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  #7161  
Old Posted Nov 4, 2020, 12:25 PM
H2O H2O is offline
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Originally Posted by The ATX View Post
Damn! What a nice surprise for me because I thought it would go down in flames.

Since I don't keep up with transportation issues as much as several posters here, is Prop A still only a maybe because it needs a certain amount of Federal dollars to get built as proposed?
Federal match funding is not a given, but this vote sends them a strong signal. If Federal participation is lower than expected it will probably just stretch out the implementation timing of the various phases, but the good thing about a permanent funding source is that the money will continue to come in locally, and grow with economic and population growth.
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  #7162  
Old Posted Nov 4, 2020, 12:54 PM
Novacek Novacek is offline
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Originally Posted by H2O View Post
Federal match funding is not a given, but this vote sends them a strong signal. If Federal participation is lower than expected it will probably just stretch out the implementation timing of the various phases, but the good thing about a permanent funding source is that the money will continue to come in locally, and grow with economic and population growth.
Right, unless the federal government gets out of the transit game entirely, I'm pretty confident Austin will get some amount of match. And there's been no indication that the feds are going to do that, under whichever administration or regardless of which party controls congress. In fact, a Biden administration may increase transit funding (though I'm not counting on that either way yet).

(And I still think it would have been better to pass the 2014 portion, and lock in a 50% match on part of the system from the Obama admin, but that ship has sailed)

As long as there's some federal money, I like Austin's chances.

1) We're the largest city in the country with no mass transit system. That's not to say we're "owed" anything, but it means there's some really good low-hanging fruit as far as bang-for-the-buck and productivity of federal investments. We float to the top on most of the objective measures the FTA uses to rank proposals.

2) As mentioned, having the guaranteed local money also helps the ranking. Also that it sticks around for operating expenses, rather than just being a bond for construction. That ensures the Feds that their contribution doesn't end up as a stranded asset.

Whether it will be 45%, who knows. But Capmetro seems pretty confident, since they were previously using a 40% federal number and actually bumped it up.
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  #7163  
Old Posted Nov 4, 2020, 1:00 PM
Novacek Novacek is offline
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Originally Posted by N90 View Post
A few weeks ago I said in this thread that Austin will have to prove itself to be more progressive than Nashville in the polls by passing Project Connect. Essentially voting to do what Nashville overwhelmingly rejected.

Congrats guys, you've proven your mettle and met my lofty expectations! You're definitely far more progressive than Nashville. Bring on the subway in downtown baby! Not gonna lie, the renderings make Austin future LRT look so sleek and pretty. I wanted it to get build and it seems so did Austin!
In fairness to Nashville, I'm sure our vote would have been closer if it had been an vote of the entire county.

In hindsight they probably also should have waited for presidential election year, and should probably do so for the next plan.
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  #7164  
Old Posted Nov 4, 2020, 2:14 PM
drummer drummer is offline
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Yeah, my wife and I were talking about how it was good that it wasn't a metro-wide vote, for sure. I'm very happy that both of these passed.
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  #7165  
Old Posted Nov 4, 2020, 2:25 PM
freerover freerover is offline
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Yeah, my wife and I were talking about how it was good that it wasn't a metro-wide vote, for sure. I'm very happy that both of these passed.
Exactly. Wait until everything is open and when people can see the tech and use them when they travel to Austin and then you can pass expansions into the metro. There is public ROW from Downtown Austin to Georgetown but it would take about a billion to get a commuter train up and running as well as the Texas leg to let us use the corridor because most of the ROW is theirs and just sitting empty.
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  #7166  
Old Posted Nov 4, 2020, 2:36 PM
drummer drummer is offline
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Originally Posted by freerover View Post
Exactly. Wait until everything is open and when people can see the tech and use them when they travel to Austin and then you can pass expansions into the metro. There is public ROW from Downtown Austin to Georgetown but it would take about a billion to get a commuter train up and running as well as the Texas leg to let us use the corridor because most of the ROW is theirs and just sitting empty.
Yeah, I agree that folks will come around especially once they see it and actually try it. I have high hopes for most people to come around. There will always be people who prefer to and will take their own car 99% of the time...but they may still take the train to avoid the cars for special events downtown, etc. And then we can say, "You're welcome."
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  #7167  
Old Posted Nov 4, 2020, 3:18 PM
atxsnail atxsnail is offline
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Originally Posted by Novacek View Post
Right, unless the federal government gets out of the transit game entirely, I'm pretty confident Austin will get some amount of match. And there's been no indication that the feds are going to do that, under whichever administration or regardless of which party controls congress. In fact, a Biden administration may increase transit funding (though I'm not counting on that either way yet).

(And I still think it would have been better to pass the 2014 portion, and lock in a 50% match on part of the system from the Obama admin, but that ship has sailed)

As long as there's some federal money, I like Austin's chances.

1) We're the largest city in the country with no mass transit system. That's not to say we're "owed" anything, but it means there's some really good low-hanging fruit as far as bang-for-the-buck and productivity of federal investments. We float to the top on most of the objective measures the FTA uses to rank proposals.

2) As mentioned, having the guaranteed local money also helps the ranking. Also that it sticks around for operating expenses, rather than just being a bond for construction. That ensures the Feds that their contribution doesn't end up as a stranded asset.

