Commuter Rail il and Transit Development Dis istrict Update CAF Economic Outlook November 1, 2019
• 9-mile extension to Dyer, Indiana • Project Cost: Estimated $816 million • In October NICTD received permission to “enter into engineering,” and complete all design and engineering work • Federal funding has begun to flow, with some of the engineering costs and cost of refurbishing cars for the West Lake line eligible for federal reimbursement • Only projects cancelled by their sponsor failed to receive federal funds after reaching this phase. Northwest Indiana RDA 2
• 25 mile project area, 16 miles new 2nd track, 4 new bridges, 3 new hi-level boarding platforms, 7 new hi-speed crossovers, closing 20 grade X-ings in Michigan City, train/car separation in Michigan City • Estimated cost: $416 million • Financial plan approved by RDA board, IFA, NICTD and the State Budget Committee • The Double Track Project application to the FTA was submitted at the end of June Northwest Indiana RDA 3
• Appropriated $205 million for RDA to use on projects as needed • To cover potential cost increases for both projects • To cover possible funding requirements from the FTA • Funds are borrowed as needed from the Next Level Connection fund • If a project receives a Full Funding Grant Agreement (FFGA), the project borrowing is forgiven with neither principal nor interest to be repaid • If a project does not receive a FFGA then RDA is required to repay the loan over 25 years. RDA is at risk if NICTD is not successful in getting a FFGA for either project (if the project draws on the loan). • There will be separate loans for each project. Failure on one project will not trigger repayment for the other project. Northwest Indiana RDA 4
• Established by the General Assembly in 2018 • Allows RDA to establish a Transit Development District (TDD) in ½ mile area around train station • RDA and localities must negotiate a % of incremental property tax & local option income tax revenues from TDD to go to RDA to invest back into TDD • RDA will employ incremental revenues to finance needed infrastructure improvements and to incentivize private development • Existing obligations have priority over any later obligations made by the RDA, and any RDA obligations are subject to outstanding ones. • Revenues generated in a district must be spent in that district • Legislation created a steering committee of locally appointed representatives to inform and guide development Northwest Indiana RDA 5
• RDA has requested communities provide GIS and planning data for use in drawing up the Transit Development District (TDD) boundaries and facilitate development planning within each district. • RDA has begun meeting with communities in order to begin drafting the districts. We have focused primarily on West Lake communities since that project is further along in the federal funding approval process. • To date the RDA team has initiated the TDD process with Dyer, Munster, Hammond and Michigan City. • The districts will be planned in collaboration with development priorities in each community. • By statute, RDA must hold two public meetings for each TDD to allow for public review and comment. We hope to begin holding the first public meetings early next year. Northwest Indiana RDA 6
• Independently, several communities are already planning for Transit Oriented Development (TOD) • Dyer is incorporating TOD into the town’s new comprehensive plan, currently under development Northwest Indiana RDA 7
• West Lake: • Complete design and engineering - 2020 • Negotiate Full Funding Grant Agreement - 2020 • Construction begins - 2021 • Service begins - 2024 • Double Tracking: • Receive permission to enter into engineering from FTA - 2019-20 • Complete design and engineering - 2020 • Negotiate Full Funding Grant Agreement – 2020-21 • Construction begins 2021-22 • Transit Development Districts: • Hold public meetings and finalize TDDs over the course of 2020 Northwest Indiana RDA 8
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