Draft Comprehensive Transportation Plan Update_September 25

ACTION PLAN

DRAFT

For those financing methodologies and funding strategies deemed as viable candidates for application in the Town of Morrisville, the Blue Ribbon Commission considered the potential level of investment and recommended project types. Table 5-7 shows the outcome of this consideration.

Table 5-7: Level of Investment Matrix

FINANCING METHODOLOGIES AND FUNDING SOURCES

APPROXIMATE LEVEL OF INVESTMENT

RECOMMENDED TYPE(S) OF PROJECTS

General Obligation Bonds

New roads; major road widening

$10,000,000+

Installment-Purchase Debt

Land acquisition; bike/ped

$1,000,000 - $5,000,000

Financing

Methods

Property Tax

$0.01 generates $373,000 (FY 2015 est.) $15 generates $255,000 (FY 2015 est.)

Bond debt; maintenance; bike/ped; transit

Motor Vehicle Registration Fee

Maintenance; bike/ped; transit

Powell Bill

Maintenance; bike/ped

$502,929 (FY 2015)

Development Requirements

Thoroughfare improvements; bike/ped

$2,274,000 (FY 2014 est.)

NCDOT STIP Funding

2015-2025 draft STIP: $86,386,000

New roads; road widening; bike/ped; transit

CAMPO/Federal Funding

Road widening; bike/ped; transit

Up to $5,000,000/project

CDBG Infrastructure Grants

Bike/ped; small roadway projects

$333,000 FY 16-FY 21

Local Sales Tax

Bond debt; maintenance; bike/ped; transit

$3,810,000 (FY 2015 est.)

Special Assessments – Private Property

Targeted improvements

Unknown

Impact Fees

Capacity improvements

Unknown

State Transportation Grants

Bike/ped; transit Source: Town of Morrisville Blue Ribbon Commission on Transportation Funding, page iv, December 2014.

Unknown

Funding Sources

Going forward, the Town of Morrisville can look to the information generated in the Blue Ribbon Commission report as well as funding guidance provided by CAMPO and NCDOT to continue to assess how best to leverage and implement various transportation financing and funding strategies. Remaining nimble and open to considering different types of funding strategies will enable the Town to be opportunistic and to take advantage of funding as it becomes available. Taking this approach will help Morrisville continue to advance its transportation vision through the strategic advancement of projects, programs, and policies both now and into the future.

5-7 | P A G E

September 25, 2017 Draft