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Working with State DOTs WSDOT-Sound Transit Landbank Overview

Working with State DOTs WSDOT-Sound Transit Landbank Overview. May 20, 2014 2014 FTA Real Estate Workshop Roger Hansen Sound Transit, Director of Real Property. Sound Transit has the need to use WSDOT highway property for all three of its lines of business Regional Express Bus service

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Working with State DOTs WSDOT-Sound Transit Landbank Overview

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  1. Working with State DOTsWSDOT-Sound TransitLandbank Overview May 20, 2014 2014 FTA Real Estate Workshop Roger Hansen Sound Transit, Director of Real Property

  2. Sound Transit has the need to use WSDOT highway property for all three of its lines of business • Regional Express Bus service • Sounder Commuter Rail • Link Light Rail • The bulk of the need is with Link Light Rail

  3. Regional Express • Canyon Park overpass for Regional Express • Purchase of the Mercer Island Park and Ride Lot for Regional Express

  4. Sounder Commuter Rail • Kent DOT maintenance site for use as part of the Kent Station for Sounder Commuter Rail

  5. Link Light Rail Examples • Tunnel under I-5 for Initial Segment and University Link • Boeing Access Road/I-5 overpass for Link • Occupy I-5 right of way for Link Tukwila Freeway Route • Occupy I-5 right of way at Northgate Tunnel Portal

  6. WSDOT requires fair market rental for the use of highway property for non-highway purposes. • Required by the 18th amendment to the State constitution, aka the “gas tax” amendment. • This provision gives rise to WSDOT position that transit uses are not “highway purposes.”

  7. The agency’s Regional Express program includes the construction and financing of a number of HOV interchanges, and related highway projects that will be transferred without charge to WSDOT. • The Landbank Agreement allows the cost of these highway improvements to be used as a credit toward acquisition of rights to be used for non-highway purposes by Sound Transit.

  8. The Landbank is an accounting arrangement created to provide a mechanism to capture the value of the Regional Express program to offset the costs of using WSDOT properties for various ST projects.

  9. The Landbank Agreement, between ST and WSDOT, was initially approved by the Sound Transit Board and WSDOT in 2000, and amended and restated in 2003. The main provisions include:

  10. ST agrees to notify WSDOT of WSDOT property needed by the agency. • WSDOT will issue a 40 year airspace lease in most cases where the underlying property, such as I-5, cannot be sold, and will transfer ownership of other property where permitted. • Rent for the first twenty years will be calculated on a present value basis, and paid in advance as a “debit” from the Landbank credits. • Provision is made for reimbursing ST for the unamortized cost of the ST project if the lease needs to be terminated early. • Additional payments will be required to WSDOT when the initial 20 years of a lease ends.

  11. Credits • ST HOV projects and related highway purpose improvement projects will receive a provisional credit at the time of bidding for the project with reconciliation at the end of the project. • The total of all ST projects for which a credit will be received is expected to exceed $370,000,000.

  12. Debits • Transfers of property or leases to ST results in a debit to the Landbank representing the fair market value of the property rights transferred. • Approximately $54 million of debits are expected to be used for all of the Sound Move projects (the initial voter-approved projects). Thus it is anticipated that Sound Move will end with approximately $316 million in land bank credits for ST2 (the second installment of voter-approved projects).

  13. Land Bank agreement continues until 2040. • Remaining balance is expected to be utilized for future ST2 projects on WSDOT property such as East Link, North Link and/or other Regional Express and Sounder projects

  14. Current and Pending Credits • Approved and pending credits total over $370M • Approved and pending debits total $54M • Remaining balance $316M

  15. Projects for which Sound Transit Received Credits • Lynnwood HOV $24M

  16. Lynnwood HOV

  17. Sound Transit Credits • South Everett Freeway Station $27M (credits pending)

  18. South Everett Freeway Station

  19. Sound Transit Credits • Bellevue Direct Access @ I-405 $65M

  20. Bellevue Direct Access @ I-405

  21. Sound Transit Credits • Totem Lake Freeway Station $56M

  22. Totem Lake Freeway Station

  23. Landbank Debits • Issaquah Transit Center ($2.1M)

  24. Issaquah Transit Center

  25. Landbank Debits • Mercer Island Park and Ride ($1.5M)

  26. Mercer Island P & R

  27. Landbank Debits • University Link ($7.6M)

  28. UW Station to Capitol Hill Station

  29. I-5Undercrossing N

  30. I-5 Cross Section

  31. Landbank Debits • Initial Segment • DSTT ($17.1M) • E-3 Busway ($ 4.0M) • Beacon Hill Tunnel ($ 1.8M) • Tukwila/Airport Link ($ 9.8M)

  32. DSTT

  33. E-3 Busway

  34. Beacon Hill Tunnel

  35. Beacon Hill Tunnel

  36. Beacon Hill Tunnel

  37. Tukwila Freeway Crossing

  38. Tukwila/Airport Link

  39. Tukwila/Airport Link

  40. Questions?

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