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Reston Transportation Funding Plan: July 15, 2016

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This presentation was delivered to stakeholder on July 15, 2016, covering the purpose of the plan, improvements to be funded, preliminary cost estimates, and overview of the funding plan.

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Reston Transportation Funding Plan: July 15, 2016

  1. 1. County of Fairfax, Virginia Reston Transportation Funding Plan Stakeholder Meeting July 15, 2016 Tom Biesiadny, Janet Nguyen, Ken Kanownik Fairfax County Department of Transportation Department of Transportation 1
  2. 2. County of Fairfax, Virginia Agenda • Background Information – Purpose – Improvements to be funded – Preliminary cost estimates – Reston funding plan overview • Coordination with the Reston Network Advisory Group • Status Department of Transportation 2
  3. 3. County of Fairfax, Virginia Terms As defined specifically for use in the Reston Transportation Funding Plan: • Private Funding: Revenues generated from sources specifically from Reston, to fund projects in Reston. • Proffer: Voluntary commitment by landowners/developers to perform an act or to donate money, land, services or products to address/offset impact(s) arising from their proposed rezoning: – Cash Proffer: Money voluntarily agreed to in writing signed by the owner of property subject to rezoning, submitted as part of a rezoning application. – In-Kind Contribution: Contribution of goods, services, or construction. For example, a developer seeking rezoning agrees to implement a part of the project for which the rezoning is being sought. • Road Fund: Dedicated account for cash proffers towards road improvements, in a specific area that are not otherwise being constructed by a developer. • Service District: A service district is a mechanism established by the Board of Supervisors to fund improvements located within a defined geographic area. (i.e. sanitary, transportation, gypsy moths). • Transportation Tax District: A tax district is a mechanism established by voluntary petition of landowners in a defined area and is approved by the Board of Supervisors to fund transportation improvements within the defined area. (i.e. Dulles Rail Phases I & II, Route 28). • Public Funding: Revenues generated from County-wide tax sources that are being applied to the Reston Transportation Funding Plan. • Transit Station Area: The area within the influence area of a Metrorail station. Department of Transportation 3
  4. 4. County of Fairfax, Virginia Purpose The Reston Phase I Comprehensive Plan Amendment was adopted by the Fairfax County Board of Supervisors on February 11, 2014. The plan amendment increases densities in the Reston area and recommends new transportation projects to support new commercial and residential development. The Board follow on motion from the adoption included the Planning Commission recommendation to conduct: Department of Transportation 4 “…an inclusive process to prepare a funding plan for the transportation improvements recommended in the Reston Master Plan and report with its recommendations. The funding plan should include arrangements for financing the public share of Reston infrastructure improvements and facilitate co-operative funding agreements with the private sector. The PC strongly believes that public and private investment in Reston is both critical and responsible for ensuring Reston’s future success.”
  5. 5. County of Fairfax, Virginia Improvements to be Funded • Road transportation improvements1 (Bridges/Overpasses, Widenings, Extensions, Interchanges) to enhance connectivity • Intersection improvements required for adequate traffic operations • Grid improvements (a network of new multimodal streets around the Metrorail stations) to enhance pedestrian and vehicular circulation in, around, and through, station areas Department of Transportation 5 1 All roadways will be designed with pedestrian facilities. Many will also have bike facilities.
  6. 6. County of Fairfax, Virginia Improvements to be Funded Department of Transportation 6 Reston Improvements Estimate All estimates are planning level estimates and are subject to adjustments.
  7. 7. County of Fairfax, Virginia List of Improvements to be Funded Department of Transportation 7 Reston Funding Plan Projects Estimate Roadway Projects DTR Crossing at Soapstone Overpass – Sunrise Valley Dr to Sunset Hills Rd $170,000,000 DTR Town Center Parkway Underpass – Sunrise Valley Dr to Sunset Hills Rd $170,000,000 Fox Mill Road Widening – Reston Parkway to Monroe Street $60,000,000 McNair Farms Drive Extension/Widening $10,000,000 Monroe Street Widening – West Ox Road to Town of Herndon $80,000,000 Pinecrest Road Extension – South Lakes Dr to Sunrise Valley Dr $25,000,000 Reston Parkway Widening – South Lakes Drive to DTR $25,000,000 Route 286 - DTR to West Ox Widening $80,000,000 Route 286 at Sunrise Valley Drive (Interchange) $400,000,000 South Lakes Drive Overpass – Sunrise Valley Drive to Sunset Hills Rd $90,000,000 West Ox Road Widening – Lawyers Road to Centreville Road $100,000,000 Total Roadway Projects $1,210,000,000 Intersection Projects Centreville Road/Sunrise Valley Drive $10,000,000 Centreville Road/DTR EB on/off Ramps $1,500,000 Hunter Mill Road/Sunset Hills Road $3,500,000 Reston Parkway/Bluemont Way $4,000,000 Reston Parkway/DTR WB on/off Ramps $5,000,000 Reston Parkway/New Dominion Parkway $5,000,000 Reston Parkway/Sunrise Valley Drive $15,000,000 Wiehle Avenue/DTR EB on/off Ramps $600,000 Total Intersection Projects $44,600,000 Grid Network $1,021,000,000 Total $2,276,000,000 All estimates are planning level estimates and are subject to adjustments.
