16-87 Supporting South Shore Line Upgrades

Home Browse Search

NI USES The 20 -year Strategic Business Plan recommends four capital investment programs that will improve rail infrastructure, provide efficient service, and achieve the greatest possible economic development potential for the study area. FIGURE 8 Existing Capital & Operating Funding Sources Commuter Rail Service Fund; Public Mass Trans. Fund (PMTF); Rail Car Leasing Company Property Tax Revenues; General Fund; BIF; Special State Appropriations N/A 18 page OPERATING FTA Section 5307 Urbanized Area Formula; Federal Maintenance Grants; Federal Grant Credit to Expense Commuter Rail Service Fund; Public Mass Trans. Fund (PMTF) Passenger Farebox Revenues; Metra Purchase of Service Agreement (PSA); Chicago South Shore (CSS) R01 SOURCES: CAPITAL It is assumed that the overall investment plan will be financed by a combination of federal, state and local sources. Close to fifty percent of the funding for capital costs of new projects is expected to come from the Federal Transit Administration's (FTA) Capital Investment Program. Other federal funding streams maybe available to partially fund other investments. For the remaining share of the capital costs, local and state sources would need to be found. As of April 2014, some commitments have been made at the local or regional level, but additional financial support could come from or through the RDA, and at the local level, from a range of options including: • County Economic Development Income Tax • County Option Income Tax • Wheel tax • Local option gas tax • Local option sales tax In order to successfully implement the investment projects in this Plan, new sources of local capital funding must be found. In the case of capitalized South Shore Maintenance costs for commuter service as it is currently structured, existing sources of federal and state revenue are forecasted to cover this program. With respect to capital costs for the South Shore Baseline, Market Expansion and West Lake Extension programs, new funds must be found for a longer -term bonding scenario. Capital funds for the West Lake Extension are being appropriated at the time this Plan is being finalized. A funding package between Lake County and the majority of municipal entities is being assembled to secure bond payment obligations arising from the project construction.