|
26
<br /> Plan Implementation and Finance
<br /> W
<br /> U
<br /> Implementation The planning and design of this extensive rail project can take longer Financial Plan Details Z
<br /> than the BRT corridors because the CRT line would need to be designed Z
<br /> The existing transit providers in Wake County have provided guidance and then constructed as one project,rather than incrementally.The The Recommended Wake County Transit Plan is fiscally constrained
<br /> and funding to help develop this enhanced transit plan.All current project will be a collaboration of many partners,notably the federal and is contingent on a variety of assumptions.The assumptions will LL
<br /> services will be expanded as part of this plan and several new services and state governments,Durham County,the North Carolina Railroad evolve as information is modified and projections are updated to reflect 0
<br /> will be added.The transit agency responsible for operating and Company,and municipalities and communities involved in station actual results.The projects included in the Transit Plan will continue to Z
<br /> managing each element of the Transit Plan will be determined during planning.The success of this project is dependent on the collaboration be studied and new information may influence their cost and timing. Q
<br /> the next phase of planning and design,and will depend on geographic of the involved parties. Additionally,overall inflation assumptions,availability of local sources Z
<br /> location,type of technology,cost,and anticipated efficiencies. of revenue and growth assumptions,competition for federal funding O
<br /> Participating parties will enter into a formal agreement defining roles, The first few years of the Recommended Wake County Transit Plan for projects and successful access to capital markets,and regional
<br /> responsibilities,and cost sharing for individual projects as they are involve significant design and further study for projects that require partnerships will continue to influence the overall financial outlook of the
<br /> pursued.During the next few months,Wake County and its partners significant investment.This is to balance careful use of tax payer dollars Transit Plan.The following sections detail current assumptions.
<br /> will receive feedback on the Wake County Recommended Transit Plan with thoughtful investment in transit.The Transit Plan's approach is Z
<br /> and begin the steps to approve the governance structures necessary for to use strategic leveraging of federal and state funds,combined with W
<br /> adoption of the plan and funding of the projects in it.This will include existing and new sources of local funding,to deliver projects that Sources of Revenue 2
<br /> approval of a plan by Go Triangle and the CAMPO as well as Wake connect regionally,connect Wake County's communities,provide W
<br /> Half-Cent Sales Tax for Transit(Article 43) J
<br /> County prior to the sales tax advisory referendum. frequent urban mobility,and link local service.The implementation of The largest recurring local revenue source would be a half-cent local d
<br /> those projects and the timing of them will evolve as the design and
<br /> The schedule of capital projects within the next 10 years is dependent study reveals new information. option sales tax as authorized by NCGS 105-164.13B.The transit plan
<br /> on multiple factors,including successful grant awards.The planning assumes that the Wake County Board of Commissioners would vote to
<br /> and design process may begin for the infrastructure projects(the CRT After successful approval of the half-cent sales tax advisory referendum, place the local option sales tax for transit on the ballot,which would be Z
<br /> corridor and the four BRT corridors)simultaneously,or it may be phased. funds would be collected starting in the Spring of 2017.Some operating voted on in November 2016.Upon approval by Wake County voters,the J
<br /> Through that process,the corridors will be prioritized based on feasibility items in the Recommended Transit Plan will be noticeable fairly soon, sales tax would be adopted and funds would be available in Spring 2017. d
<br /> and cost.Individual projects or groups of projects will be submitted for such as including increasing weekend and evening service and some To project sales tax dollars that would be available,actual Wake County
<br /> federal grants and State Transportation Improvement Program(STIP) increases in midday frequency.Other items,like new routes or peak Article 39 gross revenues for fiscal year 2015 served as the base,less
<br /> funding. service increases,will be phased in as new buses are acquired and 10%as Article 39 is charged on food purchases which are prohibited to
<br /> Since BRT can be built incrementally,improvements--such as new operations are deployed. be taxed as part of Article 43.Then,it was assumed that the local sales
<br /> buses,signal prioritization,off-board fare collection,level-boarding Small capital projects,such as adding bus stops along new routes, tax revenue would be half of that amount,as Article 39 is one cent and
<br /> stations,or dedicated busways—can be built in phases.For example,the can be done during the Transit Plan's initial years.The transit budget Article 43 is one half cent.Using the County's same assumption for sales
<br /> initial project may include dedicated busways on 50%of the corridor and allocates funds toward a range of capital improvements,such as bus tax growth that is used in the County's debt and capital financial model,
<br /> additional lane-miles of dedicated busways will be added in future years stops and stations,nicer buses and park-and-ride lots.Many adjacent this amount was grown annually by 4%.Accordingly,the alternatives
<br /> as those sections of road are widened,redeveloped,or as additional improvements,such as additional sidewalks,would be paid for by local include an assumption that the half-cent sales tax revenue available for
<br /> funds become available.Corridors that are anticipated to have high programs. new transit would be$78.5 million in FY 2018 and would grow by 41/o
<br /> ridership and fewer physical constraints(thereby lowering impacts and annually thereafter.
<br /> costs)are likely to move faster through the federal funding process. The transit partners will work together to develop a detailed
<br /> implementation plan that will identify and prioritize new enhanced Other Local Revenue Sources
<br /> To create a more useful commuter rail project,the CRT line was assumed bus service and facilities.Detailed studies will be conducted for larger Increases to vehicle registration fees also are included in the assumptions
<br /> to extend from Garner to Durham as part of the first phase.A line ending capital projects.The outcome of these studies will impact project for local revenue sources.Currently,GoTriangle collects a fee of$5 per
<br /> at RTP,and therefore almost entirely in Wake County,was considered. implementation.However,existing service will continue to operate and registration throughout Wake,Durham,and Orange Counties.That is
<br /> However,successful commuter rail services running only during peak enhanced service will begin to deploy while larger projects are studied used to support transit activities in this three-county service area.This
<br /> hours rely heavily on a major dense employment center within walking and gradually constructed. fee would increase by$3,for a total of$8.Second,a new$7 vehicle
<br /> distance of stations.While NC State and downtown Raleigh provide registration fee would be assessed by the Board of Commissioners,as
<br /> his to a degree,our analysis concluded that downtown Durham and authorized by NCGS 105-509.Together,the vehicle registration fees
<br /> Duke University also need to be on the line to generate strong two-way would generate approximately$8.5 million a year in fiscal year 2018 and
<br /> demand sufficient for the line to succeed.
<br /> are projected to grow 2%a year thereafter.
<br /> JARRETT WALKER + ASSOCIATES Kimley»)Horn Wake County Transit Investment Strategy 133
<br /> Recommended Wake County Transit Plan
<br />
|