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The Art of Financing and Implementing
Intermodal Transit Stations:
Lessons Learned
Sharon Greene
Sharon Greene + Associates
Going to San Bernardino: A Symposium on Intermodal Transit
Stations and Transit-Oriented Design
Jack R. Widmeyer Transportation Research Conference
November 6, 2009
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Overview
•Transportation Center Audience Response System
•Definition of Key Terms
•Factors Supporting the Use of Value Capture in Transit
•Types of Value Capture Techniques
•Revenue Sharing Arrangements
•Cost Sharing Arrangements
•Objectives of Major Participants
•Transportation Center Examples
•Strategies for Success
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Denver Union Station
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Denver Union Station
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Anaheim ARTIC Station
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Anaheim ARTIC Station
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San Jose Ohlone Chynoweth Station
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San Jose Ohlone Chynoweth Station
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Emeryville Station
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Emeryville Station
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Oakland Fruitvale Station
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Oakland Fruitvale Station
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San Diego American Plaza
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San Diego American Plaza
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Albuquerque Alvarado Transportation
Center
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Albuquerque Alvarado Transportation
Center
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Which of these 7 multimodal transit centers
provide a vision for San Bernardino?
1. Denver Union Station
2. Anaheim ARTIC Station
3. San Jose Ohlone Chynoweth Station
4. Emeryville Station
5. Oakland Fruitvale Station
6. San Diego American Plaza
7. Albuquerque Alvarado Transportation Center
And Now Let’s Vote
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1. Denver Union Station
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What is your opinion?
1 2 3 4 5
0% 0% 0%0%0%
1. Strongly Agree
2. Agree
3. Neutral
4. Disagree
5. Strongly Disagree
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2. Anaheim ARTIC Station
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What is your opinion?
1 2 3 4 5
0% 0% 0%0%0%
1. Strongly Agree
2. Agree
3. Neutral
4. Disagree
5. Strongly Disagree
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3. San Jose Ohlone Chynoweth
Station
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What is your opinion?
1 2 3 4 5
0% 0% 0%0%0%
1. Strongly Agree
2. Agree
3. Neutral
4. Disagree
5. Strongly Disagree
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4. Emeryville Station
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What is your opinion?
1 2 3 4 5
0% 0% 0%0%0%
1. Strongly Agree
2. Agree
3. Neutral
4. Disagree
5. Strongly Disagree
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5. Oakland Fruitvale Station
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What is your opinion?
1 2 3 4 5
0% 0% 0%0%0%
1. Strongly Agree
2. Agree
3. Neutral
4. Disagree
5. Strongly Disagree
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6. San Diego American Plaza
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What is your opinion?
1 2 3 4 5
0% 0% 0%0%0%
1. Strongly Agree
2. Agree
3. Neutral
4. Disagree
5. Strongly Disagree
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7. Albuquerque Alvarado
Transportation Center
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What is your opinion?
1 2 3 4 5
0% 0% 0%0%0%
1. Strongly Agree
2. Agree
3. Neutral
4. Disagree
5. Strongly Disagree
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Value Capture
Recoup the value that investments in transit add to adjacent land and improvements
Transit Oriented Development
Development near or oriented to public transit facilities
• Characterized by “3-D”
o Density
o Diversity of land uses
o Design supportive of transit and pedestrian activity
Definition of Key Terms
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Value Capture TOD
the 4th “D” ($$$$)
To qualify for FTA funding, TOD/JD must:
• Have a physical and functional relationship to
transit
• Provide a financial return – either cash or other
benefits
• Enhance the highest and best transit use
Definition of Key Terms
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• Need for additional revenues
• Receptive FTA policy
• Livable Communities concepts
• Changes in FTA Joint Development policy
o More permissive interpretation of federal grant rules
• FTA New Starts Criteria
o Land Use rating: Transit-supportive policies and plans
o Financial rating: Financial capacity and commitment
Factors Supporting Use of Value
Capture Techniques for Transit
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• Demographic and economic factors
• Demand side
o Growth in niche consumer markets for neighborhood
