Development Oriented Transit

http://www.washingtonpost.com/wp-dyn/articles/A58552-2004Nov17.html?sub=AR

"New Metro Station Carries Civic Hopes

WASHINGTON, DC - Work crews installing Metro's signature hexagonal bricks on the platform at New York Avenue for a station's scheduled opening Saturday are putting the finishing touches on an unusual structure. The new Red Line stop amid the rail yards north of Union Station and south of Rhode Island Avenue NE will serve about 1,500 passengers a day to start, making it among the least-used in the area's transit system, Metro officials said.

But the District leaders and Metro officials who have been planning the station - the first one to open within the original 83-station network since that system was completed nearly four years ago - hope the stop will prompt construction of high-tech firms, government offices and apartment high-rises on the neighborhood's undeveloped land. "You often hear about transit-oriented development, but this is development-oriented transit," said John D. Thomas, the station's project manager. "In a few years, the landscape will be considerably different. This area is ripe for redevelopment."

The station, officially named New York Avenue-Florida Avenue-Gallaudet University, is partially funded by private firms and showcases a sleeker, more modern look . . . When the idea for the $103.7 million station was raised in 1998, businesses near it offered to tax themselves to take out a 25-year bond worth $25 million toward its construction. If property values rise after the opening of the station, which has entrances on Florida Avenue and on M Street, the businesses will receive a tax credit. The federal government paid an additional $25 million, and the city paid $53.7 million for the project . . .

Metro officials said growth in the area will combine to bring as many as 10,000 daily passengers to the station by 2020. In the meantime, they have predicted, passengers will be drawn from existing businesses, the nearby bus terminal, Gallaudet University and the neighborhood near the station. They also expect passengers to connect by Metrobus to a new stop on Florida
Avenue. Hugh Panero, chief executive at XM Satellite Radio, said it was
the station fulfilling his hopes of being in a place "tied into the vibrant nature of the city" that made him choose New York Avenue over other sites. "Having a Metro stop across the street is one of these catalysts that brings people, brings commerce and brings development," said Panero, who has been running a shuttle between XM and Union Station for his workers. "I think it enriches the whole area." . . .

So...reading this made me think of:

1. Oden's class - talking about TIFs (Tax Increment Financing). For non-Odenites, TIFs allow disinvested areas to invest in upgrading infastructure that can be payed back to the city by an increase in property taxes, and any residual debt will be paid for by the taxing jurisdiction (I think these things sound like a pretty rotten idea but Oden seems to like them. I think they sound like yayyy gentrification!). Also these jurisdictions must agree to not demand any further infastructure improvements.
   
2. Austin "TOD", which is really "DOT" as defined in the article since the commuter rail goes through basically no existing dense development, but goes through areas that can be redeveloped to increase tax revenue. yup. woohoo Leander!!! What are you guys doing with this stuff (since i missed happy hour)?

For more TIF info, TIF Handbook, Second Edition by Neighborhood Capital Budget Group of Chicago

"All Systems Go" Austin Captital Metro Transportation Plan