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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

8/1/2017 2017 AASHTO SCOP/SCOPM/TAM - Cincinnati 2

Utilizing Toll

Revenues for

Transit

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



Transit Service To Be Supported by I-66

HOT Lanes

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


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


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


� 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



Value Capture:WMATASilverLine Expansion

WMATASilverLine Expansion: Fairfax County


� 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


$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


Tyson’s Corner Mixed Use Development Projects

Courtesy: Cushman and Wakefield commercial real estate services



Value Capture:PotomacYardMetrorailStation

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



$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


$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



Potomac Yard Metro Station

Planned Development


Potomac Yard Metro Station

Utilizing Toll Revenues and Value Capture to Fund

Multimodal ImprovementsAmerican Association of State Highway and Transportation Officials

August 1, 2017

Jennifer Mitchell

Agency Director


Documents

Utilizing Toll Revenues and Value Capture to Fund Agency ...tpm-portal.com/wp-content/uploads/2017/08/aashto-conf/mitchell... · Utilizing Toll Revenues and Value Capture to Fund