housing situated near transit, mixed-use development,
quality of life features
• Supply side:
o Positive impacts on property values, rents, absorption
rates, returns on investment
• Congestion levels and patterns
Factors Supporting Use of Value
Capture Techniques for Transit
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Revenue Sharing Arrangements
oLand sales
oLeases
oAir and subterranean rights
oConcession leases
oFacility connection fees
oStation interface fees
oBenefit assessment districts
oSpecial improvement districts
oTax increment financing districts
oNegotiated payments (proffers)
oIn-kind contributions
oNaming rights
Types of Value Capture Techniques
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oTransit impact fees
oParking revenues
oRental car tax revenues
Taxed Based Revenue Sharing Arrangements
oTransient occupancy tax revenues
oAdmission fee on event tickets
Types of Value Capture Techniques
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oSliding scale impact fees
oGrants
oLoans
oTax abatement and credits
oDirect financial participation
oCreative financing
Cost Sharing Arrangements
oVoluntary agreements
oIncentive-based agreements
oMandatory-based agreements
oJoint use/construction of
facilities
oOperational assistance
Types of Value Capture Techniques
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oLand assembly
oLand swaps
oEmpowerment
zones/enterprise zones
oSale or lease of development
rights
Land Based Cost Sharing Arrangements
oTransfer of development rights
oSliding scale impact fees
oTax abatement and credits
oDirect financial participation
oCreative financing
Types of Value Capture Techniques
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• Transit Agency Objectives
• Increase transit ridership
• Enhance farebox revenues
• Promote transit-friendly development: compact, higher density, mixed use
• Generate supplementary, non-operating revenue stream
• Reduce development-associated costs by sharing revenues and costs with private developers and/or other public entities
Objectives of Major Participants
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• Local Government Objectives
• Promote Livable Communities
• Provide catalyst for development and
redevelopment
• Improve urban form
• Increase property tax and sales tax revenues
• Foster advanced planning
Objectives of Major Participants
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• Landowner and Developer Objectives
• Enhance value of development
• Reduce uncertainties and risks
• Increase profit margins
• Reduce project costs
• Share development-associated costs with transit agency (infrastructure, foundations, parking)
• Receive density bonuses in return for public benefit development
Objectives of Major Participants
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• Local Agency Roles & Responsibilities
Objectives of Major Participants
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Denver Union Station
Rail Bus Other COMMUTER AND
INTERCITY RAIL REGIONAL BUS
COMMERCIAL
CARRIERS
FASTRACKS •RTD Regional Bus •Taxi
•East Corridor•Commercial Bus
(Greyhound)•Rental Cars
•Northwest
Corridor•Tour Buses
•Vans and Shuttle
(Super Shuttle)
•Gold Line •Charter Buses •Ski Area Shuttles
•North Metro OTHER BUS •Van Pools
AMTRAK •RTD Local Bus •Limos
•Ski Train •16th Street Mall
ShuttleOTHER MODES
•North Front Range
Intercity Service
(Future)
•Bike Station
LRT •Pedicab
•Southeast
Corridor (existing)
•Horse Drawn
Carriage
•Southwest
Corridor (existing)•Pedestrian Plaza
FASTRACKSON-SITE PUBLIC
PARKING
•West Corridor•Commercial Parking
Facility (150 spaces)
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Denver Union Station
Location Potential Uses
South Wing Ground floor retail; office above (75,000 SF)
North Wing Ground floor retail; office above (75,000 SF)
Triangle Office or hotel; ground floor retail (200,000 SF)
A Block Office , residential and retail (500,000 SF)
B Block Office , residential and retail (500,000 SF)
Parking Garage 685 spaces
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Denver Union Station
Components Costs
LRT Facility $35 M
Regional Bus Facility $205 M
Commuter Rail Facility $168 M
Street & Utilities $23 M
Plaza & Public Spaces $29 M
DUS Renovation $17 M
Total Costs $477 M
Revenue Source Funding
FasTracks Sales Tax $35 M
RTD SAFETEA-LU Earmark $2 M
RTD FTA Section 5309 Bus
Discretionary Earmark$7 M
CDOT SAFETEA-LU Earmark
(PNRS)$40 M
CDOT SB-1 Grant $17 M
Metropolitan District $25 M
Surplus Land Sale $38 M
City Obligation Revenue $121 M
Other Sources $19 M
Total Revenues $477 M
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Anaheim ARTIC Station
Rail Bus Other
Amtrak OCTAAnaheim Resort
Transit Shuttle
Metrolink
High-speed rail
California-Nevada
Maglev
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Anaheim ARTIC Station
Location Development Underway
Platinum
Triangle Mixed
Use Overlay
Zone
Condominiums: 1,500 units
Apartments: 8,400 units
Retail: 327,000 sq feet
Restaurant: 7,840 sq feet
Office: 882,000 sq feet
Hotel: 130 rooms
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Anaheim ARTIC Station
Revenue Source Funding
Renewed Measure M--Project T
Bond Proceeds$81.6 million
