Decision-Making Toolbox to Plan and Manage Park-and-Ride Facilities for Public Transportation: Guidebook on Planning and Managing Park-and-Ride (2017)

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29 C h a p t e r 4 Purpose of This Chapter Transit agencies should carefully plan park-and-ride facility implementation to ensure that long-range plans and budgets account for the associated investments. Funding park-and-ride facilities may require various revenue sources, such as federal grants, state grants, local invest- ments, and private-sector funding. This chapter helps users understand the cost to develop park- and-ride facilities, typical ongoing costs, and potential sources of revenue. Park-and-ride facilities call for investments in: • Capital costs, which may include real estate costs, development fees, and construction costs. • Operating expenses, which may include expenses for facility staffing (if the transit agency has staffed facilities), regular site cleaning and maintenance, facility maintenance and repair, enforcement/patrol, insurance, utilities, and landscaping. This chapter discusses: • How transit agencies obtain funds for capital investment. • How park-and-ride facilities require ongoing operating expenses. • How the different sources of funding for capital investment and operating expenses may be applied. Capital Investment This section documents elements of the cost to develop park-and-ride facilities and presents a method of comparing the costs of surface versus structured parking. Financial Planning for Park-and-Ride P h ot og ra ph c ou rt es y of L A M et ro © 2 01 7.

30 Decision-Making toolbox to plan and Manage park-and-ride Facilities Capital Costs Capital costs include all expenses that are related to the construction of a park-and-ride facility. According to the FTA, capital assets include land, improvements to land, easements, buildings, building improvements, vehicles, machinery, equipment, infrastructure, and all other tangible or intangible assets that have useful lives of over 1 year. Capital costs do not include operating expenses that are eligible for capital funds, such as preventive maintenance (FTA 2016b). Park-and-ride capital cost elements may include one or more of the following: • Land: In order to construct a park-and-ride facility, a transit agency must first obtain property for the facility. Transit agencies might purchase land for park-and-ride facilities directly, or a local public entity or private partner may provide the land through an agreement. Agreements with public and private partners are likely to reduce upfront land costs but typically require future payments. These agreements also incur legal costs (to ensure that the transit agency is protected within the agreement) and other administrative costs. Depending on the location and condition of the site, environmental mitigation may be an additional land development expense. • Design and engineering: Transit agencies may have in-house expertise in designing and engi- neering park-and-ride facilities or may hire a third-party engineering consultant. • Permitting and environmental analysis: Park-and-ride construction requires appropriate permits, environmental review, and mitigation plans. • Capital labor: Capital labor is work performed by employees while engaged in the planning or development of a capital asset. • Construction: Transit agencies do not typically have in-house expertise in construction. Therefore, to implement a park-and-ride facility, transit agencies must hire a construction contractor to manage the build process. • Financing: If a transit agency uses financing instruments to pay for a park-and-ride facility, the transit agency will incur interest and financing charges, and the total cost of the project will be greater than the initial costs to implement. • Capital lease: A capital lease is a transaction in which the transit agency acquires the right to use a capital asset without obtaining ownership. Each park-and-ride cost element can vary due to many factors, such as (Wendler 2016): • Location: – Property values. – Seismic and environmental considerations. – Building codes and permitting fees. – Parking markets. • Size of the facility and type of parking: – At-grade surface parking. – Structured parking. – Below-grade parking. – Parking efficiency (parking spaces per acre). • Structures: – Stations, transit centers, or other passenger facilities such as shelters. – Restrooms. – Pay stations. – Architectural treatments. • Auxiliary systems: – Electric-vehicle parking. – Solar power. – Real-time parking availability.

