Alternative funding strategies for improving transportation facilities : a review of public private partnerships and regulatory methods.
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2006-12-01
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Abstract:Transportation agencies seem to be paying more and more for less and less. Project
costs are outpacing budget estimates in many areas, while growth in demand continues
to strain available capacity. Right of way costs in particular are consuming a growing
amount of project funding, as are construction costs spurred by spikes in global demand
for materials. These issues, along with public opposition to taxes and inadequate local
measures for managing the transportation needs of new development, are contributing
to transportation funding shortfalls and stalled projects in many states.
Keeping pace with transportation demand is particularly challenging in high growth
areas of states, like North Carolina, that maintain an extensive statewide network of
roads and highways. As a result, many states are looking to encourage public private
partnerships and to obtain developer contributions toward needed transportation
improvements. This trend, however, has raised a variety of equity concerns. A major
concern is how to achieve equity of contributions among private developers and how to
assure that the public continues to pay its fair share toward transportation improvement
needs.
To address these issues, the North Carolina Department of Transportation (NCDOT)
retained the Center for Urban Transportation Research (CUTR) to assist the
Department with exploring alternative funding strategies for improving transportation
facilities. The study considered a variety of possibilities, including certain public
private partnerships, alternative financing strategies, and regulatory methods. Specific
topics examined were transportation corporations, transportation improvement districts,
tax increment financing, impact fees, transportation concurrency and state programs for
achieving fair share mitigation of transportation impacts. This report presents findings
of this exploratory research effort.
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