Infrastructure Financing Options for Transit-Oriented Development Development Council of Development Finance Agencies, National Development Finance Summit August 9, 2013 Lee Sobel, Director of Public Strategies
TRANSIT-ORIENTED DEVELOPMENT DEFINED Transit-oriented development (TOD) is development near a transit station that offers a mix of housing, that offers a mix of housing, employment, shopping, and transportation choices. Putting homes, jobs, and stores close to j transit can give people less expensive, less polluting transportation options while improving their access to more job opportunities throughout the region. TOD is generally compact, walkable de elopment development, which uses land more hich ses land more efficiently and can help preserve undeveloped land, which can protect water quality water quality. 1
ARE YOU READY FOR TOD? Motivational pitch or a Motivational pitch or a challenge about the local realities and decisions for infrastructure finance and development? 2
TOD PROCESS – PLAN, INVEST, REJOICE 3
LOCAL COMMUNITIES AND CLIENTS Salt Lake City, UT - UTA UTA Wheat Ridge, CO - City of City of Atlanta, GA - Cobb County & CCID Cobb County & CCID Chicago, IL - SSMMA SSMMA 4
STATION AREA CONTEXT Salt Lake City, UT - Suburban park & ride S b b k & id Wheat Ridge, CO - End of the line station E d f th li t ti Atlanta, GA - New line & station N li & i Chicago, IL - Freight line conversion 5
INFRASTRUCTURE NEEDS Salt Lake City UT Salt Lake City, UT - Land, parking, roads Wheat Ridge CO Wheat Ridge, CO - Land, parking, water Atlanta GA Atlanta, GA - Parking and energy Chicago IL Chicago, IL - Land, parking, housing 6
EXISTING FINANCE TOOLS 7
COMPARE WITH OTHER TOD PROJECTS 8
MARKET ANALYSIS, STRONG OR WEAK Current analysis and future projections: • Demographics • Jobs and employment • Jobs and employment • Residential and non-residential • Economic analytics • Transportation and transit T t ti d t it • Local vision, goals, will 9
STRATEGIC ANALYSIS Inputs p • Community plan and team • Station area context • Infrastructure needs • Infrastructure needs • Existing financing available • Current market defined • Future growth options F t th ti understood as best as practical. p 10
INFRASTRUCTURE FINANING OPTIONS FOR TOD Salt Lake City, UT - Land disposition, Joint Devel., Land disposition, Joint Devel., Shared Parking Wheat Ridge, CO g - Debt, Value Capture, Fed. Grants, Utility Fees Atlanta, GA Atl t GA - PPP, Bonds, Land Bank, Structured Funds Chicago, IL - TIF, Anchor Institution, & Structured Funds 11
COMMUNITY CAPACITY ANALYSIS Considerations Considerations • Willing leadership • Education and vision • Laws in place L i l • Experienced staff • Can qualify to use tools q y • Community willing to participate 12
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