Financial planning for park-and-ride 31 Case Studies Some case study transit agencies provided specific information about capital costs related to implementing park-and-ride facilities: • Calgary Transit estimates the construction costs of surface and structured parking facilities to be $11,700 and $50,000 per space (Can$), respectively. Construction costs may be higher in a TOD situation or a more developed area because adjacent land costs are typically higher. The transit agency determined that the capital cost of providing parking can be more expensive on a per-customer basis than purchasing buses to transport customers to a station (i.e., using feeder or circulator routes). • Denver RTD generally prefers surface lots at park-and-ride facilities because surface lots are less expensive to build and maintain (except for snow removal) and provide flexibility for future expansion or development. In more densely developed areas, however, where land prices are high, parking garages become the more cost-effective option. For planning purposes, Denver RTD estimates that design and construction costs range from $8,000 per surface park- ing space to $20,000 per structured parking space (excluding the cost of land). • Houston METRO developed the El Dorado Park and Ride with 1,225 parking spaces in a surface parking lot on an approximately 22-acre site. The facility structure is a canopied bus platform with three bus bays. The transit agency estimated the cost of the park-and-ride to be between $16 and $18 million, including $3.7 million for the purchase of the property. The cost of development (less land) was $10,000 to $11,700 per space. Ongoing Operating and Maintenance Expenses Transit agencies build park-and-ride facilities to last for decades. However, the components of a park-and-ride require regular mainte- nance and may require component replacement to provide the intended purpose for the expected life of the facility. This section documents typical ongoing maintenance required at a park-and-ride for: • Pavement. • Lighting. • Landscaping. • Restrooms. • Public art. • General facility maintenance. For these park-and-ride components, this section describes strategies to control costs (e.g., for preventive maintenance, contracted auxiliary services, design considerations, liability manage- ment, security, and native species landscaping or xeriscaping), including maintenance concerns/ costs and suggested ways to control cost. (See Chapter 6 for more discussion on requirements for operating park-and-rides.) Pavement Park-and-ride facilities consist mainly of paved surfaces. Therefore, pavement maintenance represents ongoing operating and maintenance costs for transit agencies that implement park-and-rides. Due to vary- ing conditions and pavement types, maintenance timelines may be Transit agencies build park-and-ride facilities to last for decades. However, the components require regular maintenance. Park-and-ride facilities consist mainly of paved surfaces. Frequent inspection of facilities can help transit agencies identify and correct potential problems before they occur.

32 Decision-Making toolbox to plan and Manage park-and-ride Facilities difficult to predict. In addition to scheduled maintenance, frequent inspection of facilities can help transit agencies identify and correct potential problems before they occur. Maintenance Concerns/Costs Issues to consider for maintenance include: • Pavement cracking, discoloring, and sinking/shifting. • Resealing, crack repair, and repaving. • Striping. • Pavement inspections. Cost Controls To control costs, transit agencies can use: • High-quality materials and installation. • Regular inspection of paved surfaces. • Preventive maintenance efforts. Lighting Lighting allows vehicles and customers to navigate park-and-ride facilities safely under low-ambient-light conditions. Lighting also enhances security for the facility and parked automobiles. Maintenance Concerns/Costs Issues to consider for maintenance include: • Replacement bulbs. • Electrical service. • Weather degradation. • Vandalism. Cost Controls To control costs, transit agencies can use: • Light sources with long lifetimes, such as light-emitting diodes (LEDs). • Automatic lighting timers to ensure that lights are only powered when necessary. • Weather-protected/sealed installations. • Enforcement of anti-vandalism policies. Landscaping Park-and-ride facilities are typically landscaped to enhance the facility’s aesthetics. Landscaping requires regular maintenance to ensure that aesthetics and safety are maintained. Depending on the climate and conditions, maintenance may be required as often as weekly. Maintenance Concerns/Costs Issues to consider for maintenance include: • Mowing, trimming, and pruning. • Irrigation. • Annual planting.

Financial planning for park-and-ride 33 • Replacement planting. • Debris management. Cost Controls To control costs, transit agencies can use: • Low-maintenance plants. • Xeriscaping (drought-tolerant plants). • Regular maintenance of landscaping. Restrooms Restrooms can improve customer comfort. If a transit agency chooses to provide restrooms, they will require regular maintenance. Maintenance Concerns/Costs Issues to consider for maintenance include: • Daily cleaning and stocking of materials (soap and paper products). • Water and electrical services. • Vandalism. • Abuse/loitering. Cost Controls To control costs, transit agencies can use: • Automated low-flow toilets and waterless urinals. • Automated faucets. • Air dryers in place of paper towels. • Natural lighting for daytime needs. • Regular maintenance. • Enforcement of anti-vandalism and anti-loitering policies. Public Art Park-and-ride facilities often feature public art installations in an effort to connect with the local community and improve the facility’s aesthetics. Often, public art installations require maintenance to ensure that the initial investment remains in good condition and the piece does not detract from facility aesthetics. Maintenance Concerns/Costs Issues to consider for maintenance include: • Lighting (fixtures and electrical service). • Cleaning as needed. • Vandalism. Cost Controls To control costs, transit agencies can use: • Art selected according to outdoor placement and possibly harsh conditions. • Placement to limit risk of damage or vandalism.

