The agency could fund eight new Park & Rides by applying for federal bonds.[/caption]
The region’s toll authority is eyeing a bond funding mechanism that would allow it to develop up to eight new Park & Ride facilities in the Austin area.
The board of directors for the Central Texas Regional Mobility Authority—owner of toll facilities 183A, 290 Manor Expressway and the MoPac express lanes—gave approval Wednesday for the agency to submit an application for the Qualified Energy Conservation Bond program. These bonds are part of a federal bond interest subsidy program.
Jeff Dailey, deputy executive director for the Mobility Authority, said Park & Rides have the potential to increase mobility throughout the region as well as reduce congestion and incentivize people to use transit.
“With express lanes in our system we can really get a lot of benefit and help boost transit usage in this area,” he said.
In July the Mobility Authority board approved a memorandum of agreement with Capital Metro and the Capital Area Metropolitan Planning Organization to plan for new Park & Ride facilities in the region.
So far 11 potential locations have been identified for new Park & Rides, most of which would be located off the Mobility Authority’s future toll facilities, such as 183 North, MoPac South and SH 45 SW.
If the city of Austin and Travis and Williamson counties agree to waive their bond allotments, the Mobility Authority could apply for $52 million in bonds to put toward the new Park & Rides, resulting in about 2,400 new parking spaces. About $38 million of that total bond amount would have to come from the state’s allocation.
“We don’t know how long this QCEB is going to be available,” Mobility Authority Executive Director Mike Heiligenstein said. “Before we got into the Legislative [session] we thought it might be a good idea to try and secure that. Without the state allocation we’re sunk—really there’s no process moving forward. We do not think going to the credit markets on a current basis is a wise idea. The bonds made it significantly more attractive than going to credit market like do for toll roads.”
Chief Financial Officer Bill Chapman said the Mobility Authority would still have to pay back the principal on the bonds, but funds could come from either revenue generated from the Park & Rides or the agency’s general fund.
Not included in the sites identified for bond funding is a Park & Ride planned at the Dell Diamond. Heiligenstein said he has met with Reese Ryan, owner chief financial officer of the Express Baseball Club, who supports the concept.
The proposed Dell Diamond Park & Ride, which would use the eastern parking lot, is included in the city of Round Rock’s transit master plan that it is developing with Capital Metro.
Several Park & Rides already exist in the region, and area agencies are planning to expand the network of Park & Ride facilities.[/caption]
The agency could fund eight new Park & Rides by applying for federal bonds.[/caption]
The region’s toll authority is eyeing a bond funding mechanism that would allow it to develop up to eight new Park & Ride facilities in the Austin area.
The board of directors for the Central Texas Regional Mobility Authority—owner of toll facilities 183A, 290 Manor Expressway and the MoPac express lanes—gave approval Wednesday for the agency to submit an application for the Qualified Energy Conservation Bond program. These bonds are part of a federal bond interest subsidy program.
Jeff Dailey, deputy executive director for the Mobility Authority, said Park & Rides have the potential to increase mobility throughout the region as well as reduce congestion and incentivize people to use transit.
“With express lanes in our system we can really get a lot of benefit and help boost transit usage in this area,” he said.
In July the Mobility Authority board approved a memorandum of agreement with Capital Metro and the Capital Area Metropolitan Planning Organization to plan for new Park & Ride facilities in the region.
So far 11 potential locations have been identified for new Park & Rides, most of which would be located off the Mobility Authority’s future toll facilities, such as 183 North, MoPac South and SH 45 SW.
If the city of Austin and Travis and Williamson counties agree to waive their bond allotments, the Mobility Authority could apply for $52 million in bonds to put toward the new Park & Rides, resulting in about 2,400 new parking spaces. About $38 million of that total bond amount would have to come from the state’s allocation.
“We don’t know how long this QCEB is going to be available,” Mobility Authority Executive Director Mike Heiligenstein said. “Before we got into the Legislative [session] we thought it might be a good idea to try and secure that. Without the state allocation we’re sunk—really there’s no process moving forward. We do not think going to the credit markets on a current basis is a wise idea. The bonds made it significantly more attractive than going to credit market like do for toll roads.”
Chief Financial Officer Bill Chapman said the Mobility Authority would still have to pay back the principal on the bonds, but funds could come from either revenue generated from the Park & Rides or the agency’s general fund.
Not included in the sites identified for bond funding is a Park & Ride planned at the Dell Diamond. Heiligenstein said he has met with Reese Ryan, owner chief financial officer of the Express Baseball Club, who supports the concept.
The proposed Dell Diamond Park & Ride, which would use the eastern parking lot, is included in the city of Round Rock’s transit master plan that it is developing with Capital Metro.