  8. 8. County of Fairfax, Virginia Reston Transportation Funding Plan Overview Strategy for providing financial resources to pay for transportation improvements in the Reston Comprehensive Plan Amendment, approved February 11, 2014. • 40 Year Plan • Identification of funding sources and cost allocation • Project priorities • Cash flow Department of Transportation 8
  9. 9. County of Fairfax, Virginia Coordination with the Reston Network Advisory Group Mission Statement: Following the adoption of the Reston Master Plan Phase 1 update, the Reston Network Advisory Group was created by the Hunter Mill District Supervisor to establish a forum for the Fairfax County Transportation staff to receive input and feedback from residents and property owners/developers on the Reston Network Analysis and associated plans…..1 • Advisory group members include landowners, residents, community representatives, and members of the business community. • Advisory Group meetings are open to the public. • Charge - Review potential strategies for funding Reston transportation improvements. • Charge - Provide feedback to staff on potential funding plan scenarios. Department of Transportation 9 1. Full mission statement can be found at: http://www.fairfaxcounty.gov/fcdot/restonnetworkanalysis/advisorygroup.htm
  10. 10. County of Fairfax, Virginia Shared Funding Solution • Public and private investment in Reston is necessary to ensure Reston’s future success. Department of Transportation 10 Reston Public Investment Private Investment
  11. 11. County of Fairfax, Virginia Shared Funding Solution • Public funding means revenues generated from County-wide tax sources that are being applied to the Reston Transportation Funding Plan; includes money from the following sources: – Federal grants and programs – State grants and programs – Regional revenues – Local revenues Department of Transportation 11
  12. 12. County of Fairfax, Virginia Shared Funding Solution • Private funding means revenues generated from sources specifically from Reston to fund projects in Reston; includes money or contributions from the following sources: – Proffers from developers – Contributions to a Road Fund (per square foot/per dwelling unit) – In-kind Contributions, such as actual construction of improvements – Tax Districts/Service Districts (local revenues that will be counted toward “private” contributions) – Recommendations from the Advisory Group Department of Transportation 12
  13. 13. County of Fairfax, Virginia Public Revenue Sources Federal • Formula Funding • Discretionary Grants State • HB2 - Statewide High Priority Projects, Construction District Grant Programs • Revenue Sharing Local/Regional • Commercial and Industrial (C&I) Taxes • General Obligation Bonds HB2313 • NVTA 30% Local Funds • NVTA 70% Regional Funds Department of Transportation 13
  14. 14. County of Fairfax, Virginia Public Revenue Sources • Federal, State and Regional funds can be difficult to predict • Competitive process: federal discretionary grants, state HB2 funds, and NVTA 70% Regional Funds • Each source has specific requirements and restrictions • Cash match may be required for certain funds • Public revenues are distributed to projects County-wide • Most of the public sources have already been committed to projects in the Board’s Six Year Transportation Project Priorities (TPP) for FY2015-FY2020 • Beyond FY2020, there’s flexibility in how public sources of transportation revenues are applied. Department of Transportation 14
  15. 15. County of Fairfax, Virginia Potential Private Revenue Sources Proffers Voluntary commitment by landowners/developers to perform an act or to donate money, land, services or products to address/offset impact(s) arising from their proposed rezoning • Cash Proffer: Money voluntarily agreed to in writing signed by the owner of property subject to rezoning, submitted as part of a rezoning application. • In-kind Contributions: Actual construction of improvements. Department of Transportation 15
  16. 16. County of Fairfax, Virginia Potential Private Revenue Sources Service District Ad valorem tax on all properties within a defined geographic area to fund specific service improvement needs for that area; established by Board of Supervisors. Transportation Tax District Ad valorem tax on commercial and industrial properties within a defined geographic area established by voluntary petition of landowners and approved by the Board of Supervisors to fund transportation projects for/related to that area. Department of Transportation 16