34 Decision-Making toolbox to plan and Manage park-and-ride Facilities • Regular maintenance. • Enforcement of anti-vandalism policies. General Facility Maintenance Park-and-ride facilities require general maintenance of grounds and structures to ensure that the transit agency’s original investment is preserved. Maintenance Concerns/Costs Issues to consider for maintenance include: • Sweeping and cleaning of paved surfaces. • Repair of perimeter fencing. • Facility furnishings such as benches and signage. Cost Controls To control costs, transit agencies can use: • Selection of durable materials intended for the purpose and the climate. • Placement of trash receptacles for convenience to deposit trash. • Regular inspection of park-and-ride facilities to identify and address problems as soon as possible. Sources of Funding for Capital Investment and Operating and Maintenance Expenses Funding for capital and operating expenses may come from: • Public sources, including: – Federal grants. – State grants. – Local funds. • Private sources, including: – Public–private partnerships (P3s). – TOD and joint-use agreements. This section documents funding sources and financing strategies for capital investment and for operating and maintenance expenses. Each discussion of funding sources includes any restrictions associated with the source’s use. Parking fees as a source of revenue are discussed in Chapter 7. Capital Funds To fund the construction of a park-and-ride facility, transit agencies may use a variety of public and private sources of capital funds and innovative financing options. Available options may be combined or used as stand-alone funding sources. Federal Grants Public funding is typically the first type of funding a transit agency seeks when initiating a capital project. The U.S. Department of Transportation (U.S. DOT) provides grant funding opportunities through the FTA and FHWA.

Financial planning for park-and-ride 35 FTA Grants. FTA grant funding sources that will support capital proj- ects for park-and-ride facilities include several formula funding programs: • Section 5307, Urbanized Area Formula program. • Section 5311, Rural Area Formula program. • Section 5339, Bus and Bus Facilities program. The discretionary Section 5309 Capital Investment Grant program provides funding for fixed-guideway investments such as new and expanded rapid rail, commuter rail, light rail, streetcars, bus rapid transit, and ferries, as well as corridor-based bus rapid transit investments. Park-and-ride facilities may be an element of the fixed-guideway investments funded through Section 5309. Federal grants provide up to 80 percent federal funding for capital expenditures. Federal funding can be available up to 90 percent for bicycle facilities that provide access to transit and elements of projects to meet the requirements of the Americans with Disabilities Act (ADA) or the Clean Air Act. Any project that uses federal grants must follow federal procurement guidelines and grant management guidelines for the source of funds. FTA Circulars 4220.1F: Third Party Contract- ing Guidance (FTA 2013b), 5010.1D: Grant Management Requirements (FTA 2008), 9030.1E: Urbanized Area Formula Program (FTA 2014c), and 9040.1G: Formula Grants for Rural Areas (FTA 2014b) provide more information. Table 3 lists the FTA grant funding sources and types of expenditures relevant to park-and- rides that are eligible for funding under each federal funding section. Public funding from federal and state grants is typically the first type of funding a transit agency seeks when initiating a capital project. Title of Program Uses Type Federal Share Maximuma Section 5307, Urbanized Area Formula For urban areas (populations of 50,000 or more). Eligible uses are transit capital and operating assistance in urbanized areas (UZAs) and for transportation-related planning. Formula 80% capital 50% operatingb Section 5311, Rural Area Formula For non-urban/rural areas. Eligible uses are capital, planning, and operating assistance to support public transportation in rural areas. Formula 80% capital 50% operating Section 5337, State of Good Repair Eligible uses are state of good repair for fixed guideway and high-intensity bus systems. Formula 80% capital Section 5339, Bus and Bus Facilities (including Low/No Emissions Competitive program) Eligible uses are purchase, rehabilitation, or replacement of buses and related equipment and construction of bus facilities. Formula, competitive for low/no program 80% capital Section 5309, Capital Investment Grant Eligible uses are major transit capital investments, including heavy rail, commuter rail, light rail, streetcars, and bus rapid transit. Competitive 60% New Starts 80% Small Starts 80% Core Capacity a In most cases, the federal contribution has additional program- and project-specific limits. The table displays the general value that applies to most projects. Federal reimbursement for operating costs is limited to 50 percent of the operating deficit (i.e., after revenue from fares is subtracted from operating costs). However, recipients may apply for up to 80 percent federal reimbursement for maintenance expenses. b Operating assistance is available for UZAs with populations of less than 200,000 and certain small transit agencies (100 or fewer vehicles) operating in large UZAs with a population of 200,000 or more. Source: FTA n.d. Table 3. FTA grant funding sources.

