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8.B. - Page 63 of 70 Redwood City Broadway Streetcar/Urban Circulator Study Summary Report ■ Public/Private Partnerships - Joint Development* ■ Partnerships with developers of new technologies (such as autonomous or connected transit vehicles)* * Indicates that the funding source could be used for costs of operations and maintenance. The most promising funding opportunities are discussed below. Federal Transit Administration Funds (FTA): Capital Improvement Grant (CIG) funds could cover as much as 50% of the capital costs. The City would need to demonstrate to the FTA that the project would meet FTA thresholds for cost effectiveness, mobility, environmental benefits, and congestion relief (i.e., the project would need to receive a medium rating for each of these categories in order to qualify for a Small Starts Grant). Based upon the results of this study the project should perform reasonably well in these categories. ■ Other Federal Funds: The City will need to work with the Metropolitan Transportation Commission to see if there is the potential for federal formula (FTA and FHWA) funds to be programmed in the future for the Streetcar. Most likely any availability would beyond the current Transportation Improvement Plan (TIP) period and would be in competition with other regional projects that may be more defined and have local matching funds identified. ■ State Funds: There are two examples of California streetcar projects recently receiving TIRCP Grants (OCTA $25.5M and Sacramento $30M). The City should meet with the Caltrans Division of Rail to identify what elements of the streetcar project would be eligible for funding under the TIRCP program and estimate the costs for these elements. Local Funds: The passage of Measure W, the one-half cent transportation sales tax in San Mateo County in 2018, provides new funding for regional transit connection projects. At this time, a strategic plan is being prepared to determine how these funds will be assigned to projects. The City should participate in this process to advocate for the eligibility of a streetcar/urban circulator project in the funding program. Private Funding: In order to implement benefit -based assessments on property owners, there will need to be completed Transportation Impact Fee (TIF) and/or land benefit assessment district feasibility studies to identify the potential range of benefits and revenue that could be generated. Private Operating Funds: Property owners in the Project Study Area are already spending money to operate their own shuttle services. The City should explore with them and the other major property interests the conditions under which they would be Smith 606