The route of the future Durham-Orange light rail line. (Image: GoTransit)
Initial findings from a recently released TOD Guidebook by GoTriangle suggests property values near the Durham to Chapel Hill, NC light rail line could result in $3.3 to $4.5 billion in increased property values and $1.4 to $1.9 billion in increased tax revenue over the next 40 years. We had recently reported in our October 26 newsletter on the potential tax benefits of developing near two of the line’s stations in Orange County, but this recent release expands to the whole corridor.
The 78-page guidebook was created to develop a reasonable estimate of tax revenue that would result from future infrastructure investments and economically feasible development near the new $2.5 billion, 19-station transit line. To get to the impressive tax revenue numbers presented above, a team of professionals created context sensitive scenarios for each station in collaboration with staff and stakeholders from each of the cities along the corridor. Neighborhood concerns were considered and the design and development scenarios were adjusted accordingly.
Additionally, planners also worked together with engineers designing the stations to make sure they would support walkable communities through the correct placement of parking lots, bus transfer stops, and station access points. The result is a guidebook which will inform planning decisions cities make in the future near stations. By showing the potential future value of certain development scenarios, any changes can be considered through the lens of a community’s fiscal health.
Recent TOD news
Here are a few things that have been happening this week with TOD projects across the country.
- Chicago’s new bus TOD ordinance could help underserved communities (Streetsblog Chicago)
- Plano sets up TIF zones to pay for commuter rail stations (Community Impact)
- Mass. APA gives Framingham award for downtown TOD (Framingham Source)
- FTA Grants $16.6m in TOD grants (Progressive Railroading)
- Johannesburg fights inequality with TOD (The City Fix)