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Reston Funding Plan: Updates and Funding Scenarios - Aug. 8 & 10, 2016

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Reston Funding Plan: Updates and Funding Scenarios - Aug. 8 & 10, 2016

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Reston Funding Plan: Updates and Funding Scenarios - Aug. 8 & 10, 2016

  1. 1. County of Fairfax, Virginia Reston Funding Plan Advisory Group &Stakeholders Group August 8 & 10, 2016 Janet Nguyen & Tom Biesiadny Fairfax County Department of Transportation Department of Transportation 1 Updates & Funding Scenarios
  2. 2. County of Fairfax, Virginia Outline • Follow-up from June 20, 2016, meeting – Project list and estimate updates – Grid updates – Factors in establishing Reston rates • Discussion of funding scenarios Department of Transportation 2
  3. 3. County of Fairfax, Virginia Project List and Estimates Additional $90M in projects have been removed from the Reston funding plan but will be included in a separate Innovation TSA funding plan. Innovation TSA projects that were included in the Reston plan at the previous Advisory Group meeting: • Dulles Toll Road Crossing at Rock Hill Overpass - $80M • McNair Farms Drive Extension/Widening - $10M Department of Transportation 3 Reston Funding Plan Projects Projects Estimate Roadway Projects DTR Crossing at Soapstone Overpass – Sunrise Valley Dr to Sunset Hills Rd $170,000,000 DTR Town Center Parkway Underpass – Sunrise Valley Dr to Sunset Hills Rd $170,000,000 Fox Mill Road Widening – Reston Parkway to Monroe Street $60,000,000 Monroe Street Widening – West Ox Road to Town of Herndon $80,000,000 Pinecrest Road Extension – South Lakes Dr to Sunrise Valley Dr $25,000,000 Reston Parkway Widening – South Lakes Drive to DTR $25,000,000 Route 286 - DTR to West Ox Widening $80,000,000 Route 286 at Sunrise Valley Drive (Interchange) $400,000,000 South Lakes Drive Overpass – Sunrise Valley Drive to Sunset Hills Rd $90,000,000 West Ox Road Widening – Lawyers Road to Centreville Road $100,000,000 Total Roadway Projects $1,200,000,000 Intersection Projects Centreville Road at Sunrise Valley Drive $10,000,000 Centreville Road/DTR EB on/off Ramps $1,500,000 Hunter Mill Road/Sunset Hills Road $3,500,000 Reston Parkway/Bluemont Way $4,000,000 Reston Parkway/DTR WB on/off Ramps $5,000,000 Reston Parkway/New Dominion Parkway $5,000,000 Reston Parkway/Sunrise Valley Drive $15,000,000 Wiehle Avenue/DTR EB on/off Ramps $600,000 Total Intersection Projects $44,600,000 Grid Network $1,021,000,000 Total $2,265,600,000
  4. 4. County of Fairfax, Virginia Reston Funding Plan Allocation Framework This cost split was chosen by staff as basis for funding scenarios. Staff is still seeking comments on this proposal. In this example, public and private revenues* will share costs, approximately equally. Reston Roadway projects would be paid for with public revenues. Most Intersections and the Grid would be paid for with private revenues. Department of Transportation 4 Please note that the information provided in this presentation is not final and is for discussion purposes only. *Public revenues are those revenues allocated by the County for use on Countywide transportation projects. *Private revenues are generated in Reston and used exclusively for Reston projects. Includes: road fund, TIF, service and tax districts, etc. Option 5: Project Category Project Estimate Allocation ($) Reston Roadways $1,200,000,000 Public Share 100% $1,200,000,000 Private Share 0% $0 Reston Intersections $45,000,000 Public Share 0% $0 Private Share 100% $45,000,000 Grid $1,021,000,000 Public Share 0% $0 Private Share 100% $1,021,000,000 Total $2,266,000,000 Public Share 53% $1,200,000,000 Private Share 47% $1,066,000,000
  5. 5. County of Fairfax, Virginia Department of Transportation 5 Grid Map Updates
  6. 6. County of Fairfax, Virginia Private Share of Funding Plan Department of Transportation 6 Grid Estimate $1,021,000,000 Less: Expected In-kind contributions to the grid* $716,000,000 Net funding need from private share for Grid $305,000,000 Add: Intersections $45,000,000 Contributions needed towards private share from a fund area and/or service district $350,000,000 Total Private Share (Total Grid + Intersection Improvements) $1,066,000,000 *Number adjusted based on feedback received regarding additions to anticipated in-kind contributions.
