Infrastructure Innovation and Finance Act (TIFIA)
program to partially finance intermodal facilities that
include consolidated rental car facilities, parking and
mass transit access.
■ ■ The Warwick (Rhode Island) Intermodal Facility
(known as Interlink) at T.F. Green Airport used
excess federal funds for bridges for the 1,200-foot
Skywalk connector from the terminal to the facility.
Interlink included $124 million in Federal Highway
Administration funds and a $42 million TIFIA loan in
combination with customer facility charges and other
more traditional funding.
■ ■ Denver rail is being built as part of the Eagle P3
payment deal. Denver International is funding the
airport rail station.
■ ■ The $484 million Oakland Airport Connector is being
delivered through a design-build-operate-maintain
contract, with $43.9 million of PFCs from the airport.
CAPTURE PROJECT VALUE
Improving transportation access enhances property value.
Value capture mechanisms enable the public sponsor
to share the benefits the project creates, defraying some
of the project costs. This is frequently done through
assessment districts that levy an increased property tax
near the improvement (typically on businesses) or tax-increment financing that retains increases in taxes to
repay project costs. For example, an assessment district
along the Washington Dulles Toll Road generated more
than $700 million to help fund Metrorail construction.
Airport improvements also increase property values.
Enhanced ground access, airfield connections for
through-the-fence operations, and capacity upgrades that
attract more passengers can provide direct, measurable
enhancements to off-airport property. Value capture
techniques could be used to leverage some of that value
for construction and maintenance/operation costs.
For example, hotels may be willing to be part of an
assessment district, if an automated people mover station
is convenient to their location.