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BREAKOUT SESSION 2 Financing Multimodal Projects, Rail, and Airport Access Lowell Clary, P3 Development Company (Moderator) Kate Miller, AlamedaContra Costa Transit District Marcella Rensi, Santa Clara Valley Transportation Authority Nancy Whelan, Nancy Whelan Consulting Cheryl Jones, Federal Highway Administration Andrew Fremier, Metropolitan Transportation Commission Tom Boast, FirstSouthwest Jeff Ensor, Parsons Brinckerhoff Geoffrey Gosling, Aviation System Consulting, LLC Money, Mobility, and Politics: and the second (incorporating an intercity passenger rail Funding Competing Priorities in a extension into the bottom of the center) costing $3 bil- Complicated Region lion. The project is receiving $400 million in American Recovery and Reinvestment Act high-speed rail funds Kate Miller of the AlamedaContra Costa Transit for constructing a "train box" below the terminal dur- District and Marcella Rensi of the Santa Clara Val- ing Phase 1. There are more than 15 sources of funding ley Transportation Authority discussed the funding of in the first phase, and a TIFIA loan is the only debt for competing priorities in the San Francisco, California, the project. The TIFIA loan relies on a tax increment region, focusing on funding, institutional, and political and bus passenger facility charges (PFCs) for the loan complications. The complications are due to the many repayment. Commercial and residential development is local governments and to the presence of three regional anticipated on the surrounding land; proceeds from the planning agencies and nine county congestion manage- sale of these parcels will be used to fund a portion of the ment agencies. The speakers provided an overview of costs of constructing the transit center. the theory and reality of project prioritization and the key challenges. They shared strategies for success, noting that the same approach often does not work twice. Financing Rail Stations: Innovative Approaches and Alternative Sources Partnerships for Progress: The Finance Plan Jeff Ensor of Parsons Brinckerhoff discussed innovative for the Transbay Transit Center financing approaches for rail stations. He began with an overview of several sources that can be used to attract Nancy Whelan of Nancy Whelan Consulting, Cheryl additional dollars from nonsurface transportation Jones of the Transportation Infrastructure Finance and sources, including tools that can be used for generating Innovation Act (TIFIA) Joint Program Office, Andrew private-sector contributions, such as Safe, Accountable, Fremier of the Metropolitan Transportation Commis- Flexible, Efficient Transportation Equity Act: A Legacy sion, and Tom Boast of FirstSouthwest made the sec- for Users private activity bonds and historic preserva- ond presentation of the session. Each discussed aspects tion tax credits. He then discussed two types of new tax of San Francisco's multimodal Transbay Transit Center credit bonds, qualified energy conservation bonds and project. The project has been divided into two phases, new clean renewable energy bonds, and how they could with the first phase (a transit center) costing $1.6 billion be used for elements of rail stations. He concluded with 29