RV 2014: Public Finance Support + TOD Projects. What Works? by Conal McNamara

Public Finance and TODPublic Finance and TOD

Local Government Perspectives

City of Azusa, CACity of Whittier, CA

Conal McNamara, AICPDirector of Community Development

City of Whittier, CA

Public Finance and TODPublic Finance and TODPerspective: Azusa vs. Whittier

•88 Cities in Los Angeles County• 4,000 Square Miles & 10 Million Population

• Larger Population than 43 States• Largest City: 4 Million Population (Los Angeles)• Smallest City: 96 Population (Vernon)

•Azusa • 8 Square Miles and 46,000 Population• Terminus of the Pasadena Gold Line (2 Stations)

•Whittier • 15 Square Miles and 87,000 Population• Competing to be Terminus of East Side Transit Corridor

Public Finance and TODPublic Finance and TODWhy are we Investing in TOD?•Congestion•Geography of County•Growth in Transit Opportunities•TOD is What Developers Want to Build

• Often a Retail Component•Regional Governments and Transportation Agencies

• Offering Funding and Guidance

•TOD = Change in Thinking for Many Cities• Non Traditional Land Use Design• Increased Density• Focus on Planning for Future

Residents Become Invested When Public Agencies Show Investment

Public Finance and TODPublic Finance and TODHow are (were) we Investing in TOD•Redevelopment

• Required Blight and Debt• Allowed Redevelopment Agencies to Purchase

Property, Sell Below Market, and use Tax Increment to Retire Debt

• Dissolved by Legislature in 2012 •Infrastructure/Off-Site Improvements

• Wet/Dry Utilities at TOD Sites• Oversizing Lines in Anticipation of Development

•Public “Amenities” Benefitting Development• Parking Structures• Parks• Transit Facilities and Networks

•Waiving Fees

Public Finance and TOD Public Finance and TOD

Different Approaches in Promoting TOD:•Azusa

• Large Landholdings Within ¼ Mile of Station• Metro Grant to Study Area (Including Economic

Analysis of How to Best Use City Property)• City Funded Parking Structure (Surplus Spaces) and

Future Parking Structure• City Funded Installation of Utilities

•Whittier• $26 Million in Bonds for Public Infrastructure &

Affordable Housing• Multi-Story Parking Structure• Water & Sewer Improvements and Upgrades• Analysis of Transit and Feeder Service to Rail

Public Finance and TOD Public Finance and TOD

Approaches in Promoting TOD:

•$26 Million in Bonds for Public Infrastructure & Affordable Housing

• Multi-Story Parking Structure• Water & Sewer Improvements and Upgrades• Lighting Improvements In Public ROW Adjacent to

Hospital• Analysis of Transit and Feeder Service to Rail• Desire to Attract Biomedical Business Near Hospital• $9 Million Dedicated for Affordable Housing

• Increase Density• Specific Plans Adopted in Adjacent Areas to Integrate

RV 2014: Public Finance Support + TOD Projects. What Works? by Conal McNamara

Economy & Finance

Transcript of RV 2014: Public Finance Support + TOD Projects. What Works? by Conal McNamara