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Funding Transit

Funding Transit. Neha Bhatt. TIC Conference, St. Louis, MO. Motor Fuel (Gas) Tax. State gas tax: $.08 … $.48 (federal - $.18) Does not keep up with inflation (indexed: NE, FL, KY, NC, WV, ME) * 43% drop in value since 1970s Incentivizes transit

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Funding Transit

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  1. Funding Transit Neha Bhatt TIC Conference, St. Louis, MO

  2. Motor Fuel (Gas) Tax • State gas tax: $.08 … $.48 (federal - $.18) • Does not keep up with inflation (indexed: NE, FL, KY, NC, WV, ME) * 43% drop in value since 1970s • Incentivizes transit • Rhode Island raises gas tax to save transit

  3. Payroll Tax Portland • .69% (.001% annually) • About half of annual operations • Drops with unemployment • Regressive, income threshholds

  4. Carbon Tax Fossil Fuels • Based on price per ton of CO2 emitted • Boulder, CO • $7/ton, utility bills, $7 million over 5 years • Funds climate action plan; Started in 2007, sunsets in 2012 • British Columbia • $23.50/ton, revenue neutral • Mayors want transit funding, Premier considering it

  5. Value Capture • Assessment Districts (most common) • Require property owners to vote for it • Difficult to implement over large area • Dulles Rail in VA ($400 million total; $77 million in 2008) • Seattle Streetcar (Vulcan Inc assembled 60 acres – 1/3 of district

  6. Joint Development • PPP • Pay for TOD and station construction; Usually for capital • Revenue sharing, costsharing • WMATA has 56 JD projects - $10 million/year • Portland, Cascade Station Development Company • Responsible for repaying $28 million rail/station construction bond • Development rights over 120 acres

  7. TIF Allows local govt to capture real estate property value before its created Pays for station improvements Cities, not transit agencies Best when there is a lot of vacant/under-developmed land Chicago - 159 TIFs, build bus shelters, stations, TOD, $42 million raised in 2005

  8. Development Impact Fees • One-time fees on new development projects • Fund expansion/ improvement of infrastructure • “User fee” for businesses benefitting substantially, directly from transit • San Francisco • $8-$10 per sf, office bldgs, variable revenues ($10 million/yr) • Payment due at 50% occupance • Support MUNI

  9. Thank you! Neha Bhatt nbhatt@smartgrowthamerica.org (202) 251-9584

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