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Central Florida Expressw ay Authority Multim odal I nvestm ent Assessm ent Status Report and Update CFX Board Presentation Center for Urban Transportation Research, University of South Florida September 8, 2016 Background 2040 Master


  1. Central Florida Expressw ay Authority Multim odal I nvestm ent Assessm ent Status Report and Update CFX Board Presentation Center for Urban Transportation Research, University of South Florida September 8, 2016

  2. Background • 2040 Master Plan Update – Expanded Role • Investment policy for multi-modal investments • CFX workshop – December • CUTR commissioned to assist “How can a revenue authority funded with user fees, financially, or otherwise partner to further multimodal mobility without jeopardizing its long-term sustainability and maintain its commitment to customers, bondholders and the community?” 2

  3. Study Elem ents • Situational Analysis • Develop Draft Project Criteria • Plan Review – Preliminary Project Identification • Presentation of Findings and Final Report – Assist in new policy formulation by recommending a set of policy recommendations consistent with Board direction that comply with state statute; an evaluation of multimodal funding needs and potential projects; and, a suggested process for periodic review and evaluation of partnership opportunities. 3

  4. Situational Analysis – Doc Review Statutes Survey Responses: Dashboard and • • Details Board workshop – December • CFX 2040 Visioning and Master Plan Work Plan- FY 2016- FY 2020 • • CFX General Traffic and Earnings CFX Investment Policy • • Consultant’s Annual Report CFX Debt Policy • CFX 5-Year Work Program • Bond Counsel Transit Guidance • Florida Transportation Commission – Memorandum • Transportation Authority Monitoring CFX Rating Agency Presentation • and Oversight Report Material U.S. PIRG Report – “A New Direction – • Rating Agency Reports: Moody’s; S&P; • Our Changing Relationship with Fitch Driving and the Implications for Wekiva Interlocal Agreement America’s Future • Amended and Restated Master Bond Toll Revenue Diversion – Credit • • Resolution Perspective – Fitch Ratings CFX Board Questionnaire Responses Metropolitan Orlando 2040 Long • • – Valencia Range Transportation Plan 4

  5. Situational Analysis – I nterview s • CFX Executive Management • Traffic and Revenue Consultant • Financial Advisor • Bond Counsel • Regional MPO Executive Director • LYNX Chief Executive Officer 5

  6. Agency Review s • Types – Single facility – State toll agency – Reinvestment model – Multi-modal financier/ partnership – Agency own/ operate multi-modal 6

  7. Toll Toll Toll Authority Authority Authority Authority – Multi-Modal Own/ State Toll Expressway Single Financier Agency Operate Reinvest. Facility Partnership Multimodal Model Model Model NTTA SRTA – Georgia MTA, Golden Penn., Ohio, Chesapeake Bay E- 470 SANDAG Kansas, Indiana Gate, PANYNJ Bridge/ Tunnel Peace Bridge DRPA Pros Pros Pros Pros Pros Provide multimodal Single purpose System Pledges Provide corridor relief Statewide system benefit to region Predicable costs Predicable costs Benefits toll customers coordination/ planning Additional funding No risk of revenue System Expansion Integrated corridor Mature revenue source for transit “diversion” Minimal risk of management & steam deficits Cons revenue “diversion” funding Cons Cons Toll roads only Cons Increased partnership Targets for state Debt rating concerns Less responsive to Toll roads only opportunities budget balancing, not Limits reinvestment in community Little flexibility for Cons urban focused base system No leveraging investment Some risk to base Diversion risk increase opportunities Less responsive system funding Characteristics and Considerations Population • Population Density Regional Value of Time • • Modal Split Congested Peak Hour % • • System Maturity Hours of Delay • • Toll Transaction/ capita Annual Congestion Cost • • Transit Passenger Trips/ capita Congestion Index • • 7

  8. Project Criteria • Driven by: – Statute – Master Bond Resolution – Bond Counsel Advice – CFX Debt Policy – FDOT/ CFX Wekiva Agreement – CFX Board Concurrence/ Adoption 8

  9. Observations, Early Findings • Revenue authority model is regionally tailored • Organizational structure can/ should evolve as region’s needs evolve • Recent trend seems to show spinning off economic development roles • Total multi-modal integration models reserved for densely developed areas with no ability or appetite for additional highway capacity – mature urbanized areas • Transit demand is high in areas with heavy multi-modal involvement 9

  10. Observations, Early Findings • Current CFX Work Program uses much of the financial capacity indicating an on-going need for expressways • Strong regional sense for CFX to be more engaged in multimodal – wide spectrum of opinion on how best • Several examples of trading revenue authority sustainability for short-term expediency – Sale of Asset – Mandatory Diversion – Direct Subsidy 10

  11. Next Steps • Discussions with: – MPOs – MetroPlan, Polk, Lake-Sumter, River to Sea, and Space Coast – Transit agencies - LYNX, SunRail, and Lake County – Higher Ed Institutions - Seminole State College, University of Central Florida, Valencia College, and Lake- Sumter College 11

  12. Schedule May June July August Sept Oct Nov Situational Analysis Draft Project Criteria Plan Review Draft Report Final Report and Presentation 12

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