Guide to Value Capture Financing for Public Transportation Projects (2016) / Chapter Skim
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Appendix F: Portland Streetcar, Portland, OR
Appendix F: Portland Streetcar, Portland, OR
Pages 80-87
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From page 80... ...
In 1999, a rolling stock manufacturer from the Czech Republic was selected to provide five streetcars. Ground was broken on April 5, 1999, and service between Legacy Good Samaritan Hospital and Portland State University commenced on July 20, 2001 (Ramos, Brown, and Nixon, 2015)
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From page 81... ...
portland Streetcar, portland, OR 81 Figure 32. Portland Streetcar service map.
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From page 82... ...
Urban planners, long-term streetcar/ transit advocates, transit agency representatives, and the business community all point to the importance of early private-sector initiative in jump-starting the Portland streetcar project. Property and business owners and developers, motivated by opportunities for development, redevelopment, and revitalization of dormant urban areas, embraced local improvement districts (LIDs)
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From page 83... ...
Many businesses, landowners, and developers perceived that the opportunity presented by the Pearl District's excellent location could be realized with transit service. Through the streetcar project, public and private interests were persuaded to invest in the transit line and TOD redevelopment of the Pearl District, including participation in a value capture strategy that included higher parking fees, special (LID)
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From page 84... ...
State legislation clearly authorizes TIF for the purposes for which it has been used, and the projects enjoy broad popular support. It may be noteworthy that the TIF component of capital funding was not used to purchase streetcar rolling stock given the fact that the cars travel between, and in and out of, individual URA (TIF)
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From page 85... ...
As additions to the successful streetcar system have come to be seen as near certainties, private interests increasingly negotiate to shift financial burden to the public sector. On the public policy side, greater awareness has developed regarding residential and commercial displacement, unresolved workforce and affordable housing issues, the nature and extent of transit-induced value creation, and the economic potential for value capture.
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From page 86... ...
X Takeaways This case study demonstrates the application of transit value capture mechanisms that can be applicable to all transit and rail modes; however, it is probably most relevant to streetcar, light rail, and bus rapid transit projects. Important takeaways include: • Rigorous plan: The Portland streetcar provides an exemplary demonstration of how rigorous cost discipline, strategic public–private partnership, high-quality TOD, and creative combination of value capture and other funding mechanisms can contribute to transformative value creation and economic development.
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From page 87... ...
• Flexibility: Line-/segment-specific flexibility in structuring TIF and special assessments optimized funding opportunities. Even within contiguous TOD areas, value capture was not a one-size-fits-all proposition.
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