FIRST COAST COMMUTER RAIL TOD STUDY | TOD IMPLEMENTATION
FIRST COAST COMMUTER RAIL TOD STUDY | TOD IMPLEMENTATION
478
479
ADDITIONAL FUNDING SOURCES
Is there potential for VC?
In addition to value capture, there are other funding sources, shown in Table 6-4, available to help catalyze TOD in Jacksonville, from federal programs to commercialization of transit assets.
Market Conditions & Viability
Market Category
Regulation on Land Use and Powers
» Are density parameters (for e.g., max. dwelling units, floor area ratio) compatible with the amount of real estate development needed to make VC implementation feasible? » Does the state/county have the regulatory authority and experience needed to design and oversee LVC or a joint development?
» Does the market category (urban, rural, suburban)
» Is market-supportable development sufficient to generate substantial revenue through value capture? » Is the real estate market viable for the development of intended uses, given parameters such as inventory, current and past performance, and planned supply in the area?
support the population
TIMING OF FUNDS
MECHANISM
ELIGIBLE ENTITY
ADMINISTERING ENTITY
density needed to create real estate opportunities?
Pilot Program for TOD Planning (grants)
Federal Transit Administration (FTA)
JTA
One-Time
Metropolitan & Statewide Planning and Nonmetropolitan Transportation Planning - 5303, 5304, 5305 (grants) Capital Investment Program (grants) Transportation Infrastructure and Finance Act (TIFIA) Loan Program
Metropolitan Planning Organizations via the State (North Florida TPO)
Federal Transit Administration (FTA)
Is there potential for VC?
One-Time
Site and Construction Viability
Systems and Technology
Regional Infrastructure
Political Context
Federal Transit Administration (FTA)
» Are there planned or existing infrastructure works that trigger increases in land or property value that can be partly captured?
» Are LVC instruments
» Does the state
» Does the site/corridor size, shape, connection to public utilities, and transportation access make it viable for development? » Is the site or corridor a preserved historic area? » Is construction allowed on the site? » Are there any factors that prevent construction?
JTA
One-Time
likely to endure despite changes in political office and priorities over time?
or regional entity have access to
U.S. Department of Transportation
the administrative and technological resources to manage LVC over time, including updated parcel and tax records?
JTA
One-Time
» Is there community support?
FDOT Financing Corporation
Bonds
JTA
Recurring
Advertising
JTA
External advertisers
Recurring
Table 6-4: ADDITIONAL FUNDING SOURCES
Table 6-2: FRAMEWORK TO ASSESS THE USE OF VALUE CAPTURE INSTRUMENTS
If there is potential for VC, what mechanism is appropriate considering the following factors? `
Revenue Magnitude
Revenue Stability
Alignment with Policy Goals » Can mechanism revenues accomplish municipal policy goals - e.g., affordable housing, job
Ease of Implementation
Revenue Timing
» Is the
» Would revenues arrive on time to enable project delivery/debt payments on schedule? » Is there flexibility to sculpt debt service requirements to accommodate delays in revenue?
» Is the
» Would gross
mechanism easy to implement given the existing regulatory framework?
mechanism highly sensitive to market conditions?
revenue potential match the needs of the project?
» Would gross revenue significantly exceed the
» Is revenue stream
creation, bulk infrastructure, environmental management, etc.?
» Is there
predictable?
community support? » Is there private sector appetite
revenue collection costs and financing costs?
» Is it
straightforward to earmark revenues for specific uses?
for participating?
Table 6-3: FRAMEWORK FOR ASSESSMENT OF VALUE CAPTURE INSTRUMENTS
FCCR TOD
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