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NCD,~ Agend~ Item #3 <br /> <br />MEMORANDUM <br /> <br />Date: October 31, 2003 <br />To: NCDA <br />From: Staff <br />Subject: Joint Station Area Development <br /> <br />Many commuter rail systems are using joint development to develop their station sites. <br />Joint development has been used to describe a variety of public-private partnerships. A <br />recent study by the Federal Transit Administration Transit Cooperative Research <br />Program (available at www.gulliver.trb.org/publications/tcrp/tcrp_rrd_52.pdf) provides <br />the following definitions: <br /> <br />"A public-private partnership designed to decrease the costs of operating or <br />constructing public transportation systems, stations or improvements through <br />creative public-private financing arrangements." <br /> <br />"Any formal agreement or arrangement between a public transit agency and a <br />private individual or organization that involves either private-sector payments to <br />the public entity or private sector sharing of capital costs in mutual recognition of <br />the enhanced real estate created by the siting of a public transit facility." <br /> <br />"Real estate transactions involving the development of private projects on <br />publicly owned land or air rights." <br /> <br />The Study continues to say that joint development is often a win-win proposition, <br />benefiting the developer "because the accessibility advantages of being near a transit <br />station are capitalized into higher rents or greater occupancy, and benefiting the public- <br />sector side through the sharing of construction costs, via cash payments, or potentially <br />even gains in ridership." <br /> <br /> Northstar Corridor Developntent Authority <br />2100 3:~ Avenue, Anoka. Minnesota 55303-2265 (763) 323-5700 Fax: (763/323-5682 www.northstartrain.or.g <br /> <br /> <br />