Tysons Transportation Service District FY 2018 Tax Rate Discussion: March 15, 2017
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Tysons Transportation Service District FY 2018 Tax Rate Discussion: March 15, 2017
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Tysons Transportation Service District FY 2018 Tax Rate Discussion: March 15, 2017
- 2. Tysons 2 Agenda • Brief background • Revenue to date • Revised project costs • Tax rate timeline • Funding scenarios background • Next steps for the service district • Update on Tysons transportation projects
- 3. Tysons 3 TysonsTysons • June 2010 ‐ Tysons Comprehensive Plan Amendment adopted. • March 2011 ‐ the Board Requested of the Planning Commission to provide recommendations for financing transportation Infrastructure. • May 2011 – October 2012 ‐ Planning Commission Tysons Committee (PCTC) met 24 times. • October 2012 ‐ The Board received public comment and endorsed Planning Commission recommendations (see handout). • December 2012 – The Board held public hearing on proposed creation of service district. • January 2013 – The Board approved service district, created Service District Advisory Board, and established rates and policies for the two Road Funds. • July 2013 – Service District collections began Funding Plan Background
- 4. Tysons 4 TysonsTysons Service District Revenues to Date [1] As of March 13, 2017. [2] Cash funding DSR instead of financing provides for lower debt service payments. Total Tax Collected Interest FY2014‐2016 $13,700,605 $13,627,288 $73,317 FY20171 $6,925,023 $6,837,651 $87,372 Total $20,625,628 $20,464,939 $160,689 Less 10% for Debt Service Reserve2 (DSR) ($2,062,562) Currently Allocated to Projects ($6,450,000) Available Cash $12,113,065
- 5. Tysons 5 TysonsTysons Revised Costs ‐ Tysons‐Wide Roadway Projects (mils of $$$) [1] 2014 and 2016 estimates are higher of two options. Tysons‐wide Table7 Projects 2014 Estimate 2016 Estimate Rt.7 Widening (Rt.123 to I‐495) $22.0 $22.0 Rt.7 Widening (Reston Ave to DTR) $292.0 $235.0 Rt.7 Widening (Rt.123 to I‐495) $22.0 $22.0 Jones Branch Connector $42.0 $60.0 Rt.7 Widening (I‐495 to I‐66) $64.5 $75.4 Rt.123 Widening (Old Courthouse Rd to Rt.7) $22.8 $22.6 Rt.123 Widening (Rt.7 to I‐495) $46.0 $46.0 Boone Blvd Extension $36.5 $34.5 Greensboro Drive Extension $8.8 $8.8 DTR Ramp to Boone Blvd Extension $93.5 $95.5 DTR Ramp to Greensboro Drive Extension (Option 2)1 $84.5 $85.0 DTR Westbound Collector Distributor $129.0 $132.0 DTR Eastbound Collector Distributor $83.5 $88.0 Magarity Rd Widening (Lisle/Rt.7 to Great Falls St $54.0 $57.2 I‐495 Overpass at Tysons Corner Center $14.5 $15.7 Gallows Rd Widening (Rt.7 to Prosperity Ave) $228.5 $238.0 I‐495 Additional Lane (Outer Loop, Rt. 7 to I‐66) $6.8 $7.3 Ramps Connecting DTR to Jones Branch Drive $115.0 $116.0 $1,343.75 $1,338.95 (0.4%)
- 6. Tysons 6 Spring 2017 Timeline/Recommendation Date Item February 14 County Executive’s FY 2018 proposed budget; service district rate proposed at $0.06 February 28 Board approved advertising a service district tax rate at $0.06, as part of the Tax Rate Resolution1 March 15 First meeting of the Tysons Transportation Service District Advisory Board (TTSDAB) March 30 Second meeting of the TTSDAB April 4‐6 Public Hearings on FY 2018 Budget and Tax Rates. Advisory board recommendation due no later than April 6. April 25 FY 2018 Budget Mark‐up May 2 Board Adoption of FY 2018 Budget and Service district tax rate is included as part of FY 2018 Budget Adoption 1. After advertisement, the Board can only adopt a rate equal to, or lower than the advertised rate.