  7. 7. County of Fairfax, Virginia Creditable Expenses • Developers will have the option to design, construct, or acquire and donate right-of-way for improvements above the requirements of their traffic impact analysis (TIA). • Such offsite improvements to the grid of streets can have an offsetting credit to a developer’s fund area contribution up to the amount of their contribution. • Details on the crediting process will be included in fund area guidelines. Department of Transportation 7
  8. 8. County of Fairfax, Virginia Grid Cost Estimating Details and Discussion See Handout Department of Transportation 8
  9. 9. County of Fairfax, Virginia Factors in Establishing Reston Rates Factors to consider when establishing rates for a fund area and/or service district in Reston: • The Reston TSA is a smaller geographic area than the Tysons Urban Center. • The majority of new development potential is residential. • There is a special tax district in Reston (Small District 5); that applies to residential, commercial, and industrial properties located in the district. • Rates alone should not make any area more or less attractive to future development. • The effect of fund area contributions will vary from development to development. Department of Transportation 9
  10. 10. County of Fairfax, Virginia Fund Area Plan of Action • Staff has requested feedback on specific contribution rates to a fund area and has only received verbal comments at organized meetings. However, the schedule of the funding plan soon requires a specific recommendation. • Seeking Advisory Group feedback on which funding scenarios should be removed from consideration. • Any adjustments or new funding scenario recommendations should not only be based in logic but also take into account “Factors in Establishing Reston Rates”. • Staff recommends the Advisory Group to have a working meeting prior to the next Advisory Group meeting or plan on dedicating the first portion of the September 12th Advisory Group meeting to develop the recommendation. • Alternatively, staff can suggest a funding scenario to keep the funding plan action on schedule for completion by the end of year 2016, and seek Advisory Group feedback. Department of Transportation 10
  11. 11. County of Fairfax, Virginia Previously Discussed Funding Scenarios Department of Transportation 11 Road Fund Rate Scenarios Contribution Rates and Related Shortfall Residential/DU Commercial/SF Other Funding Needed ($M) Tax District Rate Service District Rate Scenario 1: Tysons residential rates $2,571 $18.34 $0.00 N/A N/A Scenario 2: Tysons commercial rates $4,627 $12.63 $0.00 N/A N/A Scenario 3: Rates proportional to Reston development $7,058 $5.88 $0.00 N/A N/A Scenario 4: Tysons rates and service district over Reston TSA $2,571 $12.63 $78.43 N/A 0.012 Scenario 5: Tysons rates and tax district over Reston TSAs $2,571 $12.63 $78.43 0.025 N/A Scenario 6: Tysons Rates and Service District over Reston &TSAs $2,571 $12.63 $78.43 0.025 or 0.012 Scenario 7: Tysons Rates and Service District over Sp. TD5 $2,571 $12.63 $78.43 0.025 or 0.012 Scenario 8: General adjustment from Tysons rates, -11% $2,288 $11.24 $106.20 0.035 or 0.017 Scenario 9: Specific adjustments from Tysons rates, +15% residential, -19% commercial $2,957 $10.23 $80.22 0.025 or 0.013 *These are average annual rates that do not reflect actual cash flow needs. These scenarios have been proposed by staff or by recommendation of the advisory group. Different rate scenarios could apply in the future. Please note that the information provided in this presentation is not final and is for discussion purposes only.
  12. 12. County of Fairfax, Virginia New Funding Scenarios • At the request of the Advisory Group, two new funding scenarios have been developed for Advisory Group consideration. • Scenario 10 • Scenario 11 • Note all scenarios are meant to provide initial points for discussion and are not final. Department of Transportation 12
  13. 13. County of Fairfax, Virginia New Funding Scenario 10 • Splits the private funding shortfall ($350M) equally between a road fund and a service district and maintains the same residential to commercial fund area contribution ratio as Tysons. • This funding scenario requires a higher service district contribution rate than other funding scenarios presented. Department of Transportation 13 Private Funding Scenario 10 Tysons Proportions at 50/50 Split Residential/D.U. Commercial/Sq.Ft. Service District Rate* Rate $1,635.00 $8.19 $0.027 Revenues $62,358,900 $112,512,385 $175,000,000 Total Towards Plan % Plan Funded Fund Area $175,000,000 50% Service District $175,000,000 50% Total $350,000,000 *Average annual rate for service district.
  14. 14. County of Fairfax, Virginia New Funding Scenario 11 • A current resident in the Reston TSAs with an average residence of $260k assessed value will have an out of pocket expense, paid over 40 years, equal to a residential per dwelling unit contribution of a developer. • The service district rate is set at 2 cents per $100 of assessed value and summed for 40 years based on the annual contribution. This amount sets the residential rate and the commercial rate then adjusts to fund the remaining portion of the private share. Department of Transportation 14 Private Funding Scenario 11 Residential Equal Out Of Pocket Expense Residential/D.U. Commercial/Sq.Ft. Service District Rate* Rate $2,080.00 $10.09 $0.02 Revenues $79,331,200 $138,668,800 $132,000,000 Total Towards Plan % Private Share Fund Area $218,000,000 62% Service District $132,000,000 38% Total $350,000,000 *Average annual rate for service district.
