2013/10/16 Council Agenda Packet

KO/I <IC‹ \X Strategies to Attract Housing and Employment Growth Attract Growth Goal: 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. Overview of Recommendations Recommended strategies to attract housing and employment growth to transit communities reflect three overarching objectives: Make great urban places that are attractive to households and businesses. The region can achieve the goal of attracting transit supportive development to station areas with a focus on building neighborhoods that offer safe, high quality urban living, including a critical mass of residential and commercial activity, easy access to local and regional jobs and opportunities, and a rich public realm. Tools to make this happen include not only 31 The Growing Transit Communities Strategy I Public Review Draft May 2013