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11 <br /> Other Benefits <br /> This report focused on three benefits— LRT ridership, property value and tax revenues, and conges- <br /> tion relief on parallel roadways—that are both quantifiable and "place-based," meaning the benefits <br /> can be more readily tied to particular locations. The list below shows a full range of benefits that <br /> have been attributed to Light Rail Transit Investments, including ones difficult to quantify or ascribe <br /> to specific locations. Note that development associated with an LRT investment is unlikely to result <br /> in additional sales tax revenues, although it may affect where people make some purchases. <br /> Table 6. Benefits of Rail Transit Investments <br /> Environmental Benefits <br /> Reduced traffic congestion <br /> ® Reduced fuel consumption <br /> Better air quality <br /> o Reduced sprawl and more efficient pattern of development at the regional scale <br /> ® Conservation of open space <br /> ® Shorter trip lengths due to more compact development <br /> Economic and Fiscal Benefits <br /> • Reduced or deferred road and parking facility costs <br /> • Economic development benefits from agglomeration efficiencies and increased productivity <br /> • Increased property values <br /> • Increased property tax revenues <br /> • Ability to reuse/redevelop property currently used for parking (e.g. Friday Center lot) <br /> Social Benefits <br /> • Improved social cohesion through positive interactions among people in a community <br /> • Improved fitness and health as a result of increased walking and biking to access transit <br /> • Reduced traffic accidents <br /> • Improved transportation options, particularly for non-drivers <br /> • Reduced consumer transportation costs <br /> • Improved access to job opportunities for workers, increased labor market shed for employers; <br /> improved ability to retain workers concerned with transportation costs and reliability <br /> • Neighborhood revitalization and better links between workforce housing and job sites <br /> • Expanded market access for customers and clients (e.g. to UNC clinics) <br /> Note: List generated from discussion among Chapel Hill, Orange County, Durham City,Triangle Transit <br /> and Triangle J COG staff at a meeting on March 25, 2011 and from the following reports: Fogarty, <br /> Nadine et al. Capturing the Value of Transit, Center for Transit-Oriented Development, November 2008; <br /> Cervero, Robert et al. Transit-Oriented Development in the United States:Experiences, Challenges, and <br /> Prospects, Report 102,Transit Cooperative Research Program, 2004; Litman,Todd, Comprehensive <br /> Evaluation of Rail Transit Benefits,Victoria Transport Policy Institute,June 2006. <br /> Page 19 <br />