Status Report on the 3 Rail Priorities

Transcription

1 Status Report on the 3 Rail Priorities Presented to the Fort Worth City Council November 16,

2 Review In August/September, the Mayor appointed the Rail Funding Strategies Committee to: Formulate funding strategies to support three important rail projects: Improving the Tower 55 railroad intersection, Constructing the Southwest-to-Northeast commuter rail line, and Developing a Modern Streetcar system. GOOD NEWS TO REPORT! 2

3 Tower 55 On August 23, TxDOT submitted to USDOT a TIGER II application for federal funding toward the $94 Million At-Grade Improvements Over 1,000 projects for more than $19 Billion requested On October 20, USDOT announced Tower 55 to receive $34 Million in TIGER II funds Highest award in Texas; 2 nd highest in U.S. 3

4 Tower 55 At-Grade Project BNSF, UPRR & City of Fort Worth Joint Project Mutual Public & Private Benefits Installing 3 rd North-South Track for additional capacity Several auto and pedestrian street crossing improvements Implementation: 1 3 years Estimated Cost = $94 Million

5 Tower 55 Collaboration between City of Fort Worth, TxDOT, BNSF Railway, Union Pacific Railroad, and NCTCOG Current Status: Environmental document under review by FRA TxDOT & FRA initiating grant agreement process BNSF & UPRR preparing construction schedule City s commitment of $1M from Certificates of Obligation Schedule to be determined 5

6 Cotton Belt Corridor The T continues implementation of SW2NE project through FTA New Starts process NCTCOG requested by Region to investigate innovative financial opportunities for entire 62- mile Cotton Belt Corridor NCTCOG and The T efforts working in parallel 6

7 Cotton Belt Corridor Innovative Finance Initiative (ifi) 62 Mile Corridor SW Fort Worth to DART Red Line Lack of Funding Identified The T DART The T and DART Approached RTC RTC Regional Focus 7

8 Cotton Belt Corridor - 62 Miles 8

9 ifi Project Approach Separate Efforts The T, SW2NE is a Federal Process NCTCOG, ifi is a Local Process No Pre-determined Outcomes Explore Full Range of Funding Strategies Over 130 Ideas Develop a Viable, Integrated Funding Plan Requires T and DART Approval 9

10 ifi 3 Phases 1. Develop Revenue Sources 2. Construct Revenue Streams 3. Obtain Financing (i.e., Mortgage) 10

11 Funding Source Options: Value Capture Incremental Benefits Transit Opens System Expansion, etc. Transit Announced Initial Transit Benefits Time

12 Next Steps NCTCOG continues with stakeholder coordination throughout process The T, DART, Elected Officials, Developers, Property Owners December Complete initial assessment of revenue options February Briefing to City Council on revenue options April/May Recommended funding plan 12

13 Questions & Comments Tom Shelton, P.E., AICP Senior Program Manager Streamlined Project Delivery (817) Kevin Feldt, AICP Program Manager Streamlined Project Delivery (817)

14 Modern Streetcar City Council presentation Draft Business Plan November 16, 2010 Placemaking Project & Catalyst for Change

15 Purpose Reviewing the draft Business Plan findings and recommendations Highlighting key decision points ahead Outlining Next Steps

16 Recommended Phase 1 Project

17 Key Characteristics Length: 3.0 route miles 5.7 track miles Vehicles: 3 Capital cost: $83-88 million Operating: 365 days a year, 14 hours a day Annual operating cost: $1.6 million Ridership at opening: per day

18 Area served:

19 Area served:

20 Area served:

21 Bus Options Review Key Findings To achieve similar level of route certainty = dedicated lane Capital cost: Streetcar: $83-88 million BRT: $31 million Circulator Bus: $4.9 million Operating Cost: similar in short run, bus less than streetcar Development impact: minimal with bus, even with dedicated lane

22 Route certainty tracks, or dedicated lane

23 Bus Option review

24 Cost Benefit for TIF Investment Incremental Development Due to Streetcar Residential Commercial Streetcar Premium* TOTAL Units Value Sq. Ft Value Value Value In 15 Years 795 $ 95,400, ,000 $ 126,000,000 $ 112,340,000 $ 333,740,000 In 40 Years 2120 $ 318,000,000 2,240,000 $ 448,000,000 $ 200,020,000 $ 966,020,000 Incremental Value Added due to Streetcar per $ of Streetcar Investment In 15 Years 3.9 to 1 In 40 Years 11.3 to 1 Source of Funds Federal Urban Circulator Grant TIF Funds from some or all of the 4 TIF Districts covering the alignment TOTAL Amount $25 million $58 to $63 million $83 to $88 million

25 Questions that need to be addressed: Who is the grantee for the FTA grant? Who will build the project? Who will operate it? Who will own it? What management structure is needed? What steps need to be followed for implementation?

26 Key Recommendations for project implementation Form an LGC (which includes the City, the T, TIF Districts, private sector representatives) The T is the grantee for the FTA grant and receives those grant funds on behalf of the LGC The LGC constructs the project The T operates it under contract with the LGC

27 Overall Schedule

28 Action item: Date: Coordination with the FTA Ongoing, beginning in Fall 2010 NEPA process December 2010 November 2011 Preliminary Engineering December 2010 November 2011 Create LGC March 2011 Develop community facility agreements Spring 2011 Develop Interlocal Agreements with TIF districts Spring 2011 Determine final finance plan Spring 2011 Council Approval of amended TIF District plan Spring 2011 Council and T Board approve finance plan, submit to FTA if Summer 2011 required Formation of PID(s) Initial discussions in early 2011 Hire Program Manager (if determined necessary) Summer 2011 Determine delivery method Summer 2011 Community Facility Agreements and Contracts Fall 2011 Final Design Fall 2011 Spring 2012 Develop schedules and documents for joint procurements Fall 2011 Spring 2012 Procure Vehicles Fall 2011 Spring 2013 Construction Spring 2012 Summer 2013 Begin Operations Fall 2013

29 Next Steps City Council Resolution 12/7, authorizing: Preparation of the Environmental Document required by the National Environmental Policy Act (NEPA) Preparation of Preliminary Engineering Plans sufficient to support the NEPA document; Affirmation of support for streetcar project. Continuing Public Involvement Further development of the Finance Plan

30 Next Steps for the Three Rail Priorities Tower 55: Waiting on grant agreement and finalized construction schedule Subsequent action by City Council to appropriate $1 million from Certificates of Obligation SW2NE/Cottonbelt: Ongoing stakeholder meetings Update to City Council on revenue options in February Modern Streetcar: Consider resolution on December 7 Begin Phase 3 Environmental Document and Preliminary Engineering to meet FTA requirements 30

31 Questions? Comments?