Measure M Transit Revenue $6.0 million
2008 State Transportation
Improvement Program$29.2 million
Proposition 116 $58.8 million
Federal Earmark $3.2 million
Total Revenues $178.8 millionComponents Sq Feet
Ticket and Waiting Areas 49,000
Event Space and Retail 42,000
Baggage 30,000
Operations 15,000
Bike Station 6,000
Total 142,000
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San Jose Ohlone Chynoweth Station
Rail Bus Other Two VTA light-rail
linesVTA Bus
Alum Rock - Santa
Teresa
Ohlone/Chynoweth -
Almaden
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San Jose Ohlone Chynoweth Station
Related Land Uses
240 park-and-ride spaces
330 units of affordable housing
4,400 sq. ft. of retail
Day care center for children
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San Jose Ohlone Chynoweth Station
Revenue Source Funding
Tax-exempt bonds $14.5 M
Tax Credit Equity $10.5 M
City Loan $5.2 M
FTA Improvement $824,000
Affordable Housing grant $500,000
State Proposition 1 $350,000
Total Revenue $31.9 M
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Emeryville Station
Rail Bus Other
Amtrak AC TransitEmery Go-Round
Shuttle
California Zephyr,
Coast Starlight
San Joaquin,
Capital Corridor
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Emeryville Station
Related Land Uses
20-acre mixed-use transit-oriented development
3-building 550,000 sq ft complex of office and ground-floor
retail,
101 condominium units
over 1,000 parking spaces
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Oakland Fruitvale Station
Rail Bus Other
Richmond to
FremontAC Transit
Fremont to Daly
City
Dublin/Pleasanto
n to Daly
City/Millbrae
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Oakland Fruitvale Station
Related Land Uses
Daily, Extended Weekend, Carpool, Long Term Parking
Bike racks and Storage
Retail 39,707 Sq Ft
Office 114,510 Sq Ft
Residential 42 Units
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Oakland Fruitvale Station
Revenue Source
Equity: including FEMA, Ford Foundation, Goldman
Fund, Levi-Strauss, PG&E, Neighborhood
Reinvestment Corp
City of Oakland: including EDA, Measure K, CDBG,
EPA, City Library, Tax Increment Allocation
FTA/MTC/ BART: including FTA grants for pedestrian
paseo, pedestrian plaza, bike facility, station
Interest/Miscellaneous: including interest and bond
fund interest
Debt: including 501©(3) bonds, Unity Council
permanent and bridge loan, City Section 108,
Citibank Subordinate, City Housing loan,
Source Revenue
Total Project $53.86 million
Equity 2.79 million
City of Oakland $16.70 million
FTA/MTC/BART $5.76 million
Interest/Miscellaneous $0.82 million
Debt $27.80 million
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• Planning & Development Strategies• Incorporate principles of Transit Oriented Development (TOD) in
the jurisdiction's general plan
• Amend zoning rules and regulations to foster joint development around transportation centers and rail stations
• Acquire land adjacent to the site to enhance joint development potential
• Assemble land sufficient for transportation center with allowance for growth
• Identify and pursue opportunities to combine and coordinate transit with adjacent development
• Combine different land uses to encourage greater residential, employment, retail and entertainment activity
Strategies for Success
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• Planning & Development Strategies• Local government should lead the way by creating incentives like
offering special tax credits, designating TOD area, creating redevelopment area as well as administering the planning and zoning process critical to joint development
• Locate transit center in prime nodes of regional and community acticity attractive to normal market forces
• Reflect into the transit center design, and architectural material the unique cultural elements of the city in which the system is located
• Incorporate aesthetics and environmental treatment of streetscape around the center
• Pursue an aggressive and focused policy commitment to accomplish joint development in conjunction with transit center
Strategies for Success
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• Transportation Strategies• Combine a variety of transit modes to maximize the center's transit
ridership
• Phase in related modes over time
• Allow for sufficient parking to accommodate the overall needs of the project and associated development
Strategies for Success
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• Financial Strategies• Secure federal grant(s) at the initial stage which can be used as a
project "kick-off"
• Conduct realistic assessments of the market for development
• Secure tenants with guaranteed source of revenue that can assist in securing project financing
• Use multiple sources of fund to create a financial package with which to finance the center
Strategies for Success
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• Consensus Building Strategies• Coordinate with local government, transit agencies, financial and
development community and the public
• Work with the neighborhoods to identify and achieve community based goals
• Increase project visibility by organizing public policy outreach programs
Strategies for Success