Tax Increment Financing for Transit Projects (2020) / Chapter Skim
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Pages 40-48
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40 TCRP LRD 55 TIFs, and Miami-Dade County secured its TIF after finding that "there exist limited transportation options and increasing traffic congestion within the SMART Plan rapid transit corridors;" and "the improvement of these transportation conditions through funding of rapid transit infrastructure improvements and operations is a proper matter of Miami-Dade County policy and concern and is a valid and desirable public purpose."206 This explains the broad leeway that the county was able to give itself in allocating TIF revenues to transit as the Board of Commissioners deems necessary. Eligible Expenses Though the county ordinance is mostly intended to expand transit through new capital expenditures, the eligible expenditures section (Section 2-2365, Permitted Use of Funds)
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TCRP LRD 55 41 support transit is not as straightforward when the transit agency is neither a taxing agency itself, nor directly operated by one, as in this case. Whereas most TIFs supporting transit involve bonding against tax revenue to support upfront capital expenses, the Miami-Dade County TIF is by default a pay-as-you-go TIF.
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42 TCRP LRD 55 tures will repair and improve the existing line, they are projected to save a fortune on ongoing maintenance costs.223 Enabling Legislation Illinois state law was not always receptive to using TIF for supporting transit projects. Illinois enabling legislation focused the tool on spurring economic development, and, like many TIF statutes nationwide, required that the taxing agency show that a proposed TIF district suffers from blight.
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TCRP LRD 55 43 the many jurisdictions through which MBTA rail lines run.233 234 A bill was filed in the Massachusetts General Assembly in 2016 to create Supplemental Infrastructure Finance for Transportation (SIFT) districts, by which the Massachusetts Department of Transportation would have been able to collect tax increments from participating jurisdictions and pool them into a fund for the MBTA, thus placing much of a transit line into a single coordinated TIF.
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44 TCRP LRD 55 The way that Prince George's County uses its TIF proceeds supports WMATA indirectly, by attracting developers to joint development sites surrounding Metro rail stations in the County. Prince George's County is in the eastern half of the Washington metro region, which, relative to the western half, has more poverty and attracts less growth and investment, so that market demand for intensive development is not as strong.241 Developers seeking to build transit-oriented developments on WMATA-owned land may benefit from county funds that make the development more financially feasible, paying for infrastructure improvements such as parking structures and utility relocation that would otherwise fall to the developer.
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TCRP LRD 55 45 could cause them legal troubles.254 Utah's state legislature could improve UTA's joint development program by hearing the concerns of anxious developers and amending the law to provide them more certainty. 254 Paul Drake & Kevin Leo, (2019)
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ACKNOWLEDGMENTS This study was performed under the overall guidance of TCRP Project Committee J-5. The Committee is chaired by Sheryl King Benford, Greater Cleveland Regional Transit Authority, Cleveland, Ohio.
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Transportation Research Board 500 Fifth Street, NW Washington, DC 20001 Subscriber Categories: Public Transportation • Law • Finance These digests are issued in order to increase awareness of research results emanating from projects in the Cooperative Research Programs (CRP)
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