Resolution 4240 - Laserfiche WebLink

WHEREAS, approximately $900 million of transportation improvements are identified in the City of Everett's Transportation Element of the Comprehensive Plan to address the impacts of future growth in the City; and WHEREAS, the City of Everett can fund only a small percentage of the $ 900 million in needed improvements for the entire transportation system (i.e. all modes of travel); and WHEREAS,the Regional Transit Authority is an organization that is capable of funding some of the regional transit components of the City's transportation system needs; and WHEREAS,the City's Comprehensive Plan identifies potential regional transit improvements which can assist the City in implementing its Growth Management Comprehensive Plan; and WHEREAS,the investments identified in the City's Comprehensive Plan could include commuter rail,rapid rail, park and rides, transit buses,transit support facilities, and roadway improvements designed to expedite travel by high occupancy vehicles; and WHEREAS,these potential regional transit improvements are the types of investments that may be funded by the Regional Transit Authority under its current legislative authority; and WHEREAS, the City of Everett is expected to contribute approximately 37 percent of all local RTA revenue raised in the Snohomish Subregion of the Regional Transit Authority District; and WHEREAS, the City's local RTA revenue contribution (assuming a .4% increase in sales tax and a .3% increase in MVET) is estimated to be in the range of$96 million to $110 million(1995 dollars) over a ten(10)year period in a revised phase one plan; and WHEREAS,this revenue would help to leverage additional potential revenue from the federal government, state government, private sector and bonding sources which could fund additional investments for the City; and WHEREAS, $800,000,000 has been identified by the Regional Transit Authority as the maximum amount of bonding indebtedness that would be utilized to implement a revised phase one plan; and WHEREAS,the City of Everett's share of the maximum amount of available bonding proceeds would range from $37 million to $42 million based on the range of local revenue raised within the City over a ten (10)year period in a revised phase one plan; and WHEREAS, if bonds are issued to help implement a revised phase one plan, the City of Everett should receive a fair share of bond proceeds to help implement its priority list of Regional Transit Authority investments; and 2