The Metropolitan Transportation Commission (MTC) has provided a new path for funding in Plan Bay Area 2040: value capture. Value Capture is the term used to describe a system whereby a government agency taking steps that increase the value of local property can share in that increase. Property owners agree to pay an assessment to fund projects such as roads, street lighting, parking or like improvements, and see property value increases that allow them to recover more than the cost of the assessment.
Projects that are not fully funded can now include value capture revenue opportunities as a funding source, and can be included in the Plan Bay Area 2040 Regional Transportation Plan. MTC published a Value Capture Toolkit, prepared by Strategic Economics, designed to encourage the use of value capture for projects included in Regional Transportation Plan.
Following their participation in the San Mateo County Grand Nexus Study, the City of Redwood City adopted an Affordable Housing Impact Fee Program October 26th.
City Council adopted staff recommended fees ranging from $5 to $25. The fees will be used to develop and rehabilitate housing in Redwood City that is affordable for lower income households, and is expected to generate more than $3 million per year. A second reading of the ordinance is scheduled for the December 7th City Council hearing, at which point the program will be finalized.
Click here for more information.
The Grand Boulevard Initiative is attracting attention - San Francisco Business Times published an article about the Initiative’s efforts to transform the El Camino Real Corridor into a people friendly place. The article discusses the many challenges this effort inevitably faces as a collaborative, inclusive forum, and also highlights new development projects along the Corridor. Grand Boulevard Initiative Task Force Members and staff provide insight on transforming the Corridor to be safe and accessible for all users, share challenges and successes with current mixed-use projects, and highlight the importance of El Camino Real.
Click here to learn more about the Grand Boulevard Initiative and the hard work of the many participants who are working to transform El Camino Real.
The Metropolitan Transportation Commission (MTC)-funded State Route 82 Relinquishment Exploration Study investigates the Caltrans relinquishment process, potential benefits, and estimated costs associated with relinquishing State Route 82 (El Camino Real) from state ownership to the individual local jurisdictions.
The Study examines the Caltrans relinquishment process, analyzes case studies of recent highway relinquishments, including a portion of The Alameda in San Jose, and assesses the existing conditions along El Camino Real to determine cost estimates of relinquishment. The Study specifically looks at 20 miles of El Camino Real from the I-880 Interchange in San Jose to State Route 84 in Redwood City and provides information and analysis for communities and stakeholders in Santa Clara and San Mateo counties, as well as other cities in the Bay Area, to make informed decisions about relinquishment of state highways to local jurisdictions.
Check out the Study here: https://www.hightail.com/download/bXBZZHlzckk1UjRPd3NUQw
Sustainable San Mateo County featured the Grand Boulevard Initiative in a fascinating article on El Camino Real through a historic lens. The article outlines the evolution of “the Royal Road” and identifies the Grand Boulevard Initiative as a change-maker, helping to create more of what Peninsula communities desire and need: vibrant and sustainable neighborhoods, thriving business communities, and a strong system of public transportation that is safe and accessible. Read the article and see how the Grand Boulevard Initiative is working to foster sustainable communities and people friendly places: http://www.sustainablesanmateo.org/2015/04/10/el-camino-real-a-historic-perspective/.