con’t)CTOD Recommendations (con t)
Expand Public Transportation Investment
RECOMMENDATION #4: Establish a “Self Starts” Companion• RECOMMENDATION #4: Establish a “Self Starts” Companion Program to Section 5309
• RECOMMENDATION #5: Create a Multimodal Access Program for New Capacity
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CTOD Recommendations (con’t)CTOD Recommendations (con t)
Modify Existing Federal Surface TransportationModify Existing Federal Surface Transportation Programs
• RECOMMENDATION #6: Support Integrated Long-Range Regional PlanningPlanning
• RECOMMENDATION #7: Expand eligibility of transportation funds for TOD
• RECOMMENDATION #8: Create Multimodal Office of Livable Communities at USDOT
RECOMMENDATION # 9 M dif th F d l N St t d S ll St t• RECOMMENDATION # 9: Modify the Federal New Starts and Small Starts Program
• RECOMMENDATION #10: Establish affordable housing replacement g prequirement for all transportation projects
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Concluding Thoughts and Lessons Learned
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Lesson 1Lesson 1
There is no silver bullet or perfect tool kit for financing Transit Oriented Districtsg
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Lesson 2Lesson 2
Financing follows a vision, which can be “fixed,” but the implementation strategy , p gyhas to be flexible and dynamic
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Lesson 3Lesson 3
Resources need to be deployed to maximize leverage and maximize gimpact
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Lesson 4Lesson 4
Proactive leadership is essential
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Lesson 5Lesson 5
Partnerships are essential
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Next Steps for the Twin CitiesNext Steps for the Twin Cities
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Keep Working on the ToolsKeep Working on the Tools
• Identify which tools work best in what contexts
• Build a better understanding of timing into the informationinto the information
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Do Corridor Assessments to “S t” O t iti“Sort” Opportunities
• Find those places where the market is working and investg
• In locations with longer term markets, enhance transit connections so peopleenhance transit connections so people really use the transit
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Invest in the Low Hanging FruitInvest in the Low Hanging Fruit
• Small scale projects• Affordable housingAffordable housing• Pedestrian improvements
Oth l ki• Other place making
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Be PatientBe Patient
• Transit Oriented Districts will build out over long periods of time, 10 to 20 yearsg p , y