- 7. Tysons 7 Recap Continued, Key Characteristics Model Results • Payoff period finishes in 2045. • FY2016 & 2017 rate remained flat at $0.05. • Most years at $0.06 tax rate. • Three years at $0.07 (FY32‐34). • The FY2017 Advertised Budget proposed a rate of $0.06. • The advisory board recommended, and the Board approved, holding the FY2017 rate flat at $0.05.
- 11. Tysons 11 [1] Equalization and growth. [2] Board advertised at $0.06 on February 28, 2017. Rate will be formally set on May 2, 2017. [3] As recommended by the Phase 1 Tax District Advisory Board to reduce from $0.17 to $0.15 for FY 2018 on 3/10/16. To be considered by Phase 1 Tax District Commission, then subject to final approval by the Board of Supervisors via Budget Adoption. Changes From 2017 to 2018 2017 2018 Assessed Value $13,895,592,915+ $14,486,525,956++ AV Growth over prior year 8.27%1 4.25%1 Tysons District Tax Rate Per $100 AV $0.05 $0.062 Dulles Rail Phase I Tax Rate Per $100 AV $0.17 $0.153 Combined Tax Rate Per $100 AV $0.22 $0.21 + ‐ AV as of January 1, 2016. ++ ‐ AV as of January 1, 2017.
- 12. Tysons 12 New Model Runs ‐ Key Statistics FY 2017 Adopted Finance Model1,2 FY 2018 Proposed Model/Plan w/ updated AV (as of 1/1/17) 3 FY 2018 Proposed Model/Plan w/ updated AV (as of 1/1/17) 2,3 Total Tax Revenue Needed $396M $253.2M $254M Final Tax Year 2045 2040 2040 FY 2018 Estimate of Revenue Generated $7.93M $8.33M $6.95M 1. Includes finance charges 2. FY 2017 Adopted Finance model has a rate of $0.05 in FY 2017, and $0.06 in FY 2018. 3. FY 2018 model runs for $0.05 and $0.06 include no bonding. 6cents No bonding 5cents No bonding
- 14. Tysons 14 Residential Homeowner Annual Bill ‐ Change from 2017 to 2018 (info sent out in advance of next meeting) 2017 Assessed Value 2017 Tax Bill1 2018 Assessed Value2 2018 Tax Bill @ 5c 2018 Tax Bill @ 6c Increase if Tax Rate @ 6c in FY 2018 $300,000 $150 ?? ?? ?? ?? $400,000 $200 $500,000 $250 $600,000 $300 $700,000 $350 $800,000 $400 $900,000 $450 $1,000,000 $500 1. FY 2017 Adopted Financial Plan has a rate of $0.05 in FY 2017, assumes $0.06 in FY 2018. 2. No Change, Residential AV equalization growth relatively flat from 2017 to 2018.
- 15. Tysons 15 Next Steps March 30 Meeting: • Further analysis of rate options based on updated financial information. • $0.05 cent scenario that extends life of the service district beyond ~2045. • Address any requests for information. • Continued Discussion of FY 2018 service district rate. • Recommendation of FY 2018 service district rate.
- 16. Tysons 16 Overview of Project Updates • Project Status • Major Roadway Projects • 17 “Tysons‐wide” (Table 7) Improvements • Grid of Streets • Transit Service • Neighborhood Intersection Improvements Study • Tysons Metrorail System Access Management projects (TMSAMS) • Table 7B • BikeLanes and BikeShare
- 18. Tysons 18 Major Roadway Projects Continued Jones Branch Connector • A new multimodal connection across the Beltway to improve circulation in Tysons, reduce congestion, support future development and enhance mobility for pedestrians, bicyclists, transit riders, and drivers. • FCDOT administered design and right‐of‐way phases; VDOT administering construction. • Ground Breaking held January 26, 2017. • Notice to Proceed for construction issued January 27, 2017. • One lane each direction, and sidewalk on south side expected to be open to traffic and pedestrians by late 2018. • Full project will be complete in 2019.
