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Cotton Belt

Cotton Belt. Innovative Financing Options for Regional Rail Southwestern Rail Conference January 28, 2011. Cotton Belt Corridor. Cotton Belt History. 1983 DART Service Plan Included the Cotton Belt. 1990 DART Purchases Cotton Belt. 2002 DFW Airport Undertakes Rail Access Study.

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Cotton Belt

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  1. Cotton Belt Innovative Financing Options for Regional Rail Southwestern Rail Conference January 28, 2011

  2. Cotton Belt Corridor

  3. Cotton Belt History

  4. 1983 DART Service Plan Included the Cotton Belt

  5. 1990 DART PurchasesCotton Belt

  6. 2002 DFW Airport Undertakes Rail Access Study

  7. 2005 The T Begins SW2NE Project

  8. “Natinsky” Plan

  9. Light Rail New Technology

  10. DART’s Current System Plan Includes Express Rail On Cotton Belt, But No Funding

  11. WhyIs Additional Funding Needed? DART Sales Tax Trending Down 11

  12. Regional Approach All Must Be On “Same Page” Historically Regionalism Resulted in Major Successes – D/FW Airport Cotton Belt Potentially Template for Realization of Broader Rail North Texas Plan

  13. New Funding Paradigm Timely and Necessary iFi Promises to be New Funding Paradigm

  14. So, Additional Sources Needed:Texas Local Option Transportation Act (TLOTA) • What Was TLOTA? • Local Option Tax to Increase Transit Revenues • County-based Opt In • Funds Raised In a Transit Service Area Stay Were To Stay In That Area • Includes Equity Benefit Provision to Benefit Cities Within a County Proportionally • No New Levels of Government

  15. TLOTA Failed In Legislature, But Its Regional Tone Prevails • TLOTA Supporters • Legislators • Local Governments • Transit Authorities • Chambers of Commerce • Advocacy Organizations

  16. DART, The T and PPP • Issued Joint Request for Information • Sought Alternative Funding • Coordinated with COG • 55 Respondents • All Essentially Said, “If DART Finds More Revenue, We Can Finance or Design System” • RFI Reinforced Need for Creative Approach • RFI Underscored Need for Regional Approach

  17. RFI Process Underscored Need for Regional Approach All Must Be On “Same Page” Historically Regionalism Resulted In Major Successes Such As DFW Airport Cotton Belt Potentially Initial Template For Realization of Broader Rail North Texas Plan

  18. Filling the funding gap

  19. iFi Approach • Phase 1 – Structure Revenue Streams • Assess Potential to Raise Private Capital • Phase 2a – Construct and Commit • Agreements to Commit Streams to Repay • Phase 2b – Monetize Revenue Streams • Fund Project Via a Concession • Possible FDBOM

  20. iFi Process Started with 130 Potential Revenue Sources Analyzed the Corridor Interviewed Stakeholders Interviewed Potential Investors Considered Policy Implications Analyzing Viable Set of Sources

  21. iFi Structure • Potential Revenue Sources • Non-geographic • Advertising • Fiber Optic • Enhanced Farebox Recovery/Rapid Card • Parking System • Geographic • Public Land Development • Value Capture

  22. Value-Capture Appraised Value Captured Appraised Value Value After Termination Tax Increment Baseline Property Value Time Creation Termination

  23. Development That Sustains Value Capture

  24. Conventional Development Buffers Instead of Transitions Lack of a Transportation Network Not Pedestrian-friendly, Not Transit-friendly Narrowly Stratified Market Value Drops When The Intended Use No Longer Viable

  25. Sustainable Development Transitions Instead of Buffers A Network of Transportation, Encouraging Choice Broad Market (Age, Socio-economic, Race, Marital Status, etc.) Designed To Endure Value Holds When The Current Use Is No Longer Viable

  26. We’ve Ignored Value Capture in Transportation Investment The long term impact of delinking design of transportation and cities is pulling the current American funding system down onto its last leg.

  27. Trends Suggest a New Opportunity to Rely Again on Value Capture 40 million housing transactions expected over the next 40 years, providing an opportunity to speak to the new generation who want urban living Millennials and Boomers

  28. Market Common Clarendon, Arlington VA Recently in the Wall Street Journal – “Gen Y housing preferences are the subject of at least two panels at this week's [NAHB]convention. A key finding: They want to walk everywhere. Melina Duggal, a principal with adviser RCLCO, [said a] whopping 88% want to be in an urban setting; but since cities themselves can be so expensive, places with shopping, dining and transit such as Bethesda and Arlington in the DC suburbs will do just fine.”

  29. Sustainable Development Arlington, VA 31% of taxbase In 7% Land Area Structuring Greater Value Aggregation

  30. Is iFi Realistic? Potential Investors Confirm Value Capture Approach Is Sound and Viable

  31. Value Capture Applied to Corridor • Typology Examples • 12thStreet (redevelopment) • Bush Central (infill greenfield) • UTD (public lands development) • Cypress Waters (existing TIF, MMD) • North Richland Hills (redevelopment) • Summer Creek (new greenfield)

  32. 12th Street

  33. Bush Central Courtesy of GFF and Gateway Planning

  34. View to Bush Central Station Plaza

  35. UTD

  36. Cypress Waters

  37. NRH - Smithfield

  38. Summer Creek

  39. Other Key Revenue Sources Fair Fare Structure Rapid Card Opportunity Railcar Manufacturing Facility Coordinated Multimodal Leveraging

  40. Fair Fare What is a Fair Fare and Where Are Your Partners?

  41. Rapid Card Opportunity Enhanced Farebox Recovery Evolving Technology Multimodal Possibilities Competition for Franchise Implications for Partnerships

  42. Rapid Card Elements • Distance • Destination • Time of Day • Class of Fare (i.e. Student, Disabled, Economically Disadvantaged, etc) • Regional Equity (In-system Resident or Out-of-system Resident)

  43. Rapid Card – a Systematic Approach • Transit • Toll Systems • Parking Concessions • Cities • D/FW Airport • DART station areas • Retail Vendors (station areas, card “recharge” locations, rental vehicle concessions, etc.) • Taxis • Limousines

  44. Manufacturing Facility National Opportunity for Local Economic Development DFW as National Rail Development Leader

  45. Multimodal Operations and Leveraging of Funding Transportation and Land Use Can No Longer Be Viewed In Separate Silos Mobility 2035 Plan Relies On More Balance of Rail and Roads, Embracing North Texas 2050 Growth Scenario Sustainable Economy

  46. When Will We See the Results?(Special Sauce) INGREDIENTS: NAMING RIGHTS, TOLL REVENUE, FEDERAL FUNDING, LOCAL OPTION GAS TAX, LOANS & GRANTS, ADVERTISING, FAREBOX RECOVERY, SMART CARD, VALUE CAPTURE, PUBLIC LAND DEVELOPMENT, FIBER OPTIC, PARKING, TAX REVENUE SHARING, VEHICLE REGISTRATION FEE, IMPACT FEES, TIF, OTHER NATURAL FLAVORS

  47. Private Delivery of Public Functions: A New Model? What Are The Implications for Attracting Private Investment? What Efficiencies of Cost Optimization Can Be Achieved? Can This Business Model Translate Beyond the Cotton Belt?

  48. How Do We Get There?

  49. www.nctcog.org/ifi

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