  15. 15. County of Fairfax, Virginia New Funding Scenario 11 Perspectives • On a residential unit basis, a developer and a current, average residence in the Reston TSAs have the same out of pocket expense. • Current homeowners within the Reston TSAs would be paying 1.35% of the private share of the funding plan. Developers, commercial property owners, and new residents in the Reston TSAs would be paying the remaining portion of the private share of the funding plan. Department of Transportation 15
  16. 16. County of Fairfax, Virginia Funding Scenarios Department of Transportation 16 Road Fund Rate Scenarios Contribution Rates and Related Shortfall Residential/DU Commercial/SF Other Funding Needed ($M) Tax District Rate Service District Rate Scenario 1: Tysons residential rates $2,571 $18.34 $0.00 N/A N/A Scenario 2: Tysons commercial rates $4,627 $12.63 $0.00 N/A N/A Scenario 3: Rates proportional to Reston development $7,058 $5.88 $0.00 N/A N/A Scenario 4: Tysons rates and service district over Reston TSA $2,571 $12.63 $78.43 N/A 0.012 Scenario 5: Tysons rates and tax district over Reston TSAs $2,571 $12.63 $78.43 0.025 N/A Scenario 6: Tysons Rates and Service District over Reston &TSAs $2,571 $12.63 $78.43 0.025 or 0.012 Scenario 7: Tysons Rates and Service District over Sp. TD5 $2,571 $12.63 $78.43 0.025 or 0.012 Scenario 8: General adjustment from Tysons rates, -11% $2,288 $11.24 $106.20 0.035 or 0.017 Scenario 9: Specific adjustments from Tysons rates, +15% residential, -19% commercial $2,957 $10.23 $80.22 0.025 or 0.013 Scenario 10: Tysons proportions for Res/Com and 50/50 split Road Fund/Service District $1,635 $8.19 $175.13 N/A 0.027 Scenario 11: Similar out of pocket expense - Road Fund (residential) and Service District $2,080 $10.09 $132.00 N/A 0.020 *These are average annual rates that do not reflect actual cash flow needs. These scenarios have been proposed by staff or by recommendation of the advisory group. Different rate scenarios could apply in the future. Please note that the information provided in this presentation is not final and is for discussion purposes only.
  17. 17. County of Fairfax, Virginia Other Advisory Group Recommendations • There was a suggestion to tie parking (over minimum parking requirements) with contributions towards the private share of the funding plan. • The County can only enforce paid parking at County owned parking garages and does not have the authority to require paid parking at private facilities. • Proffers tied to parking spaces above minimum requirements would not be feasible since most site plans are coming in at the required minimum or requesting below the required minimum. • Example: Board of Supervisors recently approved a 16.4 percent reduction the required parking for the Reston Excelsior development. – Required parking: 732, 1.6 spaces per unit – Proposed parking: 612, 1.33 spaces per unit – Reason: The basis for the reduction is the development’s proximity to a mass transit station. The 5.0 acre parcel is located within one-half mile of the existing Reston Town Center Transit Station (Transit Station), as well as within one-half mile of the entrance of the planned Reston Town Center Metrorail Station. Department of Transportation 17
  18. 18. County of Fairfax, Virginia Reductions Requested Department of Transportation 18 Approved Parking Reductions Required # Prop # % Reason RTC (Phase I) 4021 2895 28.0%Sharing Reston Block 16 575 487 15.3%Proximity to Transit Reston Heights Phase I 1605 1249 22.2%Sharing Reston Heights Phase II 2670 2025 24.2%Sharing Submitted for Review (Approval Pending) Required # Prop # % Reason Lincoln 416 338 18.8%Proximity to Mass Transit RTC West (Total) 4578 3158 31.0%Proximity to Mass Transit and Sharing RTC West Commercial 3454 2417 30.0% RTC West Residential 1124 842 25.0% RTC West Sharing -100 2.0% Vornado (Total) 3059 2565 16.0%Proximity to Mass Transit Existing Office 1019 928 13.0% New Office 975 788 19.0% Residential 800 600 25.0% Hotel 191 175 8.0% Retail 74 74 0.0% Commercial/Metro Paid Parking Allowed until build out General Dynamics General Dynamics Phase I 416 250 40.0%General applicability in P Distr General Dynamics Phase II 494 250 49.5% Not Yet Submitted Required # Prop # % Reason 1831 Wiehle Proximity to metro 1831 Wiehle w/in 1/4 mi. Comm 30.0% 1831 Wiehle w/in 1/4 mi. Res 30.0% 1831 Wiehle w/in 1/2 mi. Comm 25.0% 1831 Wiehle w/in 1/2 mi. Res 25.0%
  19. 19. County of Fairfax, Virginia Comments/Questions/Discussion Department of Transportation 19
  20. 20. County of Fairfax, Virginia Department of Transportation 20

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