Viva Rapid Transit: an infrastructure project from a-z Mary-Frances Turner, Vice-President, York Region Rapid Transit Corporation
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1 Viva Rapid Transit: an infrastructure project from a-z Mary-Frances Turner, Vice-President, York Region Rapid Transit Corporation May 25, 2007 managing rapid growth and development Georgina 1,300, ,000 East Gwillimbury 568,000 Newmarket Regional Centre 345,000 Newmarket King Aurora Richmond Hill Whitchurch- Stouffville Vaughan Vaughan Corporate Centre Richmond Hill Centre Markham Markham Centre 400, , , ,000
2 evolving transit villages Land use intensification Mixed-use development Significantly increased transit ridership rapid transit infrastructure the key to future sustainability Phase 1 ( ) Phase 2 ( ) Phase 3 ( ) The right technology at the right cost at the right time
3 viva phase 1 now in service phase 1 has increased both ridership and public support How exciting an intelligent, user friendly, customer service driven system! Viva is a great leap forward for public transit keep up the good work! I m very impressed with the buses and service.
4 public-private partnership delivered phase 1 in record time Public Sector Establishes policies and service levels Controls revenues and financing Owns, operates and maintains all assets Private Sector Provides staffing and procurement support Assumes risk on budgets and schedules Assists York Region with funding requirements Project delivered 18 months after award of designbuild contract Guaranteed maximum price prevented cost overruns Close interaction of all members of project team resulted in a superior product effective communications and brand management
5 preliminary engineering now underway for viva phase 2 Major Terminals Connection tottc Subway BRT (Includes dedicated and nondedicated transitway) Georgina East Gwillimbury Y3 Newmarket H1 King Vaughan H2 Y2 Yonge St Aurora Richmond Hill H3 Whitchurch- Stouffville Markham H4 Hwy 7 Hwy 7 V1 Y1 M1 rapidways are being integrated into urban design
6 placemaking enhancement of the rapid transit corridors
7 investment opportunities viva phase 2 is a sound public investment
8 viva rapidways support over 60 km of development potential ancillary investment opportunities
9 overcoming TOD challenges joint development opportunities
10 tax increment financing Uplift in value of existing properties as well as new development Incremental revenues through TIF legislation Financing source for large infrastructure projects Requires significant inter-governmental cooperation york region rapid transit corporation (rapidco) Federal Province Traditional Debt York Region (Borrower & Owner) Concession Agreement Development Charges Farebox RAPIDCO Design Build Agreement YC 2002
11 joint development model a RAPIDCO disposes of surplus land and air rights parcels through sale or long-term ground lease and receives 100% of the proceeds. Parcel dispositions are transparent, competitive, and based on fair market value. RAPIDCO Development Consulting Group Competitive procurement Sale or lease payments Individual Site Developers joint development model b RAPIDCO expands its portfolio of sites through investorfunded land-banking (including park-and-ride lots). Distribution of proceeds reflects RAPIDCO and investor contributions. RAPIDCO Development Consulting Group Infrastructure, station locations, permitting support, cash or land $ Land Development Company Front-end funding for land assembly $ Competitive procurement Sale or lease payments Private Equity Investor Individual Site Developers
12 joint development model c Through Developer Agreements, RAPIDCO secures cash or in-kind contributions from projects adjoining fullbuild stations. RAPIDCO Development Consulting Group Infrastructure, station locations, support for density $ Individual Off-Site Developers thank you Leverageing the relationship
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