- 20. Tysons 20 Major Roadway Projects Continued Route 7 Bridge over Dulles Toll Road • Project will widen bridge from 4 to 6 lanes. Total length ~0.4 miles. • Shared use path for pedestrians and bikes in each direction. • Project will improve access to Tysons and Spring Hill Metrorail Station from the west. • Design‐build contract awarded by VDOT June 2015. • Final design, right‐of‐way, utility relocation, and construction underway. • Estimated construction completion May 2018.
- 21. Tysons 21 Major Roadway Projects Continued Route 7 Bridge over Dulles Toll Road Jarrett Valley Dr.
- 22. Tysons 22 Major Roadway Projects Continued Route 7 Widening (Reston Avenue to Dulles Toll Road) • Widen Route 7 from four to six lanes from Jarrett Valley Drive to Reston Avenue, with intersection improvements, and shared use both on both sides of road. • Fully funded: $234 million ($119M state, $104M federal, $10M NVTA, $755K local) • VDOT responsible for design, right‐of‐way, and construction phases with County input. • Design in progress. • Public Hearing held November 15, 2016. • The Board approved an agreement with VDOT January 24, 2017 that included NVTA FY17 funds. • Board endorsement of public hearing design plans Spring 2017. • Construction start Spring 2019, and estimated completion Fall 2025. For more information visit www.connectroute7.org
- 23. Tysons 23 Major Roadway Projects Continued Route 7 Widening (Route 123 to I‐495) • Widening existing 6 lanes to proposed 8 lanes with pedestrian improvements. • Bus Rapid Transit (BRT) proposed through the corridor (Envision Route 7 – NVTC). • Traffic analysis and initial options ‐ Fall 2014. • BRT recommendations approved by NVTC – July 2016. • Conceptual design ‐ Spring 2017. • Stakeholder involvement ‐ Summer / Fall 2017. • Right of way start – Estimated 2019. • Construction start – Estimated 2022. • Completion – Estimated 2026.
- 25. Tysons 25 Major Roadway Projects Continued Route 123 Widening (Old Courthouse to Route 7) • Staff continues analysis of the Comprehensive Plan recommendation to widen Route 123 from four to six lanes. • This segment will be evaluated as part of Route 123/Route 7 Interchange project. Route 123 Widening (Route 7 to I‐495) • Staff continues analysis of the Comprehensive Plan recommendation to widen Route 123 from six to eight lanes. • Awaiting the findings from Route 123 corridor study before advancement. • Consultant selection for Route 123 corridor study is underway.
- 27. Tysons 27 Tysons Grid of Streets Continued Lincoln Street • Proposed street to connect Route 123 to Magarity Road. • Will allow access to existing/approved developments along Old Meadow Road from Magarity Road. • No new development expected along most of Lincoln Street. • Additional access to residential units on Old Meadow Road. • On October 18, 2016, the Board approved $1.2 million for feasibility study. • Staff developing scope of work for consultant proposals.
- 29. Tysons 29 Transit Service • Purpose ‐ Enhance transit service to capitalize on Metrorail investment, support TOD development, and provide transit connections from the Metrorail stations to areas of Tysons not within walking distance to stations. • Implemented improvements include: • Neighborhood bus routes from McLean and Vienna. • I‐495 Express Lanes service from Burke Center, Lorton, and Springfield. • Circulator routes serving Tysons’ Metrorail Stations • Dulles Rail Phase I operational – July 2014 • Dulles Rail Phase II – under construction • Fairfax Connector continually monitors ridership and redevelopment in Tysons to ensure convenient Metrorail station connections. Periodic adjustments are anticipated. • Future improvements include: • Bus Rapid Transit from Alexandria and Falls Church on Route 7 (recommendations approved by NVTC).
