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2013 0122 TOD Infrastructure Financing Report

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    PROJECT CONTRIBUTORS FEDERAL PARTNERS Lee Sobel, EPA Office of Sustainable Communities, 1200 Pennsylvania Avenue, NW, Mail Code: 1807T, Washington DC 20460, Phone: 202.566.2851, Email: sobel.lee@epa.gov Melissa Kramer, EPA Office of Sustainable CommunitiesAnne Keller, EPA Region 4 Ramona McConney, EPA Region 4 Heinz Mueller, EPA Region 4 Alan Powell, EPA Region 4 Christopher Choi, EPA Region 5 Stephanie Cwik, EPA Region 5 Jon Grosshans, EPA Region 5 Deborah Orr, EPA Region 5 James Vanderkloot, EPA Region 5 Cynthia Cody, EPA Region 8 Elaine Lai, EPA Region 8 Brian Gillen, HUD Pauline Zvonkovic, HUD Charles Goodman, DOT Michael Patella, DOT Dwayne Weeks, DOT Robert Buckley, Federal Transit Administration Keith Melton, Federal Transit Administration Jeff Price, Federal Transit Administration CONSULTANT TEAM Michael Matichich, CH2MHill Dena Belzer, Strategic Economics Sarah Graham, Strategic Economics Alison Nemirow, Strategic Economics Eli Popuch , Strategic Economics Ellen Greenberg, Arup Abigail Rolon, Arup COMMUNITY TEAM Malaika Rivers, Cumberland Community Improvement District Brantley Day, Cumberland Community Improvement District Tom Boland, Cumberland Community Improvement District Reggie Greenwood, South Suburban Mayors and Managers Association Janice Morrissy, South Suburban Mayors and Managers Association Dave Chandler, Center for Neighborhood Technology Dominic Tocci, Metropolitan Planning Council Christina Oliver, Utah Transit Authority Kathy Olson, Utah Transit Authority Matthew Sibul, Utah Transit Authority Nick Duerksen, Sandy City Kasey Dunlavy, Sandy City Jill Wilkerson-Smith, Redevelopment Agency of Salt Lake City Gabriel Epperson, Envision Utah Kevin Fayles, Envision Utah Christina Oostema, Envision Utah Kenneth Johnstone, City of Wheat Ridge Sarah Showalter, City of Wheat Ridge Cover photos and credits: The Crossings, Gresham, Oregon (Metro, Portland, Oregon); Seattle South Lake Union Streetcar (Steve Morgan via Wikipedia); Denver Union Station (K_Gradinger via Flickr.com). Back cover photos and credits: Corvallis, Oregon (Wendell Ward via Flickr.com); Sacramento Regional Transit District light rail (Ian Britton via FreeFoto.com); White Flint Metrorail station (EPA).    TABLE OF CONTENTS FREQUENTLY USED ACRONYMS AND ABBREVIATIONS ........................................................................v   EXECUTIVE SUMMARY......................................................................................................................V   I. INTRODUCTION............................................................................................................................1    A. Transit-Oriented Development and Smart Growth.....................................................................2   B. The Benefits of TOD ...............................................................................................................2   C. The Challenge of Funding Infrastructure for TOD......................................................................3   II. OVERVIEW OF TOOLS AND STRATEGIES FOR FUNDING AND FINANCING TOD INFRASTRUCTURE....5    A. Background on Infrastructure Funding and Financing..................................................................5   B. Tools for Funding and Financing TOD Infrastructure ...................................................................7   III. CASE STUDIES: COMBINING FUNDING AND FINANCING SOURCES TO FORM STRATEGIES.............15    A. Special Assessment District: New York Ave-Florida Ave-Gallaudet University Metrorail Station .18   B. Joint Development: West Dublin BART Station .......................................................................22   C. Federal Loans, Grants, and Credit Enhancement: Denver Union Station ..................................26   D. Special Assessment District: Downtown Stamford...................................................................32   E. Public-Private Partnership: The New Quincy Center................................................................36   F. Special Tax and Density Incentives: The White Flint Sector Plan .............................................41   G. Corridorwide Tax-Increment Financing: Atlanta BeltLine..........................................................48   H.   Multistation Tax-Increment Financing: Dallas TOD TIF District.................................................54   I.   Supporting TOD with Federal Transportation Grants: Transportation for Livable Communities ...61   J.   Structured Fund for TOD Land Acquisition: Bay Area Transit-Oriented Affordable Housing  Acquisition Fund...................................................................................................................67   K.   Regional TOD Investment Framework: Central Corridor Light Rail and the Central Corridor    Funders Collaborative ...........................................................................................................73   IV. INNOVATIVE MODELS ................................................................................................................78    A. Anchor Institution Partnerships ..............................................................................................79   B. Corridor-Level Parking Management......................................................................................89   C. Land Banking for TOD Infrastructure....................................................................................101   D. District Energy Systems ......................................................................................................107   ii    APPENDIX A. EPA SMART GROWTH IMPLEMENTATION ASSISTANCE PROGRAM......................... A-1   APPENDIX B. TOOLS FOR FUNDING AND FINANCING TRANSIT-ORIENTED DEVELOPMENT   INFRASTRUCTURE .......................................................................................................................... B-1   Key Factors for Evaluating Tools ............................................................................................... B-1   Tools ....................................................................................................................................... B-2    A. Direct Fees......................................................................................................................... B-4   B. Debt Tools ........................................................................................................................B-10   C. Credit Assistance...............................................................................................................B-36   D. Equity Sources ..................................................................................................................B-42   E. Value Capture Mechanisms................................................................................................B-49   F. Grants and other philanthropic sources ...............................................................................B-61   G. Emerging Tools .................................................................................................................B-81   APPENDIX C. FUNDAMENTALS OF STRUCTURED FUNDS............................................................. C-1    A. Introduction to Structured Funds.......................................................................................... C-1   B. Using Structured Funds for Property Acquisition ................................................................... C-3   C. Structured Funds and TOD.................................................................................................. C-3   D. Establishing the Need for a Structured Fund......................................................................... C-4   E. Top-Loss Money and Sizing Structured Funds...................................................................... C-6   F. Fund Organization and Management ................................................................................... C-7   APPENDIX D. POTENTIAL APPLICATIONS OF FINANCING TOOLS IN SGIA COMMUNITIES.............. D-1    A. Cobb County and the Cumberland Community Improvement District...................................... D-2   B. South Suburban Mayors and Managers Association ............................................................D-10   C. Utah Transit Authority (UTA), Salt Lake City, and Sandy City, Utah.......................................D-17   D. Wheat Ridge, Colorado......................................................................................................D-22   iii
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