FIRST COAST COMMUTER RAIL TOD STUDY | EXISTING CONDITIONS
FIRST COAST COMMUTER RAIL TOD STUDY | EXISTING CONDITIONS
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FUNDING MECHANISMS ASSESSMENT Based on national precedents and assessment of Federal, State, and local policy, the following funding mechanisms (Table 3-21 and Table 3-22) have been identified as tools and strategies for attracting and supporting TOD and transit infrastructure for the FCCR. These mechanisms can be mixed and matched to achieve TOD and transit goals, both corridor-wide
CORRIDOR- LEVEL IMPACTS
STATION- LEVEL IMPACTS
MECHANISM
DEFINITION
or at the individual station level. Chapter 6, TOD Implementation, will elaborate further on how these tools can be used, including eligibility and applicability and the type of revenue generated.
Pilot Program for TOD Planning (grants)
Federal money supporting TOD planning
Metropolitan & Statewide Planning and Nonmetropolitan Transportation Planning - 5303, 5304, 5305 (grants)
Federal grants supporting transportation planning
CORRIDOR- LEVEL IMPACTS
STATION- LEVEL IMPACTS
MECHANISM
DEFINITION
Additional density permitted to developers by local governments in exchange for developers building more housing or provide community benefits beyond normal zoning.
Density Bonus Programs ¹
Federal program supporting projects that enhance public transit services, including the construction of new transit facilities and the purchase of equipment
Capital Investment Program (grants)
A leasing arrangement where a developer rents land from a property owner. The developer pays rent and may have the right to develop or improve the leased property during the lease period.
Ground Lease Developer Agreements
Transportation Infrastructure and Finance Act (TIFIA) Loan Program
Federal program providing loans, loan guarantees, and lines of credit to finance surface transportation projects. It aims to leverage private and other non-federal investments in transportation infrastructure.
Charges imposed on developers by local governments to help cover the costs of increased public services and infrastructure needed due to new development.
Development Impact Fees/ Mobility Feeds
Additional taxes or fees imposed on properties in a specific area to fund improvements or services that directly benefit those properties. Taxing districts have separate tax rates for specific projects or services. A financing tool where local governments use the increased property tax revenue generated by a development project to fund public infrastructure or other community benefits in the designated district.
Special Assessments and Taxing Districts
Debt can be issued off transit related revenue streams, including TIFIA loans.
Bonds
Tax Increment Financing (TIF) ²
In the context of transportation financing, advertising revenues may be generated from the sale of advertising space on transit vehicles, stations, or other transportation assets to generate additional funds for the system.
Advertising
1 City of Jacksonville does not currently have active density bonuses available, but it is under discussion as part of an affordable housing plan. St. Johns County and City of St Augustine both have workforce housing density bonuses available. 2 There are currently 90 active special districts across Duval and St. Johns County, as of November 1, 2023, 77 of which have bonding authority.
Table 3-21: AVAILABLE FUNDING MECHANISMS
Table 3-22: AVAILABLE FUNDING MECHANISMS - CONTINUED
FCCR TOD
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