- 30. Tysons 30 Transit Service Continued Tysons Circulator Service (Short Term) • The first phase of the Circulator system, serving the Metrorail stations began July 24, 2014. • Initial changes implemented in May 2015 in response to rider feedback and to provide more direct, two‐way service for the majority of riders • Three routes: • 422 – Boone Blvd‐Towers Crescent (Southeast Tysons) • 423 – Park Run‐Westpark (Central Tysons) • 424 – Jones Branch Drive (Northern Tysons) • Serving Tysons weekdays, Saturdays, and Sundays
- 32. Tysons 32 Tysons Neighborhood Study • Phase I analyzed 19 intersections outside of Tysons to determine the traffic impact of the adopted Tysons Comprehensive Plan on adjacent communities. Initiated in 2010. • Phase II was initiated in 2012, and includes the following: • An additional 10 intersections; total of 29. • Latest land use information based on rezoning approvals/applications. • Use of Consolidated Traffic Impact Analysis model to analyze intersections and identify mitigation measures. • Development of mitigation measures. • Draft recommendations expected to be complete mid 2017. • Public outreach to seek feedback on recommendations. • Construction of improvements scheduled 2018 to 2030.
- 34. Tysons 34 Tysons Metrorail Station Access Management Study (TMSAMS) • Purpose: prioritize access improvements to the Metrorail stations in Tysons. • Completed in 2011. • Staff recommendations approved in May 2012, and many funded in the Board’s Four‐Plan for Transportation. • Staff currently working to design/construct these projects. • 16 Complete • 14 in Construction/Utility Reloc • 1 in Right of Way • 2 in Design
- 36. Tysons 36 TMSAMS Continued Major Projects • Route 7 Walkways on Both Sides under Route 123 • Construction bid Feb 2017. • Appx completion in July 2017. • Vesper Trail from Vesper Court to Route 7 • Design and right of way complete. • Construction bid April 2017. • Appx completion April 2018. Vesper Trail
- 37. Tysons 37 TMSAMS Continued Major Projects • Scotts Run Walkway from Magarity Road to Colshire Meadow Drive. • In design by Park Authority. Construction scheduled to begin in Fall 2019. • Route 7 Walkway from Dulles Toll Road to Beulah Road. • This project to be constructed as part of VDOT’s Route 7 Widening project from Jarrett Valley to Reston Parkway. • Pedestrian connection across I‐495 between Route 123 and Route 7. • VDOT conducting Preferred Alternative Analysis on two locations. • Design public hearing Fall 2017. • Appx completion 2020. • Pedestrian connection on Route 123 from Great Falls Street to McLean. • Currently in right of way; utility relocation to follow. • Appx completion Spring 2018.
- 38. Tysons 38 Tysons Table 7B Projects Projects resulting from further analysis of the road network and planned land use densities. Included in Comp. Plan Amendment to be considered by the Board following a public hearing on March 14, 2017. • Route 123 Modified Intersection Treatment (Superstreet). • Inside the Beltway ‐ (I‐495 to Anderson Road): Preliminary design plans (30% level) developed. Traffic analysis for mid‐term condition complete. The concept will further be refined, and supplemented with the detailed traffic analysis for the long term conditions. • Outside the Beltway ‐ (International Drive to I‐495). Preferred concepts to be developed, and supplemented with a detailed traffic analysis. Consultant selection in progress. • Underpass at Dolley Madison / Great Falls / Lewinsville intersection. • Route 123 corridor study and traffic simulation being scoped. • Improvement of the intersection of Magarity Road and Route 7 • Project initiation at a future date.
- 39. Tysons 39 Tysons Table 7B Projects Continued • Cleveland Ramp ‐ Modification to the eastbound off‐ramp from the Dulles Access Road to Route 123. • The Alternatives Analysis is complete. The analysis identified two preferred alternatives: • Braided Ramp Concept and an Auxiliary Lane concept, to be carried forward in an Interchange Modification Report (IMR). • Route 7/Route 123 Interchange to allow additional capacity. • Advancing design based on design charrette recommendations; four design options considered. • Planning to meet with stakeholders in late Spring 2017 to present findings. • Gallows Road at Gallows Branch, to I‐495 SB Ramp • Study to be initiated in the future.
- 40. Tysons 40 Tysons Bike Lanes • Bike lanes were installed in conjunction with VDOT Repaving in 2015 • First bike lanes on VDOT roads in Tysons • Includes sharrows, bike lanes, and buffered bike lanes • More bike lanes planned when VDOT repaving occurs in the future
- 41. Tysons 41 Tysons Bike Share • 11 of 14 bikeshare stations planned for launch currently installed • 1 station design underway • 2 Stations being evaluated for alternative locations due to site constraints