2013/05/15 Council Agenda Packet

ti Commit to build upon the work of the Growing Transit Communities Partnership through the promotion of equitable transit communities in light rail station areas and around other transit nodes located within the region's three long- range light rail transit corridors and in other parts of the region; and Recognize that each corridor is at a difference stage of high capacity transit system development, and that future stations may be identified and sited that should also be considered under this Compact; and Understand that this Compact is designed to express the intent of diverse partners to work together toward common goals, with specific actions identified by partners appropriate to their roles and responsibilities, and that any partner is free to withdraw from the Compact at any time; and Recognize that the policies and programs promoted by the Partnership may also benefit community development around other transit investments and corridors, including but not limited to bus rapid transit, streetcar, commuter rail, intercity express bus, and ferries;and Support a continuing process of collaboration and coordinated action to advance the development of equitable transit communities,as guided by the following goals,signatories to this Compact will strive to: Attract more of the region's residential and employment growth to high capacity transit communities. To advance the Regional Growth Strategy adopted in VISION 2040, promote economic development, and realize the multiple public benefits of compact growth around rapid transit investments,the signatories to this Compact will strive to: • Use a full range of tools and investments to attract at least 25% of the housing growth expected in the region through the year 2040 within transit communities located along the long-range light rail transit corridors; • Target business retention and attraction strategies to attract at least 35% of the employment growth expected in the region through the year 2040 within transit communities located along the long-range light rail transit corridors,and • Plan for and promote residential and employment densities within transit communities that support ridership potential and contribute to accommodating growth needs within each high capacity transit corridor. Additional transit communities along the region's other high capacity transit mode corridors will also attract significant portions of future residential and employment growth. Provide housing choices affordable to a full range of incomes near high-capacity transit. Adopted regional policy recognizes housing as a basic human need and calls for local policies and tools that provide for an adequate supply of housing affordable at all income levels, to meet the diverse needs of both current and future residents. In order to meet a substantial portion of this need within walking distance of rapid transit services, the signatories to this Compact will: 4 11