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TRANSPORTATION AFFORDABILITY A NJ TRANSIT PERSPECTIVE

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Legislature passed and Governor signed law to provide an Urban Transit Hub Tax Credit. 9 eligible municipalities major New Jersey cities ... – PowerPoint PPT presentation

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Title: TRANSPORTATION AFFORDABILITY A NJ TRANSIT PERSPECTIVE


1
TRANSPORTATION AFFORDABILITY A NJ TRANSIT
PERSPECTIVE
  • DC Agrawal
  • Assistant Executive Director
  • Corporate Strategy, Policy and Contracts
  • New Jersey Transit
  • August 12, 2008
  • The Council of State Governments
  • Eastern Regional Conference

2
How Transit is Viewed in New Jersey
  • Vital to State of New Jerseys
  • Mobility
  • Economic growth
  • Congestion reduction
  • Air Quality and Environmental goals
  • Energy Conservation and Sustainability

3
How The Nation Funds Transit
4
How New Jersey Funds Transit
5
Transit Growth The New Jersey Experience
6
Why Does Transit Work In New Jersey?
7
Why does Transit Work in New Jersey?
Transportation Affordability
  • Low and affordable fares
  • Operate rail and bus services as efficiently as
    possible in order to keep fares low and subsidies
    at minimum levels
  • Policies that encourage economic growth housing
    and jobs - near transit stations to minimize
    transit access costs
  • More balanced federal commuter tax incentives

8
Fares cover less than half of NJ Transits costs
- and even less for the less affordable
citizens/regions
9
NJ Transits Bus Fares are Amongthe Lowest In US
  • Single Ride Monthly
  • NYC Bus 2.00 81
  • Philadelphia-Chicago 2.75 70-79
  • Pittsburg-Minneapolis
  • Seattle, Denver, 1.75 60-69
  • San Jose
  • Atlanta 1.75 50-59
  • NJ Transit 1.35 49
  • Adjusted for inflation, NJ Transit bus fare is
    less expensive today than in 1979, when NJ
    Transit was established.

10
NJ Transits Cost-efficient Operations Helps Keep
Fares Low and Affordable
11
Ridership Growth Increase Revenues and helps
Stabilize Fares
12
Transit Oriented Development (TOD)Makes Transit
Even More Affordable
  • Brings sustainable economic growth to the
    community
  • Helps build a community place around transit
  • Minimize need for automobile ownership and usage
  • NJ Transit analysis of residential TODs indicate
    a 10-25 trip reduction in peak periods and
    10-15 daily trips
  • National study indicates a 44 reduction in daily
    vehicle trips- a significant daily savings given
    high gasoline prices

13
New Jersey is a Leader among the Stateson TOD
  • Legislature passed and Governor signed law to
    provide an Urban Transit Hub Tax Credit
  • 9 eligible municipalities major New Jersey
    cities
  • 75 million of qualified capital investment
    receive tax credits for 100 of investment over
    10 years

14
TOD - Case Study (Success)
  • Morristown Station
  • 300 space lot
  • 218 residential units
  • 8000 sf of retail
  • 750 space parking deck
  • 415 commuter spaces
  • Supportive community
  • Determined developer
  • Strong apartment market
  • Construction underway

15
TOD Case Study (Under Review)
  • Somerville Station
  • Great Location
  • Local Champion
  • Comprehensive Visioning Process
  • Consistent leadership and professional admin
  • State, County and local cooperation

16
Transit Benefits Economic Development
17
Transit Benefits Measuring the Value
  • Generates economic development
  • Reduces vehicle miles traveled by 2.3
    billion/year
  • Saves 118 million gallons of gasoline annually
  • Reduces 589,000 tons of CO2e annually
  • -- With minimum out of pocket costs
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