2013/10/16 Council Agenda Packet

<,= Strategy 15: Expand Value Capture Financing as a Tool for Infrastructure and Affordable Housing 5 '�S 1 Public transit improvements increase the value of nearby properties. A portion of that added value may be captured to finance further public improvements. Developing such value capture financing strategies is a central component of the Growing Transit Communities Partnership work program and Ili IL is a high priority for implementation in the region and across the state. In addition to various value capture tools currently available in the state, new tools should be considered to ensure that the potential displacement risk to low income households from rising property values is mitigated. Stakeholders should consider the potential benefits of new tools and target currently available tools for use in providing infrastructure and affordable housing in transit station areas. Puget Sound Regional Council 15.1 Provide regional guidance on best practices and technical assistance to local jurisdictions on the establishment and administration of value capture tools. 15.2 Include in a regional station area plan implementation grant program the option of funding selected feasibility studies for local implementation of value capture financing. N 15.3 Continue to provide a forum for a coalition of regional stakeholders to advance new and expanded value 0 capture tools in Washington State. u Transit Agencies 'a 15.4 Support the development and use of value capture financing tools in order to increase transit ridership '0 potential through new development. CD MS C Local Governments W E 15.5 Support affordable housing development in station areas through the use of existing tools for value capture E financing that are authorized under Washington State law, including Community Revitalization Financing, Local p Infrastructure Financing Tool, Local Revitalization Financing, Landscape Conservation and Local Infrastructure V Program,and Local Improvement District. c15.6 Work with property owners and other stakeholders to explore value capture financing tools, as authorized by any future legislation, and where market strength and property owner support exists and major infrastructure projects and housing needs have been identified. State 15.7Adopt legislation authorizing new and expanded value capture financing tools that can be used to generate revenue for affordable housing and infrastructure investments in transit station areas. Priority Transit Communities for this Strategy • Transit communities with current high capacity transit service or expected within 10 years,and other regionally significant transit communities 44 The Growing Transit Communities Strategy I Public Review Draft I May 2013