36 Decision-Making toolbox to plan and Manage park-and-ride Facilities Other Sources of Federal Funding. The FHWA provides funding for transit projects through the Congestion Mitigation and Air Quality Improvement (CMAQ) and the Surface Transporta- tion Block Grant (STBG) programs. The U.S. DOT provides funding for transit projects through the Transportation Investment Generating Economic Recovery (TIGER) grant program. Congestion Mitigation and Air Quality Improvement. The CMAQ program has the objective of improving the nation’s air quality and managing traffic congestion. CMAQ projects and pro- grams are often innovative solutions to common mobility problems and are driven by Clean Air Act mandates to attain national ambient air quality standards. Eligible activities under CMAQ include transit capital investments and improvements that are projected to realize an increase in transit ridership, as well as projects to demonstrate travel demand management strategies and shared-ride services. Programs and projects are funded in air quality non-attainment and maintenance areas for ozone, carbon monoxide, and small particulate matter (PM-10) to reduce transportation-related emissions. The CMAQ federal share can fund up to 90 percent of transit vehicle–related equipment attributable to compliance with the Clean Air Act, up to 80 percent of other capital projects, and up to 80 percent of the operations costs for demonstration of services. Demonstration projects can be funded for up to 3 years, and the funds can be available over 5 years (FHWA 2013). Surface Transportation Block Grants. The STBG program replaced the Surface Transpor- tation Program when the Fixing America’s Surface Transportation (FAST) Act was enacted in 2015. STBG funds may be used (as capital funding) for public transit capital improvements, fringe and corridor parking facilities, and other projects that are eligible for funding under the public transportation chapter of the U.S. Transportation Code (Title 49, Chapter 53). As fund- ing for planning, these funds can be used for surface transportation planning activities, wetland mitigation, transit research and development, and environmental analysis (FHWA 2016). Transportation Investment Generating Economic Recovery Grants. The U.S. DOT intro- duced TIGER grants in 2009 as a competitive funding opportunity to provide a flexible source of transportation grant funds. TIGER projects must have a significant impact on the nation, a region, or a metropolitan area. Applicants must detail the benefits a project would deliver for five long- term outcomes: safety, economic competitiveness, state of good repair, quality of life, and environ- mental sustainability. Projects are evaluated based on innovation, partnerships, project readiness, benefit–cost analysis, and cost share. Through fiscal 2016, the U.S. DOT has awarded 79 transit projects worth nearly $1.5 billion, or almost 28 percent of all TIGER awards (U.S. DOT 2016). State Grants As of 2014, 32 U.S. states provided funding for transit capital investments, according to AASHTO (2016). The total funding available at the state level for capital investments in 2014 was just over $4 billion. Local Funds Transit agencies may use local funds to match federal and state grant funds or for direct capital investments as long as the investments are eligible under relevant legislation. Local funds include but are not limited to the local government funds from general revenue, the transit agency’s fare revenue, non-transit revenue, and tax revenue or other locally generated funds dedicated to transit. Private Investment Funds from private investments, such as from P3s and TOD, may be available for capital costs associated with park-and-ride implementation. Funds from private investments may be available to fund capital costs associated with park-and-ride implementation.