Whether it will be 45%, who knows. But Capmetro seems pretty confident, since they were previously using a 40% federal number and actually bumped it up.
Ours also seems to have been the premier transit effort of this election cycle. Having the biggest, shiniest plan can't be a bad thing when it comes to ranking. (Under a new admin looking to make a statement, that is.)
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  #7168  
Old Posted Nov 4, 2020, 4:22 PM
drummer drummer is offline
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Quote:
AUSTIN PROPOSITION A

FOR: 240,553 (57.9%)
AGAINST: 174,590 (42.1%)

Updated: 7 hours ago
100% reporting
https://www.kxan.com/news/your-local...ransit-system/
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  #7169  
Old Posted Nov 4, 2020, 5:10 PM
freerover freerover is offline
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  #7170  
Old Posted Nov 4, 2020, 5:13 PM
freerover freerover is offline
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So early next year, Project Connect will get 150 million in the bank account. That's going to up a lot next year after TCAD updates appraisals for the first time in 2 years and construction projects finish up adding more value to the tax rolls. Remember, every construction site you see is more money the next year for Project Connect.
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  #7171  
Old Posted Nov 4, 2020, 5:46 PM
Novacek Novacek is offline
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Originally Posted by freerover View Post
That's going to up a lot next year after TCAD updates appraisals for the first time in 2 years
Remember there's still the 3.5% cap. If the average appraisal goes up more than 3.5% next year (almost undoubtedly, since it sounds like TCAD found a solution) the .0875 rate will have to drop to compensate.


Quote:
Originally Posted by freerover View Post
and construction projects finish up adding more value to the tax rolls. Remember, every construction site you see is more money the next year for Project Connect.
But yes, definitely this.

Another reason we need a new LDC. Every redevelopment happening under the old code is costing the city money (for transit and for general fund).
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  #7172  
Old Posted Nov 4, 2020, 7:55 PM
ATXboom ATXboom is offline
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Originally Posted by Novacek View Post
Another reason we need a new LDC. Every redevelopment happening under the old code is costing the city money (for transit and for general fund).
This is a great counterpoint to NIMBYs. Generate more tax $ so we don't have to carry as much burden individually. On top of... now you have a mass transit system which requires density to get people out of cars / off roads.
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  #7173  
Old Posted Nov 4, 2020, 8:23 PM
freerover freerover is offline
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Originally Posted by Novacek View Post
Remember there's still the 3.5% cap. If the average appraisal goes up more than 3.5% next year (almost undoubtedly, since it sounds like TCAD found a solution) the .0875 rate will have to drop to compensate.
Can you elaborate on this?
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  #7174  
Old Posted Nov 4, 2020, 8:39 PM
Novacek Novacek is offline
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Originally Posted by freerover View Post
Can you elaborate on this?
The 3.5% cap on increased revenue from existing property (without an election, which I don't think anyone wants to go through again anytime soon) still remains due to state law.

That's on the city's total property tax revenue (what it brings in from its total rate, currently now .5335), agnostic as to the existence of the agreement with CapMetro.

Say valuations go up 10% next year. If the rate going to ATP (.0875) remained the same it would seriously eat into any revenue growth for the general fund. It's possible it could actually reduce general fund revenue.

The agreement was drafted with this knowledge, so the amount transferred to ATP is subject to the same caps as the city overall.


You can see this with a thought experiment: pretend there's no new development next year, and all existing values go up 10% on average.

By state law, the city's no-vote tax rate would be capped at .502. This is the rate that brings in 3.5% more revenue on that existing property. The assessments going up force the rate to go down.

If the transfer to ATP stayed at .0875, that would leave only .4145 for the general fund. Which would actually represent a decrease in revenue for the general fund YoY.
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  #7175  
Old Posted Nov 4, 2020, 8:42 PM
lonewolf lonewolf is offline
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with prop a passing we need to open up the local economy. fully.

small (hell even mid + semi-large) biz are in the tank right now and they just received a yuuuuuge property tax increase
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  #7176  
Old Posted Nov 4, 2020, 8:57 PM
Novacek Novacek is offline
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Originally Posted by lonewolf View Post
they just received a yuuuuuge property tax increase
No, they didn't.
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  #7177  
Old Posted Nov 4, 2020, 9:13 PM
freerover freerover is offline
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Originally Posted by lonewolf View Post
with prop a passing we need to open up the local economy. fully.

small (hell even mid + semi-large) biz are in the tank right now and they just received a yuuuuuge property tax increase
You call 4% huge? Shit is also mostly open. When we actually need to do is get the virus under control so people feel safe going out. That's how you rebuild the economy.
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  #7178  
Old Posted Nov 4, 2020, 9:52 PM
drummer drummer is offline
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Originally Posted by freerover View Post
You call 4% huge? Shit is also mostly open. When we actually need to do is get the virus under control so people feel safe going out. That's how you rebuild the economy.
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  #7179  
Old Posted Nov 4, 2020, 11:29 PM
lonewolf lonewolf is offline
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Originally Posted by freerover View Post
You call 4% huge? Shit is also mostly open. When we actually need to do is get the virus under control so people feel safe going out. That's how you rebuild the economy.
wrt 4% ...uh...yes? lol

in one sense i agree we're "mostly open" bc I can go almost anywhere. but i would also say we're clearly not "mostly open" given low crowds everywhere except grocery stores. and honestly there are so many vacant shops, it's at a level i've never seen here. people not leaving for work and whatnot also keeps them homebodies.

we're not going to get the virus under control. only way out is through.
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  #7180  
Old Posted Nov 4, 2020, 11:48 PM
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The ATX The ATX is offline
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That covers the virus. Now back to transportation.
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https://twitter.com/TheATX1

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