Decision-Making Toolbox to Plan and Manage Park-and-Ride Facilities for Public Transportation: Guidebook on Planning and Managing Park-and-Ride (2017) / Chapter Skim
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Pages 113-123
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113 C h a p t e r 1 0 Purpose of This Chapter Land that is dedicated to park-and-ride use may present transit agencies with the opportunity to incorporate additional uses and generate enhanced return on the initial facility investment. TOD is a method of developing or redeveloping park-and-ride facilities in order to maximize the use of the land and complement park-and-ride transit service by enhancing station locations with other uses, such as residential, retail, and office space.
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114 Decision-Making toolbox to plan and Manage park-and-ride Facilities Return on Investment TOD can increase a transit agency's return on investment (ROI) by diversifying the use of land typically devoted to a single use (parking)
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transit-Oriented Development 115 • The Port Authority of Allegheny County collects yearly rental revenue from TOD projects and includes periodic rent escalators to ensure that revenue generation keeps pace with inflation. Because the Port Authority of Allegheny County leases the land used for TOD, when the lease period expires and the land reverts to the transit agency's ownership, the transit agency benefits from increased land value.
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116 Decision-Making toolbox to plan and Manage park-and-ride Facilities Project Impact Case Studies System (http://transit.tpics.us/Default.aspx)
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transit-Oriented Development 117 Coordination of TOD with Local Governments Regulations that govern land use may affect TOD. For example, commercial land use is typically not allowed in residential areas.
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118 Decision-Making toolbox to plan and Manage park-and-ride Facilities policy explicitly provides additional credit to municipalities that proactively work to achieve Metro goals, including zoning for TOD and nonmotorized transportation improvements. • UTA works with local jurisdictions to obtain tax-increment financing to convert surface parking to structured parking/TOD.
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transit-Oriented Development 119 Expertise and Economy of Scale Transit agencies are experts at providing transportation service. Because of this focus, most transit agencies are not experts in property development and, even if a transit agency has staff dedicated to managing a real estate portfolio, the agency may not have the capacity to execute large-scale property development.
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120 Decision-Making toolbox to plan and Manage park-and-ride Facilities interests and obligations as well as revenue splits and responsibility for financing. Well-designed contracts enable the creation of TODs that benefit transit agencies, protect public interests, and allow private partners to generate a profit.
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transit-Oriented Development 121 and describes how transit agencies that receive federal funding should handle such proposals (FTA 2013b)
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122 Decision-Making toolbox to plan and Manage park-and-ride Facilities Figure 19 presents a flowchart to describe LA Metro's unsolicited proposal process. NJ TRANSIT frequently receives unsolicited proposals from developers to develop around the transit agency's facilities.
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transit-Oriented Development 123 • Performs an in-depth review -- transit agency staff, including staff from the operations, planning, and real estate divisions, review the property in question. • Carefully examines the operational demands of the property as well as current and projected parking demands and any planned service changes.
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