Agenda - 06-19-2001-5b - Laserfiche WebLink

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PRIVATE SECTOR FUNDING ..greased private sector participation can also contribute to meeting some of our transportation needs. impact fees are employed to varying degrees in the Triangle. Some other regions allow overlay or special assessment districts to collect additional revenues For transportation improvements that directly benefit the district. Private sector participation must be encouraged through innovative and equitable policies that recognize our shared dependence on a sate and efficient transportation system, a.strong regional economy, and a healthy environment. Fuel Tax License Fees Vehicle Registrrtion Fees Sales & Use7ax Rental Car Tax - - " Property Taxes Local TrafTc Impact Fees Interswtes & MajorArterials Transit Capital & operations t~ Highway Maintenance Arterials & Major collectors Local Transit SidewalkslBikeways Local Streets 15 Research Tria>•tgle Park will continue to play a critical role shaping the growth of both the regi and the State. The Park's econor importance, Combined with its spec status, requires a unique regional approach for effective transparxati planning and implementation. N. individual local jurisdiction is able address the transportation needs RTP; a coordinated, innovative effc by all stakeholders is needed.A spe, RTP Service District tax has bees used to build multipurpose trail bus shelters, and other projects. 7 current 2-cent assessment raises $360,000 annually. The "Other Possible Funding Sources" Chart includes a bar representing near) $2 million that could be generate by the maximum allowable levy c $0. I 0 per $ 100. Research Triang Foundation has also contributed major transpor-lotion projecu in RTP, such as a proposed $4 millic towards the widening of Davis Dri~ Revenue Mechanism Funding Source Expenditure Type MEETINGTHE CHALLENGE As the Triangle Region grows, a larger proportion of transportation funding ma~• need ro come from local and private secror sources. This trend is found throughout growing urban areas, as they strive ro remain competitive in the fare of esrensive demands and constraints on federal and state funding. G1~reased Ic~cal and private participation can provide the t7exibility to accelerate needed improvements and better reflect local, regional, and statewide priorities. The nature, magnitude, and application of such funds should be local decisions, and nm• additional local and private sector resources must augment, rather than replace, state and federal contributions. Ideally, stare and federal resources should be concentrated on projects of regional, statewide, and national significance, while local and private contributions should go towards needs relevant to the •ces of these funds. The quality of our future transportation system depends ,.ay on our willingness and abilin• to obtain funding for needed impro~•ernents at all le+•zls, while preserving an equitable balance among those who p:~~~ and these «ho benefit. Park e!mplayers have begun a roc dinated SmartCommute pragran encauragjng ridesharing, transit u. telecommuting, flexible work hou and other measures to lessen demand for travel by automobile Other approaches being consider far reducing traffic congestion inclu increasing residential developmer near the Park.