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From page 54... ... 54 payable when a lessee meets or exceeds standards; the ultimate disposition or transfer of the leased property on the termination of the lease; and a right or option to purchase the property either during or at the end of the lease.690 An important question for a private partner or investor is whether the lease is a lease for federal income tax purposes. Depending on the term of the lease, as discussed in Section IV.E.2.b, a lease in substance may be a sales contract. Read the entire page →
From page 55... ... 55 APTA has published practice guides for transit agencies partnering with businesses and communities to promote TOD and joint development.704 Successful partnerships for TOD and joint development need leadership, written agreements, public involvement, effective communication, sufficient staff resources, and effective implementa- tion.705 A development project may require a multidisciplinary team that includes specialists in real estate, planning, engineering, finance, and operations.706 B Federal Law Supporting TOD and Joint Development TOD and joint development are not "discrete programs" of the DOT; however, FTA grantees may use FTA financial assistance for TOD and joint development activities.707 Federal legal support exists in a "mix" of congressional enactments, executive orders, and FTA policies.708 Federal transit law in 49 U.S.C. Read the entire page →
From page 56... ... 56 related "infrastructure needs"; and inclusion of "private sector participation."720 When a transit agency is considering TOD or joint development, it is important to be familiar with FTA's Grant Management Guidelines;721 FTA's Joint Development Guidelines, including a 2013 proposed circular on FTA Guidance on Joint Development;722 and NEPA and state environmental requirements, as well as applicable state and federal procurement rules.723 A 2004 Transit Cooperative Research Program report discusses public involvement and the "visioning process" that facilitates the realization of TOD and joint development projects, and also includes case studies.724 Finally, the Center for Transit-Oriented Development, a national nonprofit organization created by SAFETEA-LU, is dedicated to providing information on best practices and other support for market-based TOD.725 C TOD and Joint Development Agreements Written agreements for TOD and joint development should set forth the partners' "aims and purposes" and their obligations, expectations, means of communication, and timeframe, and even include a schedule for follow-up meetings.726 As discussed in Section IV, a transit agency will want to evaluate the "legal framework" that applies to the agency, as well as the risks and opportunities inherent in TOD and joint develop 720 Estell & Washington, supra note 14, at 9. Read the entire page →
From page 57... ... 57 program would be more responsive to "development opportunities and market conditions."735 D The Use of TIF and Special Assessment Districts for TOD TIF is one source of public funding because TOD and joint development projects often result in added tax revenue generated by a development.736 Some states (e.g., Maine, Maryland, Pennsylvania, and Texas) Read the entire page →
From page 58... ... 58 an incentive for developers to propose projects that will earn additional points because of a project's "proximity to transit."751 In some instances, Department of Housing and Urban Development (HUD) programs, including project-based Section 8 funding and the Housing Choice Voucher Program, have been used to support affordable housing in TODs.752 Although in 2005 FTA and HUD began to collaborate on the promotion of affordable housing in TODs, the GAO states that their "recommendations and strategies" have had "little impact" on the supply of affordable housing in TODs.753 F Read the entire page →

From page 54...

... 54 payable when a lessee meets or exceeds standards; the ultimate disposition or transfer of the leased property on the termination of the lease; and a right or option to purchase the property either during or at the end of the lease.690 An important question for a private partner or investor is whether the lease is a lease for federal income tax purposes. Depending on the term of the lease, as discussed in Section IV.E.2.b, a lease in substance may be a sales contract.

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From page 55...

... 55 APTA has published practice guides for transit agencies partnering with businesses and communities to promote TOD and joint development.704 Successful partnerships for TOD and joint development need leadership, written agreements, public involvement, effective communication, sufficient staff resources, and effective implementa- tion.705 A development project may require a multidisciplinary team that includes specialists in real estate, planning, engineering, finance, and operations.706 B Federal Law Supporting TOD and Joint Development TOD and joint development are not "discrete programs" of the DOT; however, FTA grantees may use FTA financial assistance for TOD and joint development activities.707 Federal legal support exists in a "mix" of congressional enactments, executive orders, and FTA policies.708 Federal transit law in 49 U.S.C.

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From page 56...

... 56 related "infrastructure needs"; and inclusion of "private sector participation."720 When a transit agency is considering TOD or joint development, it is important to be familiar with FTA's Grant Management Guidelines;721 FTA's Joint Development Guidelines, including a 2013 proposed circular on FTA Guidance on Joint Development;722 and NEPA and state environmental requirements, as well as applicable state and federal procurement rules.723 A 2004 Transit Cooperative Research Program report discusses public involvement and the "visioning process" that facilitates the realization of TOD and joint development projects, and also includes case studies.724 Finally, the Center for Transit-Oriented Development, a national nonprofit organization created by SAFETEA-LU, is dedicated to providing information on best practices and other support for market-based TOD.725 C TOD and Joint Development Agreements Written agreements for TOD and joint development should set forth the partners' "aims and purposes" and their obligations, expectations, means of communication, and timeframe, and even include a schedule for follow-up meetings.726 As discussed in Section IV, a transit agency will want to evaluate the "legal framework" that applies to the agency, as well as the risks and opportunities inherent in TOD and joint develop 720 Estell & Washington, supra note 14, at 9.

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From page 57...

... 57 program would be more responsive to "development opportunities and market conditions."735 D The Use of TIF and Special Assessment Districts for TOD TIF is one source of public funding because TOD and joint development projects often result in added tax revenue generated by a development.736 Some states (e.g., Maine, Maryland, Pennsylvania, and Texas)

Read the entire page →

From page 58...

... 58 an incentive for developers to propose projects that will earn additional points because of a project's "proximity to transit."751 In some instances, Department of Housing and Urban Development (HUD) programs, including project-based Section 8 funding and the Housing Choice Voucher Program, have been used to support affordable housing in TODs.752 Although in 2005 FTA and HUD began to collaborate on the promotion of affordable housing in TODs, the GAO states that their "recommendations and strategies" have had "little impact" on the supply of affordable housing in TODs.753 F

Read the entire page →

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