  17. 17. County of Fairfax, Virginia Potential Private Revenue Sources Tax Increment Financing (TIF) – A funding mechanism that captures net new tax revenues within a defined geographic area (TIF district) to fund public projects in the TIF district to promote economic development or redevelopment. • Define district, usually commercial, to declare a tax increment district, which will be developed for higher and better use. • Define a base year assessment. Tax revenue at the base year is “frozen” continuing to accrue to the normal tax funds at those assessment levels. • Additional tax revenue (tax increment) based upon increases in assessed values over and above the base year assessment rate are allocated to a tax increment fund, and would be used to fund identified improvements. • Financing option – Property taxes are most commonly used to fund TIFs. TIF revenues are usually pledged to support bond debt service (requires Community Development Authority (CDA)). May be used as pay as you go, rather than to support debt. • TIF does not directly change the Real Estate Tax rate. Department of Transportation 17
  18. 18. County of Fairfax, Virginia Potential Private Revenue Sources Department of Transportation 18 Base Year Assessment (Existing Tax Base) Revenues continue to accrue to normal tax funds. Total New Tax Base Tax Increment To support public infrastructure or bond debt service Life of Tax Increment Financing District AnnualTaxesGenerated Frozen revenue for basic services Basic TIF Model: Future Tax Revenue – Baseline Tax Revenue = TIF Revenue Using the basic TIF model, a TIF district over the Reston TSAs may generate up to $900k per 1% of real-estate assessed value growth on its first year. Assessed Value Growth Revenue 1% $ 900,000 2% $ 1,800,000 5% $ 4,500,000
  19. 19. County of Fairfax, Virginia Building the Funding Plan Department of Transportation 19 Activity Completed Underway Future Discussion with Reston Network and Funding Advisory Group Projects and preliminary cost estimates for roadway, intersection, and grid improvements X Potential revenue sources and funding mechanisms for the plan X Division of public and private responsibility for plan costs X Analysis of several funding scenarios X Individual project prioritization (Network Analysis Study) X Timing of funding needs X Public comment X X X
  20. 20. County of Fairfax, Virginia Funding Allocation Plan – Funding Responsibility Discussed with the Advisory Group various methods of allocating costs to public/private revenues in the plan. 1. Tysons Cost Allocation Model Applied to Reston 2. Project Location – Outside or Inside Reston TSAs 3. Use - Through/Local Ratios 4. Location and Through/Local Ratios 5. Project Category 6. Regional vs. Local Significance Department of Transportation 20
  21. 21. County of Fairfax, Virginia Reston Funding Plan Allocation Framework This cost split was chosen by staff as basis for discussion of funding scenarios. Staff is still seeking comments on this proposal. In this example, public and private revenues will share costs, approximately equally. Reston Roadway projects would be paid for with public revenues. Most Intersections and the Grid would be paid for with private revenues. Department of Transportation 21 Please note that the information provided in this presentation is not final and is for discussion purposes only. Option 5: Project Category Project Estimate Allocation ($) Reston Roadways $1,210,000,000 Public Share 100% $1,210,000,000 Private Share 0% $0 Reston Intersections $45,000,000 Public Share 0% $0 Private Share 100% $45,000,000 Grid $1,021,000,000 Public Share 0% $0 Private Share 100% $1,021,000,000 Total $2,276,000,000 Public Share 53% $1,210,000,000 Private Share 47% $1,066,000,000
  22. 22. County of Fairfax, Virginia Tentative Allocation of Grid of Streets In-Kind vs. Road Fund (Cash Proffers) Department of Transportation 22
  23. 23. County of Fairfax, Virginia Funding Scenario – Private Share Department of Transportation 23 Private Share Estimate $1.066B• Total private share $0.711B• Less: in-kind contributions to grid $0.355B• Net funding need from private share Please note that the information provided in this presentation is not final and is for discussion purposes only.