Financial planning for park-and-ride 37 Public–Private Partnerships. P3s are agreements between public entities and private firms intended to take advantage of the benefits and expertise each party offers. The most significant benefit, from a public-sector perspective, is the opportunity to shift some risk and financing burden to the private partner. P3s are structured so that the private partner has the opportu- nity to generate a return on its investment in exchange for assuming upfront risk and financial liability. In the case of park-and-ride development, a transit agency may engage in a P3 with a devel- oper to build, operate, and maintain a parking structure and grant the private partner the right to recover initial development costs by charging for parking, leasing space with the facility for other uses (e.g., ground-floor retail), or some other means. Ultimately, the public sector retains control over some aspects of the facility, such as the transit operations, while also accepting ultimate responsibility for the facility in cases when the private partner is unable to uphold its side of the agreement. Despite the risk associated with ultimate responsibility, P3s can be beneficial agreements for transit agencies because they provide access to immediate capital financing and private-sector expertise in designing, building, operating, and maintaining the facility. Transit-Oriented Development. TOD is a method of developing or redeveloping park- and-ride facilities that maximizes the use of the land and complements park-and-ride transit service by enhancing station locations with other uses, such as residential, retail, and office space. These enhancements contribute to the property’s value and can increase ridership by increasing the number of trip generators in one location. To implement TOD, transit agencies typically partner with a private developer to construct a facility on land that was purchased with FTA funds. (This process is known as joint develop- ment.) Chapter 10 provides more information about TODs and park-and-ride implementation, as well as case study examples. Innovative Financing Options In addition to the traditional funding mechanisms, innovative financing options, such as those shown in Table 4, may be available to support park-and-ride facilities or larger transporta- tion projects that include park-and-ride facilities. Case Studies Some case study transit agencies described sources of capital revenue, strategies for reducing capital investments, and approaches for strategically allocating capital funds: • BART receives regional bridge toll revenue that is dedicated to capital renovation and expan- sion of the BART system. Parking revenue goes to programs for improved station access, enforcement, increased security, and station rehabilitation and modernization. • Calgary Transit uses taxes collected within the province of Alberta as the main source of capital funds. Other sources include the Canadian federal government, the City of Calgary, and private developers. • Houston METRO typically funds park-and-ride facilities from locally generated tax rev- enues supplemented by federal funds when available. The transit authority has participated in two joint-development projects with private entities to build structured parking used for park-and-ride. • The Port Authority of Allegheny County has applied for federal funding (such as CMAQ) and Multimodal Transportation Fund grants to pay for the expansion of park-and-ride facilities. The transit agency collaborated with the City of Pittsburgh to fund the Pittsburgh Parking Authority’s First Avenue Garage. To reduce the need for capital investment, the Port

38 Decision-Making toolbox to plan and Manage park-and-ride Facilities Authority of Allegheny County routinely enters into lease agreements with property owners to provide park-and-ride spaces. Examples of these lease agreements are those with churches, shopping centers, and municipally owned lots. • TriMet has learned that leasing removes the capital costs of purchasing land and constructing the facility, replaces the ongoing O&M costs with a fixed lease payment, and provides flex- ibility to increase or decrease the number of spaces needed to better match demand. • UTA’s capital costs for constructing park-and-ride facilities are typically incorporated into the overall project budget for new rail extensions. Some park-and-ride facilities were included in the regional transportation plan and funded through CMAQ funds administered by the Wasatch Front Regional Council, the region’s MPO. • WMATA’s capital projects for new or expanded park-and-ride facilities come through fed- eral grants and local jurisdictions. In some cases, parking investment is funded through rev- enue from joint development. Preventive maintenance funding comes from capital funding sources through jurisdictional partners and the federal government. Operating and Maintenance Funds Public Sources of Operating and Maintenance Funds Federal. Operating and maintenance expenses for park-and-ride are eligible for federal funding subject to the restrictions of the particular program. Under the Section 5307, Urban- ized Area Formula program, park-and-ride operating expenses are eligible for 50 percent federal reimbursement for transit agencies in small urbanized areas (populations of under 200,000) and for eligible transit agencies with 100 or fewer buses that operate in large urbanized areas (populations of 200,000 or greater). Under the Section 5311, Rural Area Formula program, park-and-ride operating expenses are eligible for 50 per- cent federal reimbursement for rural transit programs. Park-and-ride maintenance expenses are classified as a capital expense under the Uniform System of Accounts and are eligible for Program Description State Infrastructure Banks Revolving infrastructure investment funds that can be offered as loans and credit assistance to public and private sponsors of transportation projects. Grant Anticipation Revenue Vehicle (GARVEE) A debt-financing tool that generates upfront capital for major highway projects. Debt and related financing costs are repaid by future federal funds. States, political subdivisions of a state, or public authorities may issue a GARVEE. Transportation Infrastructure Finance and Innovation Act (TIFIA) credit assistance Federal credit assistance in the form of direct loans, loan guarantees, and standby lines of credit to finance surface transportation projects of national and regional significance. TIFIA can help advance expensive projects that otherwise might be delayed or deferred because of size, complexity, or uncertainty over the timing of revenues. Transportation Development Credits (TDCs) A state earns TDCs based on revenues generated by toll facilities within the state. These credits may be applied toward the non-federal matching share of programs authorized by the FHWA and FTA, except the credit may not be applied to projects funded with the FHWA’s emergency relief funds. TDCs are not an actual cash match but are a financing tool to leverage more federal funds, up to 100 percent of the cost of the project. With TDCs, a project with 80 percent federal assistance becomes up to 100 percent federal assistance. The eligible recipient must have the total federal dollars available to be approved for this financing tool. TDCs reduce the amount of funding a state or local entity has to contribute. Source: U.S. DOT 2015. Table 4. Innovative transportation financing options. Operating and maintenance expenses for park-and-ride are eligible for federal funding subject to the restrictions of the particular program.