  24. 24. County of Fairfax, Virginia Funding Scenario – Road Fund • Dedicated account for cash proffers towards road improvements, in a specific area that are not otherwise being constructed by a developer. • Contributions are based on rates for: – residential dwelling units – commercial square footage Department of Transportation 24
  25. 25. County of Fairfax, Virginia Current Fund Area Rates - 2016 Department of Transportation 25 Development/ Fund Area Residential Rate per Dwelling Unit Non-Residential Rate per Sq. Ft. Fairfax Center $1,316 $5.94 Centreville $2,522 $6.38 Tysons (Rezonings Prior to 2/1/2013) $970 $4.37 Tysons-Wide $1,045 $5.90 Tysons Grid of Streets $1,045 $6.73 Combined Tysons Rates: $12.63/sq.ft.; $2,090/unit
  26. 26. County of Fairfax, Virginia Road Fund Scenarios • Through the working process with the Advisory Group, staff originally proposed seven road fund scenarios. • Five additional scenarios have been added based on feedback from members of the Advisory Group. • Certain road fund rate scenarios may have a related funding shortfall that needs to be addressed through other revenue sources. • Potential revenue sources for addressing a shortfall include but are not limited to – Service District – Tax District – Tax Increment Financing – Recommendations from the Advisory Group Department of Transportation 26
  27. 27. County of Fairfax, Virginia Original Scenarios 1-7 • Scenario 1: Tysons residential rates • Scenario 2: Tysons commercial rates • Scenario 3: Rates proportional to Reston development • Scenario 4: Tysons rates and service district over Reston TSA • Scenario 5: Tysons rates and tax district over Reston TSAs • Scenario 6: Tysons Rates and Service District over Reston &TSAs • Scenario 7: Tysons Rates and Service District over Sp. TD5 Department of Transportation 27
  28. 28. County of Fairfax, Virginia Scenario 8-9 • Scenario 8-9 were developed from the Advisory Group’s request to evaluate land values between Reston and Tysons – Scenario 8: General adjustment from Tysons rates, -11% – Scenario 9: Specific adjustments from Tysons rates, +15%, -19% Department of Transportation 28 Comparison – Reston TSAs to Tysons Assessed Values Reston 2015 Tysons 2015 Dollar Percent Residential Value/DU $ 260,129 $ 220,362 $ 39,766 15% Commercial Value/Sqft $ 239 $ 284 $ -45 -19% Residential Value/Sqft $ 221 $ 188 $ 32 15% Average Sqft* $ 235 $ 261 $ -26 -11% *Assessed value for a given sq. ft. regardless of zoning
  29. 29. County of Fairfax, Virginia Department of Transportation 29 *These are average annual rates that do not reflect actual cash flow needs. These scenarios have been proposed by staff or by recommendations by the advisory group and are all based in some type of applicable logic. Different rate scenarios could apply in the future. Please note that the information provided in this presentation is not final and is for discussion purposes only. Road Fund Rate Scenarios Contribution Rates and Other Funding Needed Residential/ DU Commercial/ SF Other Funding ($M) Tax District Rate* Service District Rate* Growth required for TIF* Scenario 1: Tysons residential rates $2,571 $18.70 N/A N/A N/A N/A Scenario 2: Tysons commercial rates $4,759 $12.63 N/A N/A N/A N/A Scenario 3: Rates proportional to Reston development $7,159 $5.97 N/A N/A N/A N/A Scenario 4: Tysons rates and service district over Reston TSA $2,571 $12.63 $83.43 $0.03 $0.015 ~2.0% Scenario 5: Tysons rates and tax district over Reston TSAs $2,571 $12.63 $83.43 $0.03 $0.015 ~2.0% Scenario 6: Tysons Rates and Service District over Reston &TSAs $2,571 $12.63 $82.60 $0.03 $0.015 ~2.0% Scenario 7: Tysons Rates and Service District over Sp. TD5 $2,571 $12.63 $75.92 $0.03 $0.015 ~2.0% Scenario 8: General adjustment from Tysons rates, -11% $2,288 $11.24 $111.20 $0.035 $0.02 ~3.0% Scenario 9: Specific adjustments from Tysons rates, +15%, -19% $2,957 $10.23 $85.22 $0.03 $0.015 ~2.5%
  30. 30. County of Fairfax, Virginia Feedback on… • Do any of these scenarios work? • What features do you like? What features don’t you like? • Are you comfortable with a road fund at an appropriate rate? • What other options should staff be considering? Department of Transportation 30
  31. 31. County of Fairfax, Virginia Next Steps • Seeking public/stakeholder feedback and analyze comments • Advisory group feedback and regular advisory group meetings throughout the process. • Development of a draft staff recommendation for the Reston Transportation Funding Plan • Board Transportation Committee (BTC) meeting, Fall. • Preparation of final recommendations. • Board of Supervisors approval by end of 2016. Department of Transportation 31
  32. 32. County of Fairfax, Virginia Comments/Questions/Discussion Department of Transportation 32

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