Financial planning for park-and-ride 39 up to 80 percent federal funding reimbursement under both Section 5307 and Section 5311 programs. State and Local. Because of the inherent variability associated with state-level funding sources and tax-based funds (due to state-by-state and jurisdiction-specific changes, respectively), transit agencies should research relevant legislation to ensure they have accurate and up-to-date informa- tion. Additionally, the use of general fund revenue for operating and maintenance expenses is typi- cal. However, each transit agency may make that decision based on specific conditions. Private Sources of Operating and Maintenance Funds Transit agencies may use revenue generated from agreements with private partners (which is considered non-transit revenue) to pay for operating and maintenance expenses. Because these agreements are unique to each situation and to each transit agency, general guidance applies: • Circular 4220.1F: Third Party Contracting Guidance (FTA 2013b): https://www.transit.dot.gov/ sites/fta.dot.gov/files/docs/CIRCULAR_4220.1F_%28Document%29.docx. • Circular 7050.1: Federal Transit Administration Guidance on Joint Development (FTA 2014a): https://www.transit.dot.gov/sites/fta.dot.gov/files/docs/FTA_C_7050_1_Guidance_ on_Joint_Development_Circular.pdf. • Private Sector Participation and Public-Private Partnerships (FTA 2016c): https://www.transit. dot.gov/funding/funding-finance-resources/private-sector-participation/private-sector- participation-and. • TCRP Legal Research Digest 45: Transit Public-Private Partnerships: Legal Issues (Thomas 2014): http://www.trb.org/Publications/Blurbs/170953.aspx. Case Studies Some case study transit agencies described sources of operating and maintenance revenue: • Calgary Transit’s primary sources of operating and maintenance revenue are fare revenue and property taxes (51 and 49 percent, respectively). Reserved paid parking, available at some park-and-ride facilities, also contributes revenue for operating and maintenance expenses. • Metra uses the revenue generated by parking fees to fund park-and-ride facility maintenance. • NJ TRANSIT reports that revenues from parking fees, as well as other miscellaneous revenue, equate to about 5 percent of total operating revenue. Because of the wide variety of operat- ing arrangements for NJ TRANSIT park-and-ride facilities, the transit agency uses different operating fund sources to support operating and maintenance for park-and-ride facilities. At NJ TRANSIT–owned facilities where third-party operators sell parking on behalf of the transit agency, NJ TRANSIT usually has no operating or maintenance expenses and, in fact, may have a positive revenue stream from the parking operator. • TriMet is funded primarily through a payroll tax and fares (59 percent and 24 percent of oper- ating revenues, respectively). The remaining sources of revenue are federal, state, and local grants (10 percent) and other sources, such as advertising revenue (7 percent). • WMATA’s funding for park-and-ride operations comes from parking revenue, which more than covers the transit agency’s costs. A preventive maintenance program is funded with reve- nue from capital funding sources through jurisdictional partners and the federal government. Summary Financial planning for park-and-ride facility implementation requires transit agencies to con- sider a variety of factors, including (at a minimum) location, size, scope (passenger amenities, multiple modes, etc.), environmental and seasonal impacts, community interest, and potential for return on investment. Each can alter the final capital cost of a park-and-ride facility. Therefore,

40 Decision-Making toolbox to plan and Manage park-and-ride Facilities transit agencies should understand each element prior to initiating the development process so that the transit agency can develop an understanding of the total upfront project cost. Transit agencies can obtain funds to cover capital investment costs from multiple sources and typically use multiple sources on a single project. Capital funding sources include federal- and state-level grant sources, local government support, the transit agency’s fares, non-transit revenues, locally dedicated funds for transit, debt and bond instruments, P3s, TOD, and joint- development activities. After implementing a park-and-ride facility, transit agencies are responsible for ongoing operating expenses due to the need to maintain the facility and protect the investment. Fund- ing for operating and maintenance expenses is available from both public and private sources, similarly